Has the Coronavirus crisis hit your club revenues?
The gradual lifting of the lockdown has now started to filter down to Golf Clubs through new guidance issued by England Golf. A steady trickle of one-balls and two-balls will start to see green fees added to club revenues. Most clubs will have, through the support of their memberships, kept dues coming but all clubs, as a consequence of their bars stubbornly remaining shut, will have a large hole in their finances which needs to be filled.
Clubs may not know that there is help at hand through a Capital Allowance claim.
What are Capital Allowances?
Capital Allowances are a tax relief designed to incentivise the owners of commercial properties to improve them. They have been around for decades and are a well-recognized part of the UK tax landscape. They are allowances that provide relief to tax for expenditure incurred improving commercial premises. Any item of expenditure which has an “enduring benefit” to the business can qualify for relief. From Gazebos to Garden Equipment to Grab Rails, you will be surprised at what can qualify for relief.
Within a commercial property valued at £750,000, there may be as much as £240,000 in unclaimed Capital Allowances. For a property owned by a company that equates to a tax refund or future saving of as much as £45,600.
Golf Clubs contain numerous items that may qualify as claimable under the Capital Allowances Act 2001.
- Pro Shop Counters
- Emergency Lighting and Fire Detection Equipment
- Fittings in Toilets
- Heating and Ventilation Systems
- Air Conditioning
- Kitchen Fittings and Catering Equipment
- Hot and Cold-Water Systems
- Electrical Systems
- Stair Fittings
- Entry and Exit Systems
How do I claim?
The first stage is a consultation with one of our team which can be in person, over the phone or online. If we agree that it is likely you will be able to make a claim, then we will make an appointment for a specialist surveyor from our partner account firm to come and see the property. They will itemise every fixture and fitting which qualifies for an allowance and send the results to a tax accountant. They will prepare a report for your accountant to submit to HMRC. The process takes 8-12 weeks. You pay 5% of the allowances found and you only pay on success.
How do I get started?
Just contact us however you feel most comfortable and we will be in touch to get the ball rolling.