Hotels
Perrys currently act for numerous hoteliers, including the entire UK operation of a worldwide hotel group.
Hoteliers are subject to very specific taxation and financial reporting issues which affect the business, the profits recorded by the business in the annual accounts and the various taxation issues and liabilities which arise. Examples include:
- Capital allowances – hotels and B&Bs incur capital expenditure on the property, furniture and furnishings. Detailed knowledge of the ever-changing rules for capital allowances is essential to maximise the taxation relief available in this area.
- Income tax and National Insurance – there are specific rules and guidelines in relation to areas common to hoteliers such as meals and accommodation provided to employees, taxis for employees working late and also the provision of uniforms. Falling foul of these rules can result in taxation, penalties and interest.
- Financial reporting – there are numerous financial reporting standards which are common to hoteliers which will directly impact on reported profits and results. Detailed knowledge of this area and utilising the advantageous provisions available to hoteliers is essential.
For more information or to arrange a free initial consultation, contact Declan McCusker on mccusker@perry-company.co.uk
