Credo Capital Finance

Business & Personal Asset Finance in Norwich

01603 703180

Trustpilot

All Financial News

Bounce Back Loans – One year to go – time to plan ahead

by

This month marks five years since the UK Government introduced the Bounce Back Loan Scheme (BBLS) in May 2020. Designed as emergency support for SME’s during the height of the COVID-19 pandemic, the scheme provided fast-track access to funding of up to £50,000, helping businesses stay afloat during unprecedented times.

For many, these loans were taken over a six-year term, meaning the final 12-month countdown has now begun.

With one year left to repay the remaining balance, now is the perfect moment for business owners to take stock of their financial position and look ahead. Whether it’s investing in new equipment, expanding operations, or simply refinancing existing borrowing, careful planning today can help secure a stronger tomorrow.

At Credo Capital Finance, we’re here to support you as you enter this next phase. If you’re considering new projects or exploring additional funding options, our team of experienced finance brokers is ready to help tailor the right solution for your business.

Get in touch with us today on 01603 703180 to discuss your future plans, we would love to help.

Building Success With Confidence

by

Credo Capital Finance, part of the STAR asset Finance group, have been working with a scaffolding company for over five years, after being introduced by one of their suppliers. Since then, we’ve successfully financed nine new vehicles to help keep their operations moving efficiently.

Most recently, they approached Credo with a new opportunity—a £150,000 scaffolding investment needed for a major housing development contract.

Credo provided a tailored finance solution that allowed them to move forward with the project, enabling them not only to meet the demands of a new developer but also to position themselves for future growth by taking on additional contracts.

This latest project also marked a milestone – it was the first time they considered financing scaffolding as an asset, and this process has made them more confident in exploring new ways to fund their business growth.

We can’t wait to help them again!

Contact us today to see how we can help your business on 01603 703180

Case Study: Beating the Deadline – How we secured a vital VAT loan

by

Managing cash flow effectively is crucial for any business, and VAT liabilities can often put significant pressure on working capital. Using a finance broker can be the key to ensuring smooth financial operations, securing necessary funding in time, and ultimately keeping businesses moving forward.

How we helped a family-run business

For the past two years, we have assisted a family-run business specialising in materials handling equipment solutions with VAT loans. In December, they faced a VAT liability of £162K, choosing to fund £100K themselves while requesting a £62K VAT loan. We acted fast to ensure they received the funds quickly and efficiently, keeping their business operations running smoothly.

Recently, the same business encountered another VAT liability of £132K and sought to fund the full amount through a loan. However, complications arose when the lender required confirmation that PAYE liabilities were up to date. Our client was unfortunately in arrears with no formal arrangement to pay and combined with an increased loan request and a high overdraft facility (renewed in February for six months), underwriters initially declined the application.

Going the extra mile to secure funding

Understanding the urgency of the situation, we worked closely with the lender on an appeal. Our proactive approach included:

  • Providing clear explanations to address underwriter concerns.
  • Assisting the customer in preparing a detailed sales forecast for incoming equipment orders and projected profit.
  • Encouraging the customer to make a payment toward the outstanding PAYE liability and commit to having it up to date within the month.

Thanks to our strong relationship with the lender, their underwriter went above and beyond, even staying late on Friday with us to ensure the loan was approved and the payment was processed.

At 6:15 PM, we received confirmation that the funds had been released, allowing our client to pay HMRC and enjoy their weekend stress-free!

Why choose a Finance Broker for VAT loans?

VAT loans are a valuable tool for businesses looking to maintain cash flow, allowing them to retain working capital for growth and investment. With our expertise:

Flexibility: Businesses can choose to fund the full VAT amount or a portion, depending on their financial strategy.

Speed & Efficiency: Our relationships with lenders help us navigate complex approvals and secure funding quickly.

Problem-Solving: We work closely with both businesses and lenders to overcome obstacles, ensuring a higher success rate for loan approvals.

If your business is facing a VAT liability and you want a smooth, stress-free funding experience, reach out to us today. We’re here to help keep your cash flow healthy and your business moving forwards!

Autumn Budget Update: Changes to Car Tax from 2025

by

As part of the Autumn Budget, Chancellor Rachel Reeves announced changes to Vehicle Excise Duty (VED) for brand-new cars, effective from April 2025. These changes will impact the first-year tax rate based on a vehicle’s CO2 emissions, with significant increases in some categories.

The update aims to encourage the adoption of electric vehicles (EVs) and reduce reliance on higher-emission vehicles. Here’s what you need to know:

Plug-in hybrids and low-emission vehicles (1-50 g/km CO2): The first-year VED rate will increase to £110. Currently, vehicles in this category—including most plug-in hybrids—pay no VED in the first year, while petrol and diesel cars in the same band pay just £10.

Vehicles emitting 51-75 g/km CO2: The first-year VED will rise to £135, up from £30 for petrol/diesel vehicles and £20 for hybrids.

Higher-emission vehicles: Tax rates for vehicles emitting over 75 g/km CO2 will double

For example – A new Toyota Corolla 1.8 Hybrid (emitting around 102 g/km CO2): The first-year VED will increase from £170 to £340, resulting in an additional £170 in the first year.

A new Porsche Cayenne Turbo GT (emitting approximately 346 g/km CO2): The first-year VED will rise from £2,605 to £5,210, adding a significant £2,605 to the initial cost.

Standard VED rates beyond the first year: These rates will continue to rise annually, in line with the Retail Price Index (RPI).

This change reflects the government’s ongoing commitment to sustainability by incentivising cleaner vehicle choices. Customers planning to purchase a new vehicle should consider these updated tax rates when budgeting for 2025 and beyond.

It is worth noting that these changes only apply to brand-new cars registered from April 2025 onwards. They will not affect used cars or vehicles already registered before that date.

Credo Capital Finance Helps a Business Meet Urgent Tax Deadline

by

A limited company faced a £65,000 Corporation Tax bill due in one week but lacked the funds to pay. The director had used surplus business funds to cover care costs for their late mother, leaving the business unable to meet this critical liability. Failure to pay on time risked penalties, interest, and damage to the company’s reputation with HMRC.

The director approached Credo for help. Within two days, we had secured a 12-month loan, enabling the company to pay the tax bill on time. The solution was affordable and tailored to the company’s needs, avoiding cash flow strain.

The Outcome

Tax Paid On Time: Avoided penalties and preserved the company’s standing with HMRC.

Director Relieved: The business stayed compliant, and operations remained unaffected.

Credo Capital Finance demonstrates the value of fast, effective financial solutions, helping businesses overcome urgent challenges with ease. If you have a funding challenge, then please call Credo on 01603 703180 or click here to contact us.

OUR PRODUCTS & SERVICES

GET A QUOTE TODAY

WHAT WE FINANCE

ABOUT
CREDO CAPITAL FINANCE

Registered Office
Credo Capital Finance Ltd
Capital House
Unit I-J Iceni Court
Delft Way
Norwich
Norfolk
NR6 6BB

Phone
01603 703180

Email
[email protected]

Office Hours
Monday—Friday: 9:00AM–5:00PM