Another day in paradise…
A lifelong friend of mine returned to the family farm and along with her husband, transformed former farm buildings into an enchanting wedding venue (nancarrowfarm.co.uk if you’re interested). It got me thinking about what it takes to develop top class wedding and honeymoon venues and the tax reliefs available to assist business owners with their continuous investment.
Building improvements generally do not attract tax relief until an eventual sale, unless they are carried out specifically to install a piece of equipment. You’ll hear tax advisers talk about capital allowances, but exactly why is the availability of these so important? The answer is immediate tax relief in the form of reducing your business tax profits.
Investing in roof lining, draught exclusion and cavity wall filling to create the perfect warm environment for a cuddle can be one item of expenditure which can qualify for capital allowances.
Kitting out the wedding suite with everything you’d expect from a quality hotel room generally will qualify for capital allowances, but what about those all important finishing touches? Luckily the hotel sector is one of a limited number of businesses which are permitted to claim capital allowances on those ambience-generating items.
A little late night paddle for the honeymooners, no problem, capital allowances are available for pools also.
Furthermore, solar panels connected to power the premises, installing water and energy saving equipment can also qualify for capital allowances.
To ensure you keep delivering a couple’s dream first week as a married couple, make sure you make use of all available capital allowances. Speak to the Albert Goodman tax advisers about maximising your claim.