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Archive for 2021

Buying a competitor

Monday, September 13th, 2021

An existing client of ours saw an opportunity to acquire a competitor where the owner wanted to retire.

XL Business Finance were able to use the assets from the existing business and the business to acquire to finance the full purchase of the business.

This was done through using one of the new challenging banks to provide most of the funds and as XL Business Finance also provide funds to finance and refinance, we were able to provide additional funds by refinancing some of the existing equipment.

Motivational Business Quotes

Monday, September 13th, 2021

We all need a bit of motivation at times in business, especially when things aren’t going quite as planned. Here are some of our favourite quotes:

  • A business has to be involving, it has to be fun, and it has to exercise your creative instincts. ~ Richard Branson
  • You were born to win, but to be a winner, you must plan to win, prepare to win, and expect to win. ~ Zig Ziglar
  • To be successful, you have to have your heart in your business, and your business in your heart. ~ Thomas Watson, Sr.
  • Success is walking from failure to failure with no loss of enthusiasm. ~ Winston Churchill
  • Things work out best for those who make the best of how things work out. ~ John Wooden
  • It does not matter how slowly you go, so long as you do not stop. ~ Confucius
  • You have to trust in something – your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life. ~ Steve Jobs
  • Quality means doing it right when no one is looking. ~Henry Ford
  • The essential question is not, “How busy are you?” but “What are you busy at?” ~ Oprah Winfrey
  • Take up one idea. Make that one idea your life – think of it, dream of it, live on that idea. Let the brain, muscles, nerves, every part of your body, be full of that idea, and just leave every other idea alone. This is the way to success. ~ Swami Vivekananda
  • The only place where success comes before work is in the dictionary. ~ Vidal Sassoon
  • The important thing is not being afraid to take a chance. Remember, the greatest failure is to not try. Once you find something you love to do, be the best at doing it. ~ Debbi Fields
  • Have a very good reason for everything you do. ~ Laurence Olivier
  • Capital isn’t scarce; vision is. ~ Sam Walton

Fast growth business

Monday, September 13th, 2021

We were introduced by this company’s accountant as the business was growing quickly and cashflow was becoming a real problem.

They already used invoice finance and their accountant didn’t know what more to do.

XL Business Finance did a review of their invoice finance facility to see that their current provider was not funding the sales ledger sufficiently as they were putting restrictions in place.

We introduced to them a new facility where they received 90% initially of all outstanding invoices and ongoing basis with the remaining amount paid once their customers paid the invoice finance company.

The new invoice finance company also made an additional £120,0000 available to run alongside the invoice finance facility in the event that they ever needed it, especially while growing so quickly.

TAX CREDITS FOR R&D SPENDING

Monday, July 19th, 2021

If your business has spent more than £100,000 on R&D in the last five years, you may be eligible for Government Tax Credits, even if the project wasn’t completed.

We handle the claim on your behalf, submit information to HMRC and your credit can be available within 6 weeks.

Depending on your profit levels, there are two options:

  • For profit-making businesses, R&D tax credits reduce your Corporation Tax bill. The rate of relief is 25%. So if your R&D spend last year was £100,000, you could get a £25,000 reduction in your tax bill.
  • If you’re a loss-making business, you’ll receive your R&D tax credit in cash as you won’t have tax liability to offset. The rate of relief is up to 33%. So if your R&D spend last year was £100,000, you could get a £33,000 cash credit.

Contact us for more information and advice.

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