Tax and Tourism & Hospitality Businesses

Lamont Pridmore has been advising clients in the tourism industry for over 100 years and has helped many of them to significantly reduce their tax liabilities.

The tourism sector exhibits some unusual and unique features, such as seasonal and cyclical income patterns and specific tax compliance issues. As a result, businesses in this sector need specialist advice to minimise their overall tax liabilities.

Our services include:

• An annual tax meeting before the financial year end to help to reduce tax liabilities
• Structuring the business to ensure tax-effective property ownership
• Identifying specialist reliefs which are suitable for tourist businesses, such as “residential lettings” relief
• Identifying family tax planning opportunities and profit sharing arrangements to reduce tax liabilities
• Ensuring proper and cost-effective benefits and expenses tax planning
• Identifying employee, staff and casuals compliance issues, as well as dealing with the tax authorities to ensure proper compliance and planning tax-effective benefits packages for staff
• Planning optimal tax allocation of property improvement costs and plant and equipment purchases, so maximising claims for Capital Allowances and deductions for refurbishment and new build projects
• Planning proprietors’ taxable accommodation adjustments efficiently to minimise tax liabilities
• Advice on internal cost controls to mitigate tax on good adjustments, as well as stock and benefits adjustments for owners and employees
• Advice on specific compliance issues, such as staff travel benefits and meals
• Preparing contractual arrangements for subcontract staff, trainers, instructors and similar workers to ensure correct tax arrangements for the self-employed professions
• Advising on the “new regime” for UK furnished holiday lettings businesses

Tourism businesses offer specific tax planning possibilities and particular tax compliance problems. Lamont Pridmore can assist in utilising these to the best advantage and ensuring that the compliance aspects are right as well.