At Wellden Turnbull, we have years of experience working within the hospitality industry. Whether you are a restaurant, hotel, pub or café, we know how fast paced your business is, and so your accounting and tax advice needs to keep up.
Due to the very high number of transactions in a typical hospitality business, we appreciate how important it is to ensure your record keeping is accurate and up to date. Therefore, choosing the right software to record and monitor your transactions is key (for example Xero which connects with Shogo and Lightspeed). It is also important to ensure your internal finance team is properly set up – we can help support them to ensure everything is running smoothly.
We understand how important your payroll is to your business, with high staff levels, a constantly changing workforce and a mixture of hourly and salaried workers – our modern payroll function ensures staff are paid accurately and on time, keeping your workforce happy. We can advise on tronc schemes to ensure that tips are appropriately distributed amongst your team.
The hospitality sector is subject to ever changing VAT rules – for example the changes brought in by the temporary reduction in VAT rates as part of the Governments COVID measures. Our team can review your VAT returns before you submit them to HMRC, providing you with comfort.
Our tax team can assist with ensuring all available relief (such as the super-deductions allowance) is claimed for capital expenditure on site fit-outs and refurbishments, which are becoming more and more frequent in the industry.
If your business is growing, and you are interested in acquiring a hospitality business, we can ensure that the takeover is structured in such a way that best fits your business’s needs, is tax efficient, and minimises business risk.
Our audit team also have experience in a number of hospitality businesses, so if you require or want an audit, we would be happy to discuss your needs.