Accountants for the Travel industry

Travelling beyond the numbers

We work with a number of clients and contacts in the travel industry and have experts at CRM in relation to this sector.

Below is an example of two areas that we regularly discuss with our clients in this sector:

Capital Allowances

The UK tourism industry maybe losing out on tax relief in the form of capital allowances. Capital allowances are a tax relief that can be claimed against certain costs involved in developing and purchasing commercial property. This can be in terms of electrics, drainage and lighting.

Here is a list of some of the integral features that you may be able to claim capital allowances on:

  • Lifts and escalators
  • Water heating systems
  • Air conditioning systems
  • Electrical systems- including lighting

Any money that is saved through claiming the capital allowances can be used to help your business develop and grow. Unclaimed capital allowances must be claimed prior to the sale of the commercial property or they will be lost.

Annual Investment Allowance (AIA)

Currently the annual investment allowance is £200,000 from 1st January 2016. Any large purchases or renovations should be done in timing with the allowance.

For advice on claiming capital allowances and making the most of the AIA available, please contact the office.

 

Our specialist knowledge and awareness helps provide tailored advice to our clients.
If you would like to discuss any of the above in more detail then please do not hesitate to contact us on 01865 379272

 

Click here to read our article about the ATOL Reporting Accountants' scheme 

Watch our video or read more about The ATOL Reporting Accountants’ scheme