For over a decade Snowbird Finance have specialised in providing funding solutions to practices as well as offering Treatment Finance to help patients fund their treatments.
Treatment Finance is...
Snowbird have been brilliant to deal with from the very start. I never feel like we are just a number, as with some other finance providers, and feel their service is personal and professional. They are always there to help, and the portal is so easy to use. I also love that they send me an email to follow up with patients who haven't completed the online form because sometimes this is hard to keep track of when you are running a busy practice.
Katey Wilson, Practice Manager
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Lease purchase (also known as Hire Purchase) offers taxation and ownership benefits for Dental professionals purchasing new practice equipment, allowing you to own the equipment outright once all the payments have been made (subject to a nominal title transfer fee). This also means that the equipment will show on the balance sheet as a fixed asset.
This is a popular option for managing cashflow, particularly for newly established or expanding dental practices, as there is no significant outlay, leaving you to save working capital for other projects.
Lease purchase schemes are usually for periods of up to 5 years with monthly fixed payments. It is possible to finance most of the equipment in your practice, such as X-ray machines, sterilisation devices, IT systems and even cabinetry.
The main tax benefit of this type of finance solution is that your purchase would qualify for the Annual Investment Allowance (AIA), which offers tax relief at 100% on qualifying expenditure in the first year of purchase and on the interest payments over the term of the agreement. The maximum you can deduct from your taxable profits was increased to £500,000 in the 2014 Budget, until 31 December 2015.*
Click here to get in touch to discuss your next finance agreement.
*You have sole responsibility for the management of your tax and legal affairs. We recommend that you obtain your own independent tax and legal advice tailored to your individual circumstances. Snowbird Finance does not provide tax or legal advice.