Accountants for restaurant businesses, hotels, pubs and bars
We offer a host of accounting service specifically for restaurants, hotels, pubs, bars and the hospitality industry generally.
There are few tougher business sectors, if any, than restaurants, pubs, hotels, bars and the leisure sector generally. Competition is fierce and we know that restaurant or leisure entrepreneurs are amongst the most committed and determined business owners.
Financial and tax issues for restaurant and leisure businesses
Typical difficult issues can include:-
- Cash nature of business and volume of transactions can mean record keeping is very hard work and can also result in increased risk of fraud and need for tight budgeting, management accounts and planning.
- Complex nature of demand, trends, supply chains and costs generally mean that tight budgeting and clear visibility on income/expenditure are essential.
- Cash flow problems are especially quick to arise and escalate and can destroy restaurants and leisure businesses quickly.
- Restaurants and food and drink and entertainment business are a sector that HMRC keeps a close watch on. You are probably more likely to face VAT scrutiny and an inspection before other types of business do.
- Employment law issues – compliance, staff problems and relatively high staff turnover can be problematic, as can payroll when you have staff on flexible employment terms such as zero hours contracts.
- The need to have a clear and compelling business plan – passion alone may not be enough to succeed. Competitor analysis, market research and strategy are all key and also for raising finance and/or keeping lenders such as banks on your side if things get difficult.
We understand all of the above issues and the ways in which we can help.
We know how tricky it can be to deal with tips, VAT and Payroll in the hospitality industry. We can help you navigate the tax complexities of cash payments and help you put practical systems in place to make sure that you comply with the tax rules whilst keeping admin to a minimum. If that sounds complicated, then please feel free to CONTACT US FOR FREE INITIAL CONSULTATION.