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Browsing Posts published in July, 2010

Tax Benefits for Hotel and Guest House Owners

Tax Benefits for Hotel and Guest House Owners

Are You One of The Few Hotel Owners Who Haven’t Made Their Capital Allowance Claim?

Discover how your Hotel and Guest House hold the keys to unlocking £1000’s in overpaid taxes.

The results of making a Capital Allowance claim on your Hotel or Guest House will vastly reduce the amount of tax you pay on any profits you post in future years. In the majority of cases providing you have made a profit in the previous 2 years, a Hotel or Guest House will receive a lump sum of any overpaid taxes they have made.

Capital Allowances are a tax payers right! It is not an avoidance strategy.

It is estimated that 20-40% of a hotel’s fit out costs could qualify for capital allowances.  However, as of April 2012 these refunds will be reduced greatly as the tax system is being simplified and complex claims are going to be abolished.

The reference says the Conservatives aim to cut the headline rate of corporation tax to 25p and small company rate to 20p funded by reducing complex tax relief’s and allowances. –see http://www.conservatives.com/Policy/Where_we_stand/Business.aspx second point on their priority list!

Don’t miss out on these valuable tax advantages whilst they are still available to you – speak with an adviser today and arrange a FREE site survey NOW.

Your Capital Allowance pool can be locked in now and not drawn down until you need it.
REMEMBER THE CLAIM POOL WILL BE REDUCED IN 2012 SO BEST ACT NOW TO RECEIVE FULL BENEFITS.

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Contact Salmon Business Group today on 01246 293011
Alternatively, visit us at www.salmon-business.com

Capital Allowances

Capital Allowances

How Much is a Typical Capital Allowance Claim Worth?

Whilst every case is different, and each sector has its own expectations, as an average we would hope to identify additional capital allowances of some 20% – 35% of the freehold cost.

Below are some typical examples and amounts we have successfully processed.

benefits
OFFICES:
A claim in excess of £146,000.00 was acheived.
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CARE HOME:
A claim in excess of £374,000.00 was acheived.
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HOLIDAY PARK:
A claim in excess of £360,000.00 was acheived.
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CARAVAN PARK :
A claim to date for a single park was £1.8 Million
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HOTEL:
A claim in excess of £169,000.00 was acheived regarding an extension to the hotel. Our largest Hotel claim to date is £2.7 Million.
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DAY CARE NURSERIES:
A claim in excess of £62,000.00 was acheived.
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HOLIDAY COTTAGES:
A claim in excess of £126,000.00 was acheived. Our largest claim to date in this sector was £196,000.00
We will quickly identify the validity of a claim without obligation. If a claim does not proceed there will be no fee.

Your next step

To get a more accurate figure as to the amount you are entitled to please contact one of our Capital Allowance specialists where we can arrange a suitable time to visit you.

Call 01246 293011

Your next step
To get a more accurate figure as to the amount you are entitled to please contact one of our Capital Allowance specialists where we can arrange a suitable time to visit you.
Call 01246 293011
Britain becoming a less attractive place for the international super-rich, could prove a threat to the countrys fragile recovery.

Britain becoming a less attractive place for the international super-rich, could prove a threat to the country's fragile recovery.

Less Tax?

MONEY TALK by Ronnie LudwigSaffery Champness

The levy has, however, contributed to making Britain a less attractive place for the international super-rich, which could prove a threat to the country’s fragile recovery.

According to research conducted in March 2010 by Cass Business School, the non-doms spend a total of £19bn in the UK each year, as well as contributing £4.5bn in income tax and £3.75bn in VAT and stamp duty.

However, at least 2% of them have already left since the introduction of the £30,000 charge and associated changes brought about in the Finance Act 2008.

About 25% fewer are applying to move to Britain, according to the same research.

Arguably, the loss in demand for British goods and services could far outweigh the benefits of £130m collected through the additional levy.

The more likely course of action, though, would be for the government to tighten the rules and increase charges for non-doms as a result of their review.

Here again, the government will be faced with a difficult balancing act between maintaining that ‘open for business’ sign the chancellor wants to see over Britain, with bringing in additional tax revenue.

An attack on non-doms will have side effects and could mean overall tax take goes down, rather than up.

EVERY BUSINESS OWNER IN THE UK TODAY IS STRONGLY URGED TO SPEAK WITH A TAX SPECIALIST TO DISCUSS WHAT ENTITLEMENTS THEY CURRENTLY HAVE AT THE FINGER TIPS BEFORE THE GOVERNMENT PUTS A STOP TO EVERY BENEFICIAL TAX AID.

For further information on making your Capital Allowance claim and to arrange your FREE site survey, please visit our site www.salmon-business.com
alternatively, call one of our Capital Allowance specialists on 01246 293011.

Assisting Day Care Nursery Owners in Reclaiming and Reducing Their Taxes

If every nursery owner has a different idea of what their ultimate “Wish List” would look like (a list of educational equipment and safety features they would like to incorporate within their business), then they all certainly have the exact same obstacles in acquiring their list – this being the  NECESSARY FUNDS to pay for them!

IF ONLY WE HAD ENOUGH FUNDS TO BUY……….

The plain and simple fact is that the vast majority of day nursery owners do have access to £1000’s in the form of a tax rebate from years of overpaid taxes.

HOW TO RECOVER YOUR OVERPAID TAXES

The process of reclaiming your over paid taxes is available in the form of a Capital Allowance claim.  Capital Allowances have been created by the government and allows business owners the ability to offset taxable profits against the purchase of capital assets for your business, and a tax payers right to claim.  Providing you have paid tax on any profits you made within the last 2 years, then you will be entitled to make a retrospective capital allowance claim and receive a lump sum in the form of a tax rebate.  Also by making your capital allowance claim you will also automatically begin to reduce the amount of tax you pay in future years.

The result of your capital allowance claim will allow you to purchase your “WISH LIST”

Capital Allowances are somewhat of a specialised area, and in order to fully maximise your potential claim you are advised to seek specialised help and advice.

To arrange an informal meeting with one of our Capital Allowance specialists, please call us today on: 01246 293011, alternatively email sales@salmon-business.com

Further help and information may also be found on our web site at www.salmon-business.com

The Treasury Select Committee has warned that cutting the deficit too quickly could risk pushing the UK back into recession.

Surely the government cannot continue to starve UK businesses of vital tax benefits and still expect them to remain in business.  It can only be a matter of time until SME’s begin to rock under the relentless rate of tax cuts and reduced levels or in some cases, blocked avenues of tax recovery.  All of which are considered to be vital life lines to 100,000’s of UK businesses.

Make full use of your tax benefits and tax recovery allowances whilst you still can!

In his first Budget last month, George Osborne set out plans to reduce the headline rate of corporation tax by 28% to 24% over four years in an effort to show Britain was “open for business”.

But this will be partly paid for by cuts in capital allowances, which provide tax breaks to firms investing substantially in operational assets such as machinery. Critics say this will penalise small and medium-sized manufacturing firms.

In May the government set up the Office for Budget Responsibility, to provide the government with independent forecasts of UK economic growth and public deficits.

Just another instance of a Government giving with one hand, only to take back with the other!

The government will start to reduce levels of Capital Allowance rates as of April 2012, all Commercial property owners are now urged to make their Capital Allowance claims now in order to fully maximise their tax allowances, and lock in future tax liabilities after April 2012.

Capital Allowances are somewhat of a specialised area, and in order to fully maximise your potential claim you are advised to seek specialised help and advice.

To arrange an informal meeting with one of our Capital Allowance specialists, please call us today on: 01246 293011, alternatively email sales@salmon-business.com

Further help and information may also be found on our web site at www.salmon-business.com

The UK taxation system is over-complicated

The UK taxation system is over-complicated

The UK taxation system is over-complicated, the government says

The “spaghetti bowl” of UK tax law is to be simplified to cut the burden on business and attract foreign investment, George Osborne has said.

The chancellor is setting up an Office for Tax Simplification to streamline the 11,000 page tax code.

He said Britain had “one of the most complex and opaque tax codes in the world”.

And he wanted a “permanent body to push against the forces of complication” and make life easier for firms.

Announcing the new body, Mr Osborne said his “dream” was “that people might actually understand the tax laws with which they were being asked to comply with”.

The new body will initially conduct two reviews – streamlining 400 tax reliefs, allowances and exemptions and simplifying the tax system for small businesses, including a simpler alternative to the controversial IR35 code.

It will advise ministers where the tax system is too complex but it will not look at tax credits, which Mr Osborne said he considered part of the benefits system.


‘Economic boost’

The chairman of the new body will be former Conservative MP and Treasury minister Michael Jack and its director will be John Whiting, formerly of PricewaterhouseCoopers, who is tax director at the Chartered Institute of Taxation. Neither will be paid.

The government says the tax system became a “hindrance” to business under Labour and that by simplifying it and making it more competitive for small firms, it will stimulate economic growth.

In a speech, Treasury minister David Gauke said: “The tax system created by the previous government was overly complex and has made the tax affairs of millions of families and businesses across the UK extremely complicated.

“We need to reduce the complexities in our tax system and the coalition is committed to delivering that goal.

“The Office for Tax Simplification will provide important advice that will help inform us in making the right reforms to the tax system that will help to pave the way to bringing more international business to the UK, which will give our economy the boost it so urgently needs in the years ahead.”

The OTS’s remit covers UK taxes and duties administered by HM Revenue and Customs, but it will not deal with tax credits or taxes administered by other bodies nor will it have any influence on setting tax rates.

In his first Budget last month, George Osborne set out plans to reduce the headline rate of corporation tax by 28% to 24% over four years in an effort to show Britain was “open for business”.

But this will be partly paid for by cuts in capital allowances, which provide tax breaks to firms investing substantially in operational assets such as machinery. Critics say this will penalise small and medium-sized manufacturing firms.

In May the government set up the Office for Budget Responsibility, to provide the government with independent forecasts of UK economic growth and public deficits.

Just another instance of a Government giving with one hand, only to take back with the other!

The government will start to reduce levels of Capital Allowance rates as of April 2012, all Commercial property owners are now urged to make their Capital Allowance claims now in order to fully maximise their tax allowances, and lock in future tax liabilities after April 2012.

Capital Allowances are somewhat of a specialised area, and in order to fully maximise your potential claim you are advised to seek specialised help and advice.

To arrange an informal meeting with one of our Capital Allowance specialists, please call us today on: 01246 293011, alternatively email sales@salmon-business.com

Further help and information may also be found on our web site at www.salmon-business.com

Tax Recovery Schemes for Care Home Owners

Educating Care Home Owners about the numerous ways in which they can reclaim funds and reduce their everyday running costs.

Care Home over recent years have been hit with rising costs that have not all been recoverable. Our experience in the Care Sector spans 20 years and we specialise in assisting Healthcare operators to reduce costs in key areas.

Whether you are a new operator, or a long serving provider there are schemes available to reduce your tax liabilities and runnings costs in key areas.

At Salmon Business Group, we operate 3 schemes which allow your business to claim back monies and also reduce costs.

benefits KINGSCREST VAT RECOVERY SCHEME
A court ruling secured by Kingscrest at High Court now allows Care Home owners the opportunity to recover VAT over a 9 year period. These claims are worth on average £3500 per bed. read more

Capital Allowances enable the cost of capital assets to be written off against the taxable profits of a business. read more

benefits LINENS AND SOFT FURNISHING COST REDUCTION SCHEMES

Care Homes and Healthcare

Educating Care Home Owners about the numerous ways in which they can reclaim funds and reduce their everyday running costs.
Care Home over recent years have been hit with rising costs that have not all been recoverable. Our experience in the Care Sector spans 20 years and we specialise in assisting Healthcare operators to reduce costs in key areas.

Whether you are a new operator, or a long serving provider there are schemes available to reduce your tax liabilities and runnings costs in key areas.

At Salmon Business Group, we operate 3 schemes which allow your business to claim back monies and also reduce costs.

A court ruling secured by Kingscrest at High Court now allows Care Home owners the opportunity to recover VAT over a 9 year period. These claims are worth on average £3500 per bed. read more
Capital Allowances enable the cost of capital assets to be written off against the taxable profits of a business. read more
benefits
Linens and Soft Furnishing Cost Reduction
Government will cut capital allowance rates from April 2012

Government will cut capital allowance rates from April 2012

Reduction in Capital Allowances

Hospitality businesses that are planning to spend more than £25,000 on plant and machinery are strongly advised to do so before April 2012 when the annual investment allowance will drop from £100,000 to £25,000.

The Institute of Hospitality are now strongly urging their members to lock in their Capital Allowance claims now,  and have issued the following statement on their web site.

In his inaugural Budget the Chancellor announced a reduction in the headline rate of corporation tax. The aim is to reduce the main rate from 28% to 24% by 2014 through annual cuts of 1% beginning on 1 April 2011.

Although this will help operators save and/or invest, the Chancellor is balancing the books by reducing the rate of capital allowances, which are effectively tax breaks that businesses receive in respect of expenditure on plant and machinery.

It is estimated that 20-40% of a hotel’s cost and 50-90% of a restaurant’s fit-out costs could qualify for capital allowances. So the cut in capital allowances represents a potentially sizeable increase in tax for many hospitality businesses.

Businesses are currently allowed to deduct the full cost of the first £100,000 of expenditure against taxable profits. From 1 April 2012 the Chancellor’s balancing act means only the first £25,000 will be allowed. In addition from 2012, any investment over and above £25,000 will now receive only a 18% tax deduction rather than the existing 20%. The allowances available on “integral features”, such as the cost incurred on electrical systems, cold water, heating and ventilation systems, and lifts, will also see their rate reduce in 2012 from 10% to 8%.

Although certain other expenditure on items such as certified “green” plant and machinery will still qualify for 100% first-year allowances, and the vast majority of hospitality businesses may not exceed the £25,000 annual allowance, businesses should carefully consider how and when to invest in plant and machinery to ensure they receive the optimum tax deduction. They need to look closely at whether the cost is a repair or a replacement, ensure contractors clearly identify each element of work carried out on their paperwork, and involve specialist advisers to ensure claims are maximised.

All Commercial property owners are strongly urged to make their capital allowance claim(s) as soon as possible, even if the amount of tax you have paid in the previous 2 years and expected amounts for this year are not very high, by locking in your claim now, you will still be eligible to benefit from the higher Capital Allowance rates of today.

For further information as to the possible potential claim you are entitled to, followed by your FREE site survey, please contact Salmon Business Group and speak with one of our Capital Allowance specialists.

Visit our web site: www.salmon-business.com, alternatively call us direct on 01246 293011.

Asquith Day Nursery make significant investment to ensure complete peace of mind for parents

Asquith Day Nursery make significant investment to ensure complete peace of mind for parents

Fortress nursery scans parents’ fingerprints when they pick up their children

Mark Prigg, Tim Ross and Laura Lambert
14.07.10

London’s first “fortress nursery” is to open within weeks amid rising fears about the safety of children.

Asquith Day Nursery in West Dulwich is installing an £80,000 security system, previously only seen in secure facilities, to ease parents’ fears after a spate of shootings and stabbings in Lambeth.

Surrounding the school is a wooden fence more than six feet high and leaves no possibility of peering into the outdoor areas or windows.

In order to collect their children, parents have their fingerprints scanned at an outer set of doors before entering a frequently changed pass code at a second set.

There is also a list of names with accompanying photos to identify those who have been cleared to collect one of the children, which staff check manually.

Nursery manager Michaela Waitman said: “Every parent we have spoken to about the new security and educational programmes loves the concepts.”

Asquith now plans to spend £1.8 million rolling the scheme out across the company’s 84 nurseries nationwide.

However, experts today accused the nursery of introducing excessive measures, and warned that the high security could affect children’s development.

Simon Davies of Privacy International said: “Children have a right to privacy, to develop in a normal environment so they can become normal people. It is a difficult balance between children being safe and having freedom, but this is overkill.”

Margaret Morrissey, founder of campaign group Parents Outloud, said the scheme was “bizarre”.

“Quite frankly there isn’t that sort of security in Wandsworth prison,” she said. “Nobody is going to convince me that anywhere — let alone Dulwich — needs that kind of extreme security. continue reading…

To qualify for a current or retrospective Capital Allowance claim, our criteria is a follows:

  1. The acquisition of the commercial freehold property must have taken place within the last 15 years (preferably within the last 10 years)
  2. The related acquisition costs exceed £300,000
  3. The freehold property must be owned by the client personally or a trading company.
  4. Subject to no restriction in the lease regarding capital allowances, a claim could be made regarding a long lease over 25 years where a significant premium has been paid, and / or improvements in excess of £300,000 have been taken.
  5. We are happy to make a claim for the extensions on property improvements with a minimum value of £300.000.
  6. New builds or purpose built offices should also qualify.
  7. We can carry out current year claims.
  8. And finally, the client has paid tax on trading profits or rental income during the last 2 years.

Providing you qualify against all of the above points, then you are eligible to make a Capital Allowance claim.

For further information on making your Capital Allowance claim and to arrange your FREE site survey, please visit our site www.salmon-business.com
alternatively, call one of our Capital Allowance specialists on 01246 293011.

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