Growing any business can be a challenge, but when your business is in the hospitality and leisure sector, it is likely to require larger amounts of time and energy as well as substantial investment.
As any hospitality and leisure business owner will know, the costs involved in developing the business can be extremely daunting. There’s the cost of buying and developing/renovating the property of course and then there are the costs associated with purchasing essential equipment, fit outs and on-going overheads. Just staying in the black from one month to the next can present a challenge.
Despite the considerable up-front investment that many business owners make to create and maintain their ventures, few realise that they could be getting more for their money by making the most of tax reliefs and capital allowances.
The value of such claims can amount to significant sums of money and any rebates achieved or reductions in corporation tax liabilities can deliver a very welcome boost to the bottom line. So why aren’t business owners making more claims?
The answer is simple. Many business owners wrongly believe that Research and Development (R&D) activity is something that only happens in a laboratory or an engineer’s workshop and they miss the planning opportunities and ability to maximise claims under capital allowances.
To make the most of their investments, we recommend that all businesses in the hospitality and leisure sector seek advice at an early stage so they can start to capture the information needed to claim the full value of any reliefs and capital allowances that might be due to them.
“Growing any business can be a challenge, but when your business is in the hospitality and leisure sector, it is likely to require larger amounts of time and energy as well as substantial investment.”
Dave Gosling – Head of Hospitality and Leisure
Hospitality and Leisure business advice
We advise hotels, pubs, clubs and leisure operators, as well as a number of sector-dependent clients. We work closely to find solutions to industry issues, utilising our expertise in everything from business strategy and corporate finance, to audit and tax advice.