Capital Allowances for Hotels and Guest Houses
Are you claiming your full allocation of Capital Allowances?The benefits of Capital Allowances for Hotels and Guest Houses are amongst the most valuable forms of tax recovery.
The results of making a Capital Allowance claim on your Hotel or Guest House will vastly reduce the amount of tax you pay on any profits you post in future years. In the majority of cases providing you have made a profit in the previous 2 years, a Hotel or Guest House will receive a lump sum of any overpaid taxes they have made.
The result of a Capital Allowance will allow you to invest back into the business.
- Investment in Guest Room Decoration and Improvements
- New IT Equipment and Booking Systems
- New Outdoor Areas for Guests
- New / Refit of Communial Areas / Bars
- Increased Marketing Budgets / Web Site
- New Telephone Systems
- New Security System
The claim starts with an initial meeting at a time suitable to you. From this meeting one of our advisors will acertain as to whether you are able to make a claim. If you do qualify, and after engaging our services their is little else we require for you to do. From this point we will arrange to collect all neccessary accounts and paperwork, carry out a Capital Allowance Review followed by a comprehensive Capital Allowance site survey a detailed survey report is produced with accurate valuations relating to the previous unclaimed qualifying items taking into account time and regional variations.
A current year claim is where we identify additional capital allowances which can be used by the client accountant for inclusion in a tax return for a year not yet submitted.
For retrospective Capital Allowance claims the report and supporting evidence is submitted to the HMRC by us with most claims being accepted by the revenue with in 6 - 10 weeks. To arrange an informal meeting with one of our Capital Allowance specialists, please call us 01246 293011, alternatively email sales@salmon-business.com
Why use Salmon Business Group to handle your claim?
There are numerous reasons why we are able to identify significant previously unclaimed capital allowances. The tax legislation covering capital allowances is complex and the interpretation of this legislation has changed many times over the years, (the latest budget is a case in point) and a review at a later date can reveal new areas to claim. Salmon Business Group can identify items that previously did not qualify but do now.
One of the main reasons we are able to make large retrospective capital allowance claims is the fact that vendors have rarely claimed all the capital allowances available and thus the purchaser has the opportunity to do so on the original items still in use. (Subject to contract).
