Funding your professional dreams the easy way. By Richard Porter, WestWon

FUNDING YOUR PROFESSIONAL DREAMS THE

EASY WAY

Have you got your eye on new work benches, a top-of-the-line 3D printer or even industrial milling equipment but are worried about how to fund your professional dreams? Well, you need look no further, writes Richard Porter.

lThese are uniquely challenging times – there’s no getting away from it – but for those of us in dentistry, it is not all gloom and doom.

Whilst, of course, Covid-19 in itself was unexpected, an unanticipated outcome of the work from home culture is the ‘Zoom boom’ desire for cosmetic dentistry. This, naturally, requires technical work to be completed and so dental labs are in high demand.

You may now be wondering, how can you meet that kind of demand should new equipment or any other kind of large investment be prudent, without affecting your cash flow or your stress levels?

The good news is that we have the answer in the form of equipment finance and business loans. For example, to date, award-winning dental finance broker, WestWon, has supported dental lab professionals with over £3.2m of finance in 2022, which certainly means we are one of the leading dedicated finance brokers servicing your sector.

Don’t just take my word for it – here is what lab owner, Phil Reddington, who wanted a new milling unit, had to say about working with WestWon: ‘Richard organised everything, provided the necessary funding to purchase the new milling equipment and organised our funding within 24 hours. It has been one of the simplest and easiest processes I have ever experienced.’

A dedicated service

So, what are the options for dental labs looking to make a significant purchase?

One possible solution is equipment finance or a capital loan, both of which offer several benefits in addition to maintaining cash flow, for example: ● Alternative lines of funding - you do not need to use up a bank facility, e.g. overdrafts. ● VAT consideration - on VAT funded agreements, the VAT is included in the rental, not in a lump sum. ● Pay for the equipment as you use it - companies pay employees over time as they work, so why pay all the cost for equipment in advance? ● The latest equipment - always have the latest dental technology at your disposal by implementing a recycling strategy, whereby you replace equipment at the end of the lease term, e.g. IT. ● As demand grows for your services, you can invest in the equipment to align with the demand, and having a fixed monthly repayment ensures you have a clear return on investment.

● Tax planning - using a lease rental agreement enables you to claim 100% of your rental if you are a sole trader, in a partnership entity or, as a Limited company, a Hire Purchase will enable you to claim the super tax deductions of 130%. (The super deduction tax opportunity runs until 31 March 2023; after that date, there is a planned corporation tax rise.)

In addition, we support dental labs with sale and lease back, also known as equipment refinancing. In a nutshell, this is where a dental lab may have made a purchase in the last three months and now wishes to reimburse the business and put the equipment on a finance agreement. It is a fast and effective way to improve your cash flow, as well as enabling the reimbursed cash to go towards other areas in your business.

Doing good beyond the business Step this way to achieve your goals

At WestWon, we do what we can to ensure each client is able to take full advantage of all tax breaks and bring savings to the business, alongside an easy and simple application process.

Working with our partners, we support the dental labs throughout the UK.

If you would like to know more about how WestWon can help support your lab’s growth, simply visit https://www.westwon.dental/ alternatively call 01494 611 456 or email richard.porter@westwon.co.uk

ABOUT RICHARD PORTER

Richard is the Divisional Director for the Dental Sector, within award-winning WestWon and has over 25 years’ experience within the Sector, supporting clients and partners in their quest for business growth by providing expert and timely finance services.

With all of us becoming increasingly aware of the environmental risk to both the planet and future generations, many dental labs are embracing corporate social responsibility.

We know how important that is and so we have arranged it so that you can also do good through your leasing choices.

Our new initiative, in association with Ecologi UK, means that when you proceed with a lease agreement with us, we will plant a tree for every month of the lease term in the WestWon Woodland.

It’s as simple as that. We don’t need anything from you, and you will receive a certificate of planting as well as a link to our very own WestWon forest, where you can see your trees being brought to life. This simple and quick process is just another way of how undertaking an agreement via WestWon, not only benefits you, but in this case also helps support environmental and climate efforts. Our aim is to plant 100,000 trees within The WestWon

Woodland and remove 7,500 tonnes of CO2 from the atmosphere over the next five years.