Hospitality operators have several extra tax features compared to other businesses. Prospective clients need to consider this when selecting their accountant, who needs to have experience in this area.
Usually the business owner lives on the premises and shares domestic services such as water and electricity. Also there is often a mortgage for the whole property. It is important that these expenses are divided correctly and to the best advantage of the client.
Motoring expenses may again be divided between business and domestic.
Full and correct claims for capital allowances are a key component in minimising tax for property rich businesses. At Accounting & General we have strong expertise in identifying opportunities to claim for what are called integral features and fixed plant within the structure of a building.