Supporting our clients, Crosbie Matthew, to invest in their business

Our Glenrothes team have been working with Crosbie Matthew Funeral Directors Ltd, one of Fife’s longest established family firms, for nearly 15 years.

We work closely with the team, acting as a sounding board and providing our advice on many matters above standard compliance and recently helped them in the planning process of their recent refurbishment and extension of one of their premises to ensure they were aware of both the cashflow and taxation implications of the works.

In 2016, Managing Director, Sheila Matthew, bought an operational funeral company in Dalgety Bay. They successfully traded from the site but after purchasing the existing building in 2019, they felt it was the right time to invest in improving the building and services it could provide its customers. The planned extension would add a new front entrance to the building, a new 50 seat service room/chapel for families that wish to have a funeral service on the premises and a general improvement in the layout of the building.

Steven Todd, Partner and Head of the EQ Property and Construction Team, worked with Sheila to pull together a budget for the works and incorporated them into the annual projections, which informed them of how the project would affect their cashflow and if any borrowing requirements would be needed.

We also ensured that all invoices for the works done were analysed in detail to ensure that the client maximised any capital allowances claims that could be made on the development, including claiming super-deduction at 130% on qualifying plant and machinery expenditures. At the same time, the client was repairing some parts of the building, so these costs were correctly analysed and expensed with the capital improvement works.

As a result of our involvement throughout the project, Crosbie Matthew has been able to maximise the tax relief available on the development and fully plan for its cashflow impact.

For more information about the services Crosbie Matthew Funeral Directors offer, please visit www.crosbiematthew.co.uk.

If you are considering undertaking a refurbishment or building project and require advice around the budget process or tax implications of the project, please email our EQ Property & Construction team at property@eqaccountants.co.uk or contact one of our offices.