May 16 2019 Amended VAT Rules Affecting the Hospitality Industry Categories: Leisure HMRC amended the rules of how to treat VAT on deposits and retained payments where a service is not used, or goods have not been collected. This impacts on the ‘no-shows’ in the hospitality sector, when you have taken a deposit which is non-refundable, but your customer does not show up or cancels their booking. more
May 1 2019 Supporting ‘Agritourism’ and rural businesses across Scotland Categories: Food & DrinkLeisure Our privileged position as tax advisors and accountants to many rural businesses throughout Scotland’s wonderful landscape has allowed us to be involved in advising clients on a range of leisure sector projects, often diversification enterprises from the main rural business. These projects have included tourism accommodation, shops and cafes, and events venues. As Scotland’s tourism more
Mar 29 2019 EQ Expand Food & Drink Reach Categories: Food & Drink EQ has a long tradition of supplying advisory services to the food and drink sector in Scotland and we view this as a key sector for the Scottish economy in future, with exports at an all-time high. Our expertise in agriculture positions the firm at the start of the food chain but over the past more
Feb 20 2019 Pitching the Value of the Scottish Holiday Park & Campsite Sector Categories: Leisure A major report on the economic value of holiday parks to the national UK economy has been published by the UK Caravan & Camping Alliance, which includes the British Homes & Holiday Parks Association (BH&HPA). In short it confirms that the Scottish holiday park and campsite sector punches above its weight with a higher length of stay more
Feb 7 2019 The trend for low and non-alcohol sales is set to rise Categories: Leisure Licensees across Scotland have seen sales of low and non-alcohol significantly increase, particularly with consumers aged 18 to 25. Those working within the industry believe that the changes are due to the lowering of the drink drive limits together with an increased awareness of health benefits and a more responsible drinking culture. It is estimated more
Jan 26 2019 What qualifies as R&D in the food & drink sector? Categories: Food & DrinkLeisure We have a long tradition of delivering successful Research and Development Tax Credits for food and drink businesses and we estimate to have secured over £2.5m of tax savings for the sector in the past 6 years. To read some of our case studies, please click on the following link. Like other sectors, food and more
Jan 8 2019 Inheritance Tax relief update for holiday parks Categories: Leisure Business property relief (BPR) can reduce the taxable value of relevant trading business property by up to 100% when sold or transferred on death. Caselaw has played a significant role in determining when BPR has been allowable, often ruling in favour of HMRC. Recent caselaw has seen the courts ask – is the business, wholly or more
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
