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:

  1. Tax and Business advice

    Speak to a specialist tax and business advisor at the earliest possible point to avoid tax surprises

  2. Planning

    Consult with a land agent to consider if planning permission will be possible

  3. Capital Investment

    Obtain quotes and consider the level of capital investment that will be required.

  4. Cash and Profit

    Prepare profit and cashflow projections

  5. Finance

    Speak to your bank manager at an early stage

  6. Land ownership

    Consider the current legal ownership of land. Changes may be needed for commercial and/or tax planning purposes.

  7. 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.

  8. Inheritance Tax (IHT) and Estate Planning

    The commencement of new business may impact existing IHT and estate planning.

  9. 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.

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