As expected with Brexit negotiations just around the corner, Phil Hammond delivered a fairly cautious budget last week, with no major changes to the tax system.

Probably the most controversial measure is that self-employed workers will see a rise in their National Insurance Contributions (NICs), bringing them more in line with NICs paid by those in employment.   This is a blow to small businesses in particular, and critics argue that it goes against ‘tax lock’ promises made in the Conservative manifesto.

Family businesses and investors may also be affected by the reduction in tax free dividend allowances for shareholders from £5k to £2k from April next year.

Hammond also announced some measures to help businesses that may lose out in the planned re-vamp of the business rates system.  Any business coming out of Small Business Rate relief will benefit from a cap of £50 per month on any increase. In addition, local authorities will have access to a £300m fund to deliver discretionary relief to some of those hardest hit by the changes.

By Paul Caunter, Director

Ignition, a leading UK provider of vehicle and asset finance for SMEs, is welcoming a new Broker Manager to its expanding team.

Mike Bossom is joining Ignition’s Broker Finance department, bringing with him 38 years of industry experience.  Mike spent most of his early career with Capital Bank as Branch Manager, then Area Manager.  Since 1998 he has managed a number of small finance companies in various financial sectors, latterly specialising in the broker market.

Ignition offers finance for a wide range of assets from plant and machinery to vehicles and business equipment, either using its own funds or via joint trading relationships with a panel of major finance houses.  Assets funded can include anything from coffee machines and HGVs, to solar farms or classic cars.

The company has grown substantially since its acquisition by STAR Capital Partners last year, with a series of new appointments helping to consolidate its reach across the UK.  Mike Bossom will be based near Guildford, focusing primarily on the broker markets in the South and East. He comments:

“It’s great to join the Ignition team at such an exciting time for the company.   I’m looking forward to growing business in those sectors where Ignition has particular strength and expertise, for example business and commercial vehicles, classic cars, construction and catering.”

Alan Tutte, Managing Director of Ignition comments:

“We’re delighted to have Mike on board.  He brings with him a wealth of experience in asset finance, and will no doubt prove to be invaluable in strengthening our broker finance offering.”

Ignition, a leading provider of vehicle and asset finance for SMEs, has put a spring in the step of a new business start-up by helping to finance a brand new trampoline park in Cornwall.

The new Jump 4 Trampoline Park at Duchy Business Park in Pool, near Redruth, opened its doors open on Friday 9^th December and has the local community bouncing with joy.

Ignition offers finance for a wide range of assets, and was able to help with the fit-out of the new trampoline park, including the purchase of some 66 trampolines.

Jump 4’s owner and local business man, Robert Kujawski, was inspired to bring the park to Cornwall after visiting other popular trampoline parks across the UK with his family.  The park already boasts a 120 capacity café which opened in October, and will offer children’s parties, fitness classes, a dodgeball league and sessions for toddlers.

Rober Kujawski commented: “Ignition were more than helpful in arranging a competitive financial solution for the Jump 4 park.  Everything was sorted out quickly and easily, enabling me to focus on planning and preparation for the opening.  I wouldn’t hesitate to recommend Ignition to other businesses.”

Steve Hunt, Director at Ignition commented:

“Jump 4 is exactly the kind of business we like to help.  When starting out, new businesses often face enormous costs, and need to purchase new equipment just to get off the ground.  We can offer competitive and flexible solutions that provide an essential financial boost just when it is needed most.”

Falmouth University’s new MA course in Leasing and Asset Finance was launched in September with help from Ignition Director and University Associate Lecturer, Paul Caunter.

Paul has been involved in developing case studies for the Module in Leadership, Innovation and Strategy.  He is now mentoring three students on the course, providing guidance and support on three specific coursework areas for the first trimester:  a Talking Point document, Podcast interview and a Workplace-based Project demonstrating how a new product or initiative can provide business benefit.

Paul comments: “It’s great to have the course underway, and to get to know our first intake of students.  They are all dedicated and keen to learn, so I’m sure the course will help to realise their career aspirations.”

The MA in Leasing and Asset Finance is being designed and delivered in association with The Leasing Foundation, a nonprofit organisation that supports the leasing and asset finance industry.  It is suitable for people already working in the industry and wishing to accelerate their career, or for those working in a related finance and business area.

Dr Jeremy Richards, Head of Business at The Falmouth Business School comments:

“We’ve worked hard in collaboration with the Leasing Foundation to formulate a challenging course which encourages innovation and provides opportunities for students to develop their potential.  These kinds of partnerships serve to strengthen the links between the University and the business community, and are beneficial for all involved.”

Ignition has been named as one of the fastest growing companies in the South West for the third year running.

The Western Morning News today revealed their annual Fast Growth 75 list, placing Ignition at 51 out of all companies in the region.  Compiled in partnership with accountancy firm KPMG, Barclays bank and law firm Ashfords, the list is the ‘who’s who’ for businesses that have grown and expanded, and created jobs and wealth in the region.

Ignition’s Managing Director, Alan Tutte, comments:

“Our inclusion in the Fast Growth 75 list once again reflects the strong track record of growth we’ve enjoyed since the company was established in 2004.  Businesses in the region clearly value our quick response times and flexible approach to their needs. As a result, we’ve been able to build on our success and expand and strengthen our workforce.”

To be included in the list companies needed to have a registered office and to operate from Devon or Cornwall; have a turnover greater than £100,000 in the first of the four years’ accounts reviewed and over £1 million in the latest year, and have a consistent reporting structure throughout the four years.   All the companies that met these criteria were then ranked by mean sales growth over the four-year period to arrive at the final list of 75.

Bill Martin, Editor of the Western Morning News, said:

“The companies featured in this year’s Fast Growth 75 list are the driving force of the South West economy, investing in the talent and resources of our region. They are playing a key role in securing the region’s future as we move into uncertain times. Each one has most certainly earned their place on this top list of fast growing firms.”