News
Staycations – could this be a business opportunity?
20 Jul 2022
Following the last two years of covid travel restrictions, the demand for UK Holidays has increased.
Landowners may however be drawn to the possibilities of adding a new profitable income stream to existing businesses and we thought a brief checklist may help those in the early or later stages of moving into this sector:
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Tax and Business advice
Speak to a specialist tax and business advisor at the earliest possible point to avoid tax surprises
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Planning
Consult with a land agent to consider if planning permission will be possible
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Capital Investment
Obtain quotes and consider the level of capital investment that will be required.
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Cash and Profit
Prepare profit and cashflow projections
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Finance
Speak to your bank manager at an early stage
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Land ownership
Consider the current legal ownership of land. Changes may be needed for commercial and/or tax planning purposes.
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Business Structures
Consider the most appropriate structure for commercial and tax planning purposes with your business and tax advisor. Options to consider may be a sole trader, partnership, LLP or Company.
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Inheritance Tax (IHT) and Estate Planning
The commencement of new business may impact existing IHT and estate planning.
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Legal advice
An update to your Wills and Partnership Agreement may be required.
No investment is without risk, but Diversification may present an exciting and profitable opportunity, so seek professional advice at an early stage to enable success.
Get in Touch
We love meeting new, exciting businesses. Get in touch with our team to see how we could enhance and protect your financial position.
Or if you’d prefer to speak to someone directly just give us a call on: 08000 664 664 or email: hello@wrpartners.co.uk.
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