2020 expectations for the leisure sector

Despite political uncertainty and the pound remaining weak, our specialist EQ Leisure team has high hopes for the sector with those involved in tourism, such as hotels, holiday parks and guest houses expecting a strong year in 2020.

However, the sector may face some challenges ahead, particularly in attracting good people. Scotland is blessed with phenomenal geography, fascinating history and iconic attractions, so it is critical that our service levels remain high and we push on to new heights. EQ’s Employer Solutions taxperts have an impressive historical track record in developing various schemes in order to incentivise staff. These range from employee ownership to share options and bonus schemes based on fair and controllable measures.

With low corporate tax rates, a favourable investment regime and a low cost of borrowing, it seems an opportunity for great leisure businesses to advance to the next level.

EQ Leisure Partner, David Morrison, commented,

“If our leisure clients are a barometer of the sector in Scotland, then we are set for some exciting times ahead. In the year past we’ve seen all types of leisure clients investing in their businesses such as:

• a holiday park erecting a purpose built leisure complex
• a hotel building a large extension to its existing premises
• a net addition of six new guest houses as business owners look to take advantage of the strong market conditions
• the food & drink sector development of new products and markets, further enhancing Scotland’s reputation worldwide.

In the above examples, our leisure experts have secured over £10m of new finance, secured excellent tax reliefs for clients (R&D, capital allowances, VAT, etc) and played a lead role in negotiating deals for our forward thinking, ambitious clients.

Whilst EQ are accountants and tax advisers, we view our role as so much more. We help encourage and nurture our clients’ ambitions and then deliver quick, accurate and pragmatic advice to ensure that they have all the information required in their decision making.

Scotland offers a great setting, lovely people and a Food & Drink proposition that is the envy of the world. It’s time for Scotland to shout about how great it is!”

If you’d like to discuss the opportunities for your business, our EQ Leisure Team are here to offer bespoke advice and support. Contact our specialist team via leisure@eqaccountants.co.uk or call one of our offices.

Alternatively, if you would like to more information about share incentive schemes, please contact a member of our Employer Solutions team.