How we are supporting our clients, Dalnoid Cottages & Treehouses

It is important that your accountant is knowledgeable and understands the complexities specific to your industry. Our EQ Leisure specialists have extensive experience of supporting their leisure clients and are proud members of many Scottish leisure governing bodies.

Our Partner and Head of EQ Leisure, Scott Greig, often talks at ASSC webinars and after his ‘Tax and succession issues for furnished holiday lets (FHLs)’ webinar, Sue & Philip Smith of Dalnoid Cottages & Treehouses reached out for advice.

Sue & Philip Smith have operated a very successful furnished holiday let business built up over 15 years, offering beautiful self-contained holiday cottages and treehouses with hot-tubs in stunning Glenshee, Perthshire. Due to the continued growth of their business, they were looking for an accountant with a better understanding of their needs and one that was a lot closer than their existing accountant in Wales.

After conducting a thorough review of their existing business, Scott proposed a series of restructuring steps that included setting up a limited company. By incorporating the existing business into a new company, we were able to utilise various favourable Land and Buildings Transaction Tax (LBTT) and Capital Gains Tax (CGT) reliefs to maximise tax efficiency whilst ensuring the final structure positioned the business in the best possible way for future succession planning.

We also reviewed their wider finances as part of the incorporation and helped to refinance all borrowing on better terms to make it easier to manage and reduce the monthly debt repayment. The whole process also allowed for us to advise of establishing a Grandparents Trust for the benefit of the couple’s child and to assist with school fees and other costs providing further tax savings.

Philip Smith, owner of Dalnoid Ltd, commented,

“We were impressed by how knowledgeable Scott was during his ASSC presentation, and knew we needed to talk to him about our business. Since joining EQ, the team have been really supportive and provided valuable advice to help our business, and us personally. We appreciate how proactive and knowledgeable they are. Sue and I know we made the right decision moving to EQ, after helping us to restructure the business for the future, we are in the best position to continue to grow the business with their support.”

If you would like to get our advice or would like assistance with your business, please contact one of our leisure team via leisure@eqaccountants.co.uk or call one of our offices.

If you’d like to find out more or book your stay with Dalnoid, have a look at their stunning cottages and treehouses here – www.dalnoid.co.uk or email info@dalnoid.co.uk.