Cash Flow Finance. Factoring / Invoice Discounting

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1 Cash Flow Finance Factoring / Invoice Discounting definition: n (Business / Commerce) A method of obtaining finance from a third party lender on services or goods already delivered and invoiced, but not yet settled, in a commercial interaction between businesses. Did you know?: Late satisfaction of proper invoices can affect business growth and even causes business failures.

2 Hire-purchase agreements were first pioneered in the UK around two hundred years ago to overcome the limitations of cash transactions. Cash-poor customers were enabled to make a purchase they would otherwise have put off, and then reap the benefits of whatever they had so acquired. Hire-purchase works by substituting a monthly rent for the summary purchase price. Interest is usually added to the total payments required. When a nominated sum, usually equivalent to the summary purchase price plus the interest charged, is reached in full, then the buyer may exercise an option to purchase the asset for a nominal sum. Otherwise possession of the asset is returned to the legal owner. In the event of a default in regular payment, before the end of the term, the legal owner may take back possession of the asset. This encourages security of investment on both sides, as the buyer retains possession over the life of the agreement, providing the payment schedule is met, and the owner retains the asset if the agreed payments are not made or the transfer of ownership option is not exercised. The advantage of a hire-purchase agreement is that the cost can be spread over a longer period, and therefore the burden of expense falls as a more manageable obligation. In addition to this, businesses may prefer the taxation treatment of hire-purchases on the balance sheet, and find them more attractive with regard to taxable income. Agreements must be in writing and signed by both parties. They must delineate 1. A clear description of the goods to be purchased 2. the cash price 3. also the total sum that must be paid to hire and purchase the goods over the life of the agreement 4. any deposit 5. regular (periodical) instalments and 6. a comprehensive statement of the rights held under the agreement 7. The right of the hirer to terminate the contract The seller is not always the same person as the owner of the goods under the agreement. Often, sellers transfer ownership of the goods to a Finance Company at a discounted price, and it is then the Finance Company that hires and sells to the buyer.

3 The rights under a hire-purchase agreement should be as follows: 1. no-one will interfere with the hirer s possession during the term of the agreement, unless payment terms are breached by the hirer. 2. the owner will be able to transfer title as required by the contract. 3. that the assets are of merchantable quality and fit for their purpose, except insofar as exclusion clauses may limit the liability of the finance company. 4. where the assets are let by reference to a description only, or to a representative sample, what is actually supplied must correspond with the same. 5. the hirer should have the right to purchase the asset at any time by giving notice to the owner and paying the balance of the total agreement price less a rebate for early settlement. 6. the hirer should have the right to return the asset to the owner subject to the payment of a penalty clause reflecting the diminution of profit to the owner, and increasing obsolescence of the asset. 7. With consent to assign the rights and obligations of the contract to a third party. Consent cannot unreasonably be refused. 8. in the case of wrongful repossession, the hirer shall have the right to recover the assets plus damages for loss of quiet possession or to damages for the value of the goods lost.

4 There are also the following obligations: 1. To pay the instalments in a regular and timely fashion. 2. To take reasonable care of the assets or compensate the owner for their unreasonable degradation. 3. To tell the owner where the assets are. 4. Not to resell the assets before the transfer of ownership at the end of the agreement. In the case of a breach of terms by the hirer, the owner may rightfully 1. Forfeit the deposit. 2. Retain the instalments paid and recover the balance. 3. Repossess the goods by application to a Court of Law. 4. Claim damages for loss suffered. Hire or Lease Purchase is a simple facility which allows the customer to spread the cost of their investment and to gain title at the end of the agreement, either automatically or on payment of an option to purchase. For tax purposes, from the beginning of the agreement the business customer is considered as the owner of the equipment and can therefore claim capital allowances. Repayment interest is usually offset against profit. Mike Lowe - Managing Director of Creative Funding Solutions Ltd

5 Top Tip: VAT on the purchase is typically paid at inception meaning that all the VAT is reclaimable at the end of that VAT quarter. So with the right timing and a VAT-only deposit cash flow remains largely unscathed. Now there are different ways of structuring Hire-Purchase agreements for your convenience, and at Creative businessfundingsolutions.co.uk we have a full range of products including: 1. Variable Rate HP Payments terms can Increase or decrease with Banking Base Rates, and interest is calculated daily. 2. Fixed Rate HP Your payment terms won t fluctuate with Banking Base Rates, so you can budget more accurately. 3. Structured Payment Profile we can consider: o VAT Deferral Pay the VAT on month 2 or 3 of your agreement to coincide with your VAT quarter o Seasonal Payment Profile If your business is seasonal a payment profile to reflect your busy periods can be negotiated o Decreasing Payment Profile Pay more of the capital back in the early period, leaving lower payments towards the end when maintenance costs may be higher. o Lease Purchase Build in a balloon payment into the agreement, reducing your monthly expenditure. You will have less equity at the end of the loan. Allowing you to take advantage of the immediate cash flow benefits of leasing, this funding solution gives your company the opportunity to buy the asset outright for a nominal fee at the end of the agreed term. Your business will normally be able to claim immediate capital allowances on the equipment with the interest element of the payments being tax deductible. You can choose the agreement, terms and interest rate structure that best suits your requirements, including the amount of initial deposit you wish to make.

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