W:
www.ie-today.co.uk
SCHOOL LIFE | PROMOTION: OVL GROUP | 27
Don’t miss the bus
Why buy a minibus when you can lease one? asks Martin Wedge
ABOVE: author Martin Wedge, MD of OVL Group
In recent years school budgets and local authority spending have been under increasing scrutiny as central government has set strict caps on capital expenditure and headteachers have been compelled to do more with less. These so-called austerity measures and spending restrictions have, for the large part, driven dramatic changes in the way heads and governing bodies approach their budget allocation and there has been a ‘creative shift’ towards asset management rather than asset ownership. In short, schools have been more adventurous in their strategic investments and moved to a more fl uid relationship with their fi nances. Staying out of the red and remaining in the black has become a primary focus for all schools and cash fl ow has become king. From IT infrastructure to vehicles, more schools
and educational establishments have turned their at ention away from outright ownership and toward leasing and this has brought with it a number of specifi c cash advantages. For example, there are no big capital investments to tie up scarce resources, and because the vehicles are returned within a set lease period, there are no depreciation risks. In terms of cash transparency for the head and
the governing body, the asset is no longer on the school’s books, but monthly payments are planned and factored into the budget. In addition, with a maintenance package, minibus costs, for example, are known for the whole period of the lease, so there are no unwelcome or unexpected bills. Leasing also introduces reduced administration
– that is handled by a lease partner such as Minibus Leasing UK, the educational division of the OVL Group Ltd. Other softer benefi ts include tax advantages for the school because leasing aff ords the owner of the vehicle – in this case OVL – the legal right to reclaim all the VAT from the purchase of the vehicle which
is passed on in a reduced rental for the hirer. In addition, because the vehicle is not owned by
the school, the rentals are treated as an expense and can be fully off set against income. If a vehicle were to be owned, only capital allowances can be claimed but these are strictly limited. As the vehicle is leased, it does not appear on the balance sheet as an asset so improves the gearing.
OVL Group Ltd – in a class of its own Minibus Leasing UK is a division of OVL Group Ltd which has over 25 years of experience funding minibuses for supply to schools, colleges, universities, local authorities, charities and NHS trusts. OVL’s specialist minibus leasing staff have an in-depth knowledge of the leasing industry and provide impartial advice on all makes and models and methods of fi nancing your new minibus. Minibus Leasing UK will provide you with up-to-date information on the taxation and legislation implications of your leasing requirements and will help you at every step of the way – from helping you with D1 licence requirements to selecting the best vehicle and fi nancial arrangements to suit your needs. OVL’s long-term relationships with all the minibus
manufacturers as well as the major contract hire and leasing companies allow the business to bring you the very best discounts, deals and competitive fi nance rates. OVL can off er any UK manufacturer’s make and model, as well as specialist build models for bespoke student needs. In the unlikely case of accidents, the schools insurer
is the fi rst port of call, but OVL is on hand to support the school through any complicated negotiations. Likewise, pre-delivery, if a school wants its name and logo on the bus, OVL can off er a complete design service with a high-quality signwriting company. And, if you decide to buy rather than lease, Minibus
Leasing UK, through OVL Group Ltd, has built up long- term relationships with major dealer groups, allowing OVL to obtain the very best minibus discounts. iE
Martin Wedge is managing director of OVL Group Ltd UK W:
www.minibusleasinguk.co.uk,
www.ovl.co.uk
Main image © Freeimages: sykicktb
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