Call for cash boost to assist hospitality industry

Many businesses in the leisure and hospitality industry will require a further cash boost in the form of immediate cash tax credits to reopen on 4 July. Additional costs to businesses will include adapting their premises providing personal protective equipment and a safe environment for both staff and customers marketing providing training and safety protocols at a time when cash reserves are already depleted.

Paul Newman head of leisure and hospitality at RSM said: ‘Businesses would ring-fence all site specific expenditure including rent incurred between 23 March and additional reopening costs (without having to distinguish whether capital or revenue) and surrender any associated tax reliefs currently available in exchange for an immediate cash tax credit rather than carry forward for future use.