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Frequently asked questions

Need some help? Take a look at some of the questions we get asked the most.

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  • What is a CBA?

    The CBA facility is an advance on your Self Assessment rebate for the current tax year. The Self Assessment will be used to pay off the advance payment once IN-SYNC Tax submits your Self Assessment and receives your rebate at the beginning of the new tax year.

  • Am I eligible for a CBA?

    You are eligible if you are: 

      Self-employed and registered as CIS with either 20% or 30% deducted at source
      Have worked as self-employed during the current tax year
      Your account with HMRC is all clear with NO outstanding years to be submitted or penalties to pay
      You agree for IN-SYNC Tax to be your tax accountant for the current tax year
      Have a UK bank account
      No active bankruptcy or Scottish Sequestration

     

  • How much can I borrow?

    You can borrow from £100 up to a maximum of 60% of your estimated tax rebate.

      July – September = Maximum of £250
      October – December = Maximum of £500
      End of December – End of March = Up to 60% of the estimated tax rebate (depending on your expenses)

     

  • How much will the CBA cost me?

    We charge a fixed fee of 21%-35% of the advanced amount, depending on the time of year you take out the advance. Please contact us to find the exact cost of your advance. As part of taking out a CIS Backed Advance, your self assessment will be submitted to HMRC by IN-SYNC Tax LLP. IN-SYNC Tax's fees for this service are £325 (inclusive of VAT). 

     

     

  • How long does the application process for a CBA take?

    After IN-SYNC have confirmed you are eligible for the CBA, the application should take you roughly 5 minutes for you to complete using an electronic signature document.

  • Does a CBA require a credit check?

    Yes. IN-SYNC will carry out a soft credit check as part of our assessment and decision making process. The credit check will work by conducting a quotation search on your credit file. This will not affect your credit rating and, although you will be able to see the search on your file, other organisations will not.

  • How do I repay the advance?

    There is no requirement for you to make repayments on the advance. When IN-SYNC Tax receive your tax rebate from HMRC we will simply deduct the amount advanced to you previously automatically and pay any surplus directly to you.

  • How long will it take to receive the funds into my bank account?

    IN-SYNC can arrange the payment to go directly into your bank account by faster payment the same day.

  • When are IN-SYNC’s office open and how can I contact IN-SYNC?

    IN-SYNC offices are open Monday to Thursday 8.30am – 6pm, Friday 8.30am – 5pm and Saturday 9.00am – 1.00pm 

    Call 01252 702270, email [email protected]

  • What happens if I change my mind after taking out the advance?

    You automatically have a 14 day cooling off period where you may cancel your advance agreement with no financial penalty. You will be required to repay the funds deposited into your account, prior to the agreement being terminated. 

  • What is the van plan?

    We’ve built the van plan from the ground up for self-employed people. We use your VAT rebate and a range of other factors to help you get the lowest monthly payments possible.

  • Who are Van Monster?

    Van Monster are of the UK’s largest used commercial vehicle retailers, with around 1,000 commercial vehicles in stock at any time. IN-SYNC Credit Services will transfer the agreed funds over to Van Monster on your behalf once all the paperwork etc. has been signed so all you need to do is visit your local depot and choose your van!

  • What are the benefits of choosing Van Monster?

    With Van Monster you will receive several exclusive benefits including:

    • 12 months Unlimited mileage warranty
    • 12 months Breakdown Cover
    • 2 Services over a 12 month period
    • Direct Van monster personal contact manager

    Prices range from £399.60 - £519.60 depending on the van you choose. The cost of this package is included in your loan repayments so you can spread the cost over the course of your agreement. Van Monster also has a network of 30 depots and over 1,000 used vans in stock making it easier than ever to find your perfect van.

  • What is covered in the service package?

    Cover includes one minor and one major service to account for whichever is needed next. We have a service booklet from Van Monster with full details of the cover if required.

  • Do I have to use a particular company to service the van?

    Yes as part of the agreement you will have to get the van serviced at Van Monster. Van Monster have multiple service centres across the UK.

  • What’s included for my AA cover – will it cover breakdown recovery or just a call out to fix it?

    Roadside assistant cover is not provided, however vehicle recovery will be provided. For those who have cover already this can be added when required at a charge of £50.

  • Is there a limited mileage on the van?

    No, the warranty given by Van Monster is unlimited as part of the service package.

  • How do I choose my van?

    Once your application has been approved you will receive an email from our Underwriting department which will state how much you have been approved for and will include an information pack on your next steps to purchasing your van, along with contact details for your representative at your local Van Monster branch. When you are ready to choose your van simply pop down to your local Van Monster depot and they will be able to assist you in choosing the right van for you. You can view Van Monster’s current list of vans here:

  • Will there be checks on a van I might want to purchase to ensure there isn’t any outstanding HPI?

    Yes, this will be completed by Van Monster. If you purchase the Van via IN-SYNC Credit Services then we will register our finance interest in the vehicle via HPI.

  • Will I own the van?

    You will not own the vehicle until you have paid off your last installment with IN-SYNC Credit Services. Once you have settled your agreement IN-SYNC Credit Services will arrange for the ownership to be transferred over to you.

  • How long will it take for me to be able to drive away in the van?

    If the vehicle is ready to go and you have signed and sent back your loan agreement documents we will normally transfer the funds to Van Monster the same day, which means that you should be able to collect your vehicle the next day. If your van requires a tracker to be fitted this can delay the process by up to four days. If we do not get your documents back by close of business on a Friday. (Our normal business opening times) then please be aware that there may be a delay in collecting your new van until after the weekend.

  • What are the benefits to having a tracker fitted?

    There are several benefits to having a tracker fitted on your van including:

    • Discounts on insurance
    • Theft prevention
    • Better fuel consumption and driver behaviour management
    • Complete reporting on your business miles throughout the year, which will reduce your HMRC tax liability

  • Can the vehicle be leased as opposed to purchase?

    Unfortunately not

  • Who is responsible for insuring the van?

    As part of the terms of sale, you will be fully responsible for taking on all associated costs with the van, this includes: insuring the van for business use, regular servicing, road tax & making sure the van is kept in good working condition. You will be asked by Van Monster to provide proof of insurance in order for you to drive the van away.

  • Can I part exchange my old/existing van?

    Yes, subject to Van Monster’s terms and conditions (age of vehicle, condition, mileage etc.).

  • Can I have a van if I have bad credit?

    This will depend on the nature of the bad credit. If you have been made bankrupt in the past 6 years then unfortunately we would not be able to facilitate van finance for you.

  • How much can I borrow?

    This will depend on a number of factors including your gross weekly income, your VAT rebates and the cost of the van you choose. Please call IN-SYNC Credit for a personalised quote today.

  • How do I pay for the van?

    You will pay for the van via your weekly income deductions. Each time you are paid by IN-SYNC Outsourcing they will deduct the agreed amount from your income and transfer this over to IN-SYNC Credit Services to pay towards your agreement. If you are not paid via IN-SYNC Outsourcing then payment can be made via a continuous payment authority (CPA) directly from yourself to IN-SYNC Credit Services.

  • What happens if I stop being paid through IN-SYNC Outsourcing?

    If you stop being paid through IN-SYNC Outsourcing you will need to contact IN-SYNC Credit Services on 01252 702 270 as soon as you stop being paid through them. IN-SYNC Credit Services can then arrange an alternative way for you to keep paying towards your agreement such as a CPA or direct debit.

  • I’m not paid by IN-SYNC Outsourcing. Can I still get a van with you?

    Yes you can, you are able to make payment directly to IN-SYNC Credit Services via CPA or direct debit.

  • Can I change my repayment amount?

    If you are struggling to keep up with your repayments please contact IN-SYNC Credit Services on 01252 702 270 so we can assess your current situation and affordability.

  • What happens if I miss a payment or do not work for a week?

    If you don’t work for a week there are a couple of options available to you. You can either choose to have a double payment taken from your next payment with IN-SYNC Outsourcing or we can apply a payment break (subject to ICS affordability assessment), this means your agreement will still be up to date and the normal deduction amount will be taken from your pay. It is important to let us know if you don’t work for a week and wish to have a payment break applied otherwise we will automatically take a double payment the following week.

  • Can I make extra repayments towards the cost of the van?

    Yes. You can make extra payments towards your agreement, either in part or in full. In order to do this please contact IN-SYNC Credit Services on 01252 702 270 so we can discuss this further with you.

  • What if my situation changes and I can’t afford the repayments?

    If you are unable to continue to make your regular payments to IN-SYNC Credit Services then you will need to contact IN-SYNC Credit Services so we can discuss your current circumstances with you and assess your affordability.

  • How much will I be charged?

    Our interest charges vary from 14.9% to 29.9%. To check the exact amount you will be charged please refer to the “how much will it cost” section on the adequate explanations attachment. There is also a one off £75 administration fee.

  • What if I change my mind?

    If you change your mind you have the right to withdraw within the first 14 days. For more information regarding your right to withdraw please refer to the “when the agreement is entered into and your right to withdraw” section on the adequate explanations attachment.

  • How long do I have to make repayments for?

    Repayments are made over a period of 12 – 24 months. You will be advised of your agreement length before you purchase the van. You can choose to make extra repayments and settle the agreement early if you wish.

  • What documents do I need to sign and return?

    You will be sent a Conditional Sale Agreement, this is the contract between yourself & IN-SYNC Credit Services and will detail the legal elements of your agreement. You will also be sent a payment deduction authorisation form (if you are paid via IN-SYNC Outsourcing). This form will specify how much a week will be deducted from your wages and when the deductions will start from. It also gives IN-SYNC Outsourcing the authority to deduct the agreed amount from your wages. Both of the forms mentioned above must be signed and returned before you will be able to get the van.

  • Do I have to pay a final lump sum?

    No there is no final lump sum payment to pay at the end of the agreement as all payments are split equally throughout the course of the agreement.

  • I don’t understand how the VAT on the vehicle I purchase gets used against the cost of my loan?

    IN-SYNC Tax will recover the VAT paid on the vehicle on your next quarterly VAT return. This payment is then transferred to IN-SYNC Credit Services who will utilise the capital allowance to reduce the outstanding loan balance.

  • I want to buy a van but I don’t want to register for VAT – can I do that?

    Unfortunately not, part of the qualifying criteria for vehicle finance through IN-SYNC Credit Services is to become VAT registered. If you do not wish to become VAT registered we will not be able to provide this service to you.

  • How does my VAT rebate pay towards the cost of the van?

    After you become VAT registered you will generate VAT rebates with each of your invoices. IN-SYNC Credit Services will work out your VAT rebates for the year and will then split the total cost of your repayments between your VAT rebates and direct payments from yourself. This means your repayment will be reduced as we can use your VAT rebates to pay towards the cost of the van. With the help of IN-SYNC Tax we are also able to use the VAT on the van to claim against the cost of the van.

  • If my agreement is with IN-SYNC Credit Services why do IN-SYNC Outsourcing & Tax need to be involved?

    As a group of companies IN-SYNC Group have a unique offering for self-employed clients wishing to purchase a van. IN-SYNC Credit Services will facilitate the agreement, IN-SYNC Tax will help get you VAT registered and IN-SYNC Outsourcing can make the deductions directly from your wages for your convenience.

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