Holiday Home Owners Are Budget Losers Say Sinclair Scott Chartered Accountants
Submitted by: Fame Publicity Services
2009-04-27 00:01:02
Ayrshire, Scotland (OPENPRESS) April 27, 2009 -- Proposals in the UK Budget, if enacted, will unfairly disadvantage self-catering holiday home operators across the UK, claims a leading Ayrshire chartered accountant.
Andrew Sinclair is a partner at Ayr-based Sinclair Scott Chartered Accountants. He points out that businesses which let out furnished holiday properties currently enjoy the same treatment as a normal trade for taxation purposes. Loss relief, business assets, rollover, business property relief, capital expenditure and earnings rules are the same as for any other small business.
However, due to a suggestion that the current legislation may not be compliant with European Law, the proposal in the Budget is to end rules for furnished holiday lets from 2010. These businesses will be treated as if they are operating ordinary property rentals, which will have a significant negative financial impact on the sector as normal business trading benefits will no longer be available.
Andrew Sinclair, who is also a member of the Association of Scotland's Self-Caterers, says: "This is fundamentally unfair, as many furnished holiday lets are run very much as 'hands-on' businesses, and in that respect do not differ from bed and breakfast or hotel accommodation."
David Smythe, chairman of the Association of Scotland's Self-Caterers (ASSC), added: "In a time when the Government should be doing more to promote and assist the indigenous tourism industry, these changes are extremely unwelcome. This proposal was not consulted on, and seems to be applying a sledgehammer to crack a nut. We will be lobbying hard to have this proposed change amended."
Andrew Sinclair has written a paper about the Budget changes affecting furnished holiday property owners. Copies can be obtained from Sinclair Scott Chartered Accountants, telephone 01292 288999 or e-mail ca@sinclairscott.com
The Association of Scotland's Self-Caterers was formed 30 years ago to promote quality in self-catering. It is the only trade association representing the sector in Scotland.
Membership stands at around 6000 self-catering businesses, or 3000 self-catering properties
ASSC is represented on VisitScotland Trade Overseeing Committee on Quality Standards; Scottish Tourism Forum; Federation of National Self-Catering Organisations; and the Board of the Sector Skills Council, Tourism Framework for Change monitoring, Tourism Intelligence Scotland and other groups. It represents the interests of its members at national level through representation to these bodies and others such as the Enterprise network, the Scottish Government, and the European Commission.
ASSC promotes its Quality Assured members on its website http://www.embracescotland.co.uk and in publications.
THE ELITE AYRSHIRE BUSINESS CIRCLE
Ayr-based Sinclair Scott Chartered Accountants are founder members of the Elite Ayrshire business Circle.
The Elite Ayrshire Business Circle is an association founded in 2007 by some of the top companies in Ayrshire.
Its purpose is to publicise its members, and to celebrate and promote the rich diversity of industry, commerce and business services available within the county boundaries of Ayrshire.
Members include the Clydesdale Bank, Ayr Racecourse, Western House Hotel and South Ayrshire Council. and member company activities include broadcasting, building and construction, architectural practice, estate agency and land management, chartered accountancy, insurance broking, legal services, golf club management, marketing services and brand creation, web design and public relations consultancy.
For further information about The Elite Ayrshire Business Circle and to apply for membership, e-mail eliteayrshire@gmail.com
Website: http://www.eliteayrshire.com
Founder members of the Elite Ayrshire Business Circle:
South Ayrshire Council http://www.south-ayrshire.gov.uk
Clydesdale Bank http://www.cbonline.co.uk
Ayr Racecourse http://www.ayr-racecourse.co.uk
Western House Hotel http://www.ayr-racecourse.co.uk/hotel.html
CKD Galbraith Property Consultants http://www.ckdgalbraith.co.uk
Frazer Coogans Solicitors http://www.frazercoogans.co.uk
Accident & Injury Claims Centre http://www.accidentclaims.com
MacKay Corporate Insurance Brokers http://www.mackaycorporate-brokers.com
Donald Ross Estate Agents: http://www.donaldross.co.uk
William Skinner & Son Building Contractors http://www.williamskinner.co.uk
Sinclair Scott Chartered Accountants http://www.sinclairscott.com
Paligap Creative Agency http://www.paligap.com
ARP Lorimer & Associates Architects http://www.arpl.co.uk
Brunston Castle Golf Club http://www.brunstoncastle.co.uk
Visimetrics http://www.visimetrics.com
Fouters Restaurant http://www.fouters.co.uk
Christie Financial Planning Ltd http://www.christiefp.com
Allison Lightbody Waddell Chartered Surveyors http://www.alwsurveyors.com
Kestrel Press http://www.kestrelpress.com
Fame Publicity Services Public Relations Consultancy http://www.famepublicity.co.uk
Easton Property
Easton Kitchens & Bathrooms
