Latest News

Filtered By Category: Leisure

Dec 10 2018

Would Cloud Accounting benefit your business?

Categories: LeisureMaking Tax Digital

From this April, the current government’s intention to bring Making Tax Digital (MTD) for all businesses, including sole traders and landlords, with a turnover above the VAT threshold (currently £85,000) to keep digital records for VAT purposes comes into force. This means that manual record keeping for VAT registered businesses will no longer be acceptable more

Aug 13 2018

More rooms at the Inn!

Categories: Leisure

A recent survey by Savills indicates that the first 6 months of 2018 saw investment in Scottish hotels of £390m, double the total of the full year before.  Concerns over Brexit, a weak pound and the terrific weather has meant a tourism boom for Scotland as more people decide to stay at home for their more

Jul 24 2018

Gearing up for a sale

Categories: Corporate FinanceLeisure

EQ has recently began acting on behalf of a leading food and drink producer based in Scotland. The business decided to make the move after feeling that they had outgrown their existing advisors. At the initial meeting, the owner advised that a sale of one of their premier brands was a real possibility, though not more

Jul 17 2018

We are proud to co-sponsor Angus Brewfest alongside Thorntons

Categories: EQ NewsLeisure

Forfar’s answer to Oktoberfest has secured sponsorship from two local firms for this year’s festival, namely EQ Chartered Accountants and Thorntons Solicitors. Angus Brewfest is an annual food and drinks festival in Forfar which offers a vast selection of beer and non-alcoholic drinks from Scottish brewers and producers – many of which are local to more

Jul 6 2018

Restructuring of local hotel and restaurant in Fife

Categories: Corporate FinanceLeisure

Our Leisure specialists have recently assisted in the successful restructuring of a hotel/restaurant in the north of Fife. The business operates through a limited company, and EQ were on hand to assist when one of its shareholders was looking to sell their stake in the business. EQ facilitated a management buy out of the shares more

Sep 18 2017

Working with Clayton Caravan Park

Categories: Leisure

When it comes to childhood memories, especially of holidays, many of us can reflect on happy days spent in caravans. The appeal was down to the ‘home from home’, but also the freedom we enjoyed, the friends we made and the familiarity of returning to a place we loved. Memories such as these are being more

Aug 29 2017

Inheritance tax relief of Furnished Holiday Lets receives another blow

Categories: LeisureTaxation

A recent tax case before the First Tier Tribunal has poured further doubt on the availability of inheritance tax relief on properties let as furnished holiday accommodation (FHLs). Business Property Relief (BPR) can provide 100% relief against inheritance tax where a business activity is deemed to be “wholly or mainly trading”. If a business activity more

Aug 15 2017

Are you missing tax allowable business costs?

Categories: Leisure

Common deductible expenses within the Leisure industry include; advertising costs, telephone bills, heating and lighting costs, council tax, certain professional fees, general repairs, gardening costs, cleaning items, insurance, relevant membership subscriptions, crockery, cutlery, and bed linen to name a few. Don’t forget you may claim travel expenses of up to 45p per mile for travelling more