Funding Solutions for Professionals
At Mann Island, we aim to bring our clients some of the widest range of financing options in the UK. This is why we’re expanding our offering beyond the vehicle financing that we’re known for to include business financing for the professionals’ sector. We’ll be using our expertise in the financing sector to build long-term relationships with professionals and give them access to useful funding solutions.
We understand that how important cash flow is to your business, our loan product is flexible to suit your needs.Taking a professional loan is similar to taking a private loan, in that you borrow an amount over a set period of time and pay a fixed monthly instalment. In the legal professions sector popular reasons are disbursement and tax for Solicitors and aged-debt for Barristers.
Depending on the purpose of the loan, the term and amount you can borrow varies from 3 to 60 months.
If you are taking a VAT Loan the maximum agreement term is 3 months.
If you are taking a Tax Loan the maximum agreement term is 12 months.
If you are taking a loan for Professional Indemnity Insurance or Practicing Certificates the maximum term is 12 months.
Professional loans can help ease the cash-flow of your practice by spreading the cost of large liabilities over a longer term.
The loan can be paid directly to HM Revenue & Customs, your insurer or The Law Society.
Hire purchase (sometimes know as lease purchase) lets you spread the cost of an equipment purchase with fixed monthly payments over an agreed term. You can own the item once all repayments are made by paying an option to purchase fee.
You can spread the cost over a number of instalments to suit your circumstances.
Normally you will be required to pay a 10% deposit.
VAT on the item is paid upfront.
With a finance lease, sometimes known as a capital lease, the customer rents an asset for most of the item’s useful life.
Something to remember with a finance lease is that the customer takes on the rewards (i.e. value fluctuations), as well as the risks of ownership (i.e. maintenance costs), but never actually owns the asset.
Asset may or may not appear on the balance sheet.
You can offset the rental charges against profits and claim VAT.
You may be able to sell the asset and get a rebate for remaining rental charges.
VAT is spread over the repayments.
If you have an enquiry about our professions finance services please complete the below: