2021 Budget spells opportunities for green finance and fleets with £40 billion of investment inbound

Following the announcement of the spring budget earlier this week, one question remains for the auto finance sector: what does it mean for the future of auto finance? To offer a partial answer, the key takeaways from the announcement include:

2021 Budget spells opportunities for green finance and fleets with £40 billion of investment inbound

Mar 05, 2021

Following the announcement of the spring budget earlier this week, one question remains for the auto finance sector: what does it mean for the future of auto finance? To offer a partial answer, the key takeaways from the announcement include:

UK Budget impact for asset finance: Tax hikes to come – but for now, some reliefs

The UK's long awaited annual Budget statement was unveiled on March 3 by Chancellor of the Exchequer Rishi Sunak. Against the background of the huge loss of tax revenue and extra spending commitments forced by the Covid-19 lockdowns over the past year, there were announcements of major tax increases over the coming years to rebuild the public finances.

UK Budget impact for asset finance: Tax hikes to come – but for now, some reliefs

Mar 04, 2021

The UK's long awaited annual Budget statement was unveiled on March 3 by Chancellor of the Exchequer Rishi Sunak. Against the background of the huge loss of tax revenue and extra spending commitments forced by the Covid-19 lockdowns over the past year, there were announcements of major tax increases over the coming years to rebuild the public finances.

Auxillias launch promises a fresh solution to challenges faced by asset lenders

The asset finance industry has long been renowned for its ability to survive crises – and to evolve onwards to thrive and prosper. The recovery from the Great Recession from 2010, for example, was significantly aided by the formation of a breed of new lenders (e.g. challenger banks) and the ancillary services that served and guided them to their subsequent success. In just such a manner is the latest pandemic challenge being met by the birth of new practitioners who have cast off legacy attitudes towards their clients and who are bringing a fresh approach to their service offerings.

Auxillias launch promises a fresh solution to challenges faced by asset lenders

Jan 29, 2021

The asset finance industry has long been renowned for its ability to survive crises – and to evolve onwards to thrive and prosper. The recovery from the Great Recession from 2010, for example, was significantly aided by the formation of a breed of new lenders (e.g. challenger banks) and the ancillary services that served and guided them to their subsequent success. In just such a manner is the latest pandemic challenge being met by the birth of new practitioners who have cast off legacy attitudes towards their clients and who are bringing a fresh approach to their service offerings.

Lease accounting

LeaseAccelerator study identifies disclosure challenges of ASC 842

Jan 24, 2020

Lease accounting software provider LeaseAccelerator has published a new report looking at the key challenge faced by US companies as they implement ASC 842. It has analysed comment letters received by the Securities and Exchange Commission in 2019 to identify common issues as the new standard was adopted. Many companies had to organise and migrate hundreds or even thousands of leases onto new accounting software with new controls, processes and procedures. Many of the SEC comments were requests for additional details on a company’s analysis, assumptions, judgments and supporting documentation.

BREXIT

Personal Data post-Brexit: Kate Brimsted explains how the UK is allowed “third country” status for up to six months

Jan 06, 2021

The UK and the EU concluded the Trade and Cooperation Agreement on 24 December 2020. The Agreement provides a framework under which trade will take place following expiry of the transition period on 31 December 2020. “Personal data” is mentioned a mere 158 times in the 1265 pages of the document but there are some significant impacts in this area, as in so many others.

General legal and regulatory

FCA to remove repossession restrictions on 31 January

Jan 20, 2021

In a recent announcement, the UK Financial Conduct Authority (FCA) proposed that financial services firms would be able to resume repossessions from 31 January 2021. The FCA’s current consumer credit guidance means that firms are not able to terminate a regulated agreement or repossess goods or vehicles under the agreement that the customer needs – except in exceptional circumstances – until 31 January. However, the Association also explained that repossession should only be used “as a last resort” and complying with public health regulations such as social distancing and shielding.