Have you got your eye on new work benches, a top-of-the-line 3D printer, or even industrial milling equipment but worried about how to fund your vision? Well you need look no further. Our dental lab finance options allow you to spread the cost of your equipment into manageable monthly payments. Here at WestWon Dental our purpose is to make your professional dreams come to life.
We are living in uniquely challenging times- and there’s no escaping it. But for those of us working in the dentistry industry, it’s not all gloom and doom.
Whilst, of course, Covid-19 in itself was unexpected, an unanticipated outcome of the remote working culture was 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 of 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, we have supported dental lab professionals with over £3.2 of finance in 2022, which certainly means we are one of the leading dedicated finance brokers servicing the dental sector.
But don’t just take our word for it, hear what our clients have to say about us. Lab owner, Phil Reddington, wanted a new milling unit for his business. We were able to organise finance for this within a 24 hour turnaround. Phil spoke on his experience with WestWon : “They 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.”
So, what are your finance options?
One possible solution is equipment finance or a capital loan, both of which offer several benefits in addition to maintaining a healthy cash flow, for example:
- Alternative lines of funding
This means you don’t have to use up an existing bank facility
- VAT consideration
On VAT funded agreements, the VAT is included in the rental, not in a lump sum.
- Pay for your equipment as you use it
You wouldn’t pay your employees’ salaries years in advance so why pay for your equipment this way?
- Remain competitive
Through finance, you can always have the latest dental technology as your disposal by implementing a recycling strategy. A recycling strategy is where you replace your used equipment at the end of a lease term.
- Keep up with demand
As demand grows for your services, you can invest in the equipment to align with the demand. Also, having a fixed monthly repayment plan ensures you have a clear ROI.
- Tax Planning
If you are a sole trader, in a partnership entity, or Limited company, using a lease rental agreement allows you to claim 100% of your rental against your corporation tax. Alternatively, a hire purchase will enable you to claim the super tax deductions of the 130%. You should also know that the super deduction tax scheme has now been prolonged until March 2023. However, after that, there is a planned corporation tax rise.
In addition to this, 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 3 months and now wish to reimburse the business and put the equipment on a finance agreement. This is a fast and effective way to improve your cash flow, as well as enabling the reimbursed cash go towards other areas in your business.
Doing good beyond the business
With all of us becoming increasingly aware of the environmental risk to both the planet and future generations, many dental labs and embracing corporate social responsibility.
We know how important these issues are, and that is why we have made it so that you can do good through your leasing choices. Therefore, as of the beginning of this year, we introduced a new initiative- The WestWon Woodland. This is where we have a tree planted for every month of a lease agreement made through us. It is as simple as that. We don’t need anything from you. You will receive a certificate of plantation which will tell you how many trees and how much carbon has been offset through your agreement with us. Here at WestWon we value transparency, and that is why we have made it so that you can track the expansion of the WestWon Woodland. The WestWon Woodland consists of a myriad of tree planting locations around the world which you can see by clicking on the button below!
The WestWon Woodland is just another way of how undertaking an agreement via WestWon not only benefits you, but in this case also environmental efforts.
Currently, we have 13,815 flourishing trees in the widespread WestWon Woodland. This makes us on target to meeting our ultimate goal of 100,000 trees by 2026! Once we have achieved this, we would have removed 7,500 tonnes of carbon from the atmosphere.
Step this way to achieve your goals
Here 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 panel of partners, we support the dental labs throughout the UK.
Get in Touch
If you would like to learn more about how we can support your lab’s growth, please don’t hesitate to get in touch. Call us on 01494 611 456. Or drop an email to firstname.lastname@example.org and a member of our friendly team will get back to you shortly!