Hoteliers and B&B owners could claim back tens of thousands of pounds in tax using capital allowances

24 May 2013 by
Hoteliers and B&B owners could claim back tens of thousands of pounds in tax using capital allowances

Hoteliers are being urged to use capital allowances to claim tens of thousands of pounds against tax on current and previous installations.

Finance company Portal Tax, which specialises in tax legislation, said that as a result of the 2012 Finance Bill, small independent hotels and bed and breakfast businesses, as well as larger hotel chains, are entitled to make the claim before April 2014.

It contends to have successfully achieved an average of £105,000 for each business it has helped in outstanding capital allowances for items such as fire alarms, sanitary ware and electrical equipment.

Shaun Murphy, managing director of Portal Tax said in the current climate hotel owners need to save every penny they can.

"At the moment, most are unaware that such valuable capital allowances are waiting to be claimed," he explained. "Literally hundreds of billions of pounds are due to owners, but most lack the necessary expertise to make the claim, which can be a complicated process."

Portal Tax estimates that 96% of businesses that own their own properties could be entitled to a refund.

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