The Good Life – Treaslake Farm and Holiday Cottages

Treaslake Farm and Holiday Cottages, set in pretty rolling countryside near Honiton, is a collection of seven holiday homes including a Grade II listed thatched farmhouse, converted barns and thatched cottages. Bought by Sophie and Martin Goodall in 2015 as part of a career and lifestyle change, the pair, who worked in Bristol but holidayed with their young family each year in East Devon, took on the major task of refurbishing and renovating the cottages for the holiday home rental market.

Set in 14 acres of land, Sophie and Martin knew that the business was their opportunity to step away from high-pressured corporate careers to focus on a better work-life balance. On top of masterminding the renovation to upgrade the properties and provide excellent onsite facilities, including a heated indoor pool, gardens, a games room and children’s play park, Sophie and Martin had to fund the work that would bring the cottages up to a high standard.

Simpkins Edwards was recommended to the couple by their solicitors, Everys. Their goal was to maximise capital allowances on expenditure, and to optimise tax efficiency on both the purchase of the properties and their refurbishment.

Working closely with IFA Aquila Financial Management Ltd, who provided high level financial advice, Simpkins Edwards ensured that the funding of the project, which was structured to minimise the impact on Martin’s pension and share options, made the most of tax allowances and was in line with FSA rulings. Lynn Woodward, Partner at Simpkins Edwards, played a key role in advising the Goodalls on their trading options as a business, guiding Martin in particular through a complicated corporate exit.

Simpkins Edwards continues to offer advice to the couple, which includes helping Sophie navigate QuickBooks Online particularly around the complexities arising from the reduced VAT rate due to COVID relief.

“With QuickBooks Online we can see past spend and forecast impact on profit and pricing. We can also submit VAT directly to HMRC saving time, reducing errors and providing us with an approved audit trail. It’s been a revelation.” She continues: “The team at Simpkins Edwards go the extra mile and consistently offer sound advice that helps us to be as tax efficient as possible. They are a trusted advisor and an authoritative voice on complex tax scenarios."

It’s comforting to deal with someone that knows and understands you and your business, yet has immediate access to a network of colleagues with specialist knowledge.

“With their guidance, we are fully compliant with Making Tax Digital for Businesses, our accounts are up to date, we are tax efficient and we continue to make the very most of our capital allowances. It makes the running of the business far less stressful, and that enables us to concentrate on what we do best, which is making memorable holidays for our guests.”

www.treaslakefarm.co.uk