JCB Finance has launched a new £60 million fund to support construction machinery purchases as a survey reveals UK builders are at their busiest for 20 years.
The new scheme offers customers purchasing plant and machinery the opportunity to buy now and pay later on plant delivered by the end of the year. Its launch comes as the latest Royal Institution of Chartered Surveyors’ UK Construction Market Survey reveals builders’ workloads have hit a 20 year high.
JCB Finance MD Paul Jennings said, “The months of December and January are traditionally quiet months for many of our customers, when income can be lower but the usual bills still have to be paid. Our new ‘Buy Now Pay Later’ scheme for machines delivered by 31st December 2014 will help reduce our customers’ bills and improve their cash flow as payments only need to start in March 2015. With £60 million available under this scheme it is an opportunity not to be missed.”
Mr Jennings also pointed out that by selecting a Hire Purchase facility customers could still be eligible to take advantage of the Government’s £500,000 Annual Investment Allowance (AIA) scheme. For every £1 spent on plant and machinery there is the potential to save £1 in taxable profits.
Mr Jennings added, “This is the equivalent of a 20%-45% discount depending on the business’ rate of tax.”
