Category Archives: Uncategorized

H.M. Revenue & Customers are increasingly sending out offices into the field to conduct undercover tests on taxpayers who they suspect are not declaring all on their income. They are targeting this approach particularly at cash traders such as public houses, restaurants, street food businesses, hairdressers and market stalls. Their approach is to send officers […]

We have it on good authority that HMRC is focusing a campaign on restaurants, takeaways and street food businesses with a number of taskforces concentrating on this sector. HMRC have successfully used taskforces in the past to collect tax from the building sector and public houses. The Revenue believe that the catering sector are more […]

  Up & Coming Grant Funding From April 2019 Grant Programmes will be released for certain job creating projects for SME’s with less than 250 employees.   Business Growth Programme Business Development grants of up to £170,000 are available for: Market development costs Refurbishment of business premises Capital equipment These grants are available for most […]

The catering sector can sometimes benefit from tips received from customers and unfortunately there are some tricky tax rules which must be applied to any tips or gratuities received. Tax is payable on income from employment and unfortunately HMRC consider tips to be income from employment. We often see restaurants adding a service charge at […]

ADVANTAGES AND DISADVANTAGES OF INCORPORATION     Advantages Disadvantages Limited liability: but note personal guarantees.     The liability of the shareholders on the winding up of a company is limited to the nominal value of the shares they own (for example, if a shareholder owns 10 shares of £1 each, the extent of his […]

Financial reporting standard 105 (FRS 105) was devised for micro entities to enable them to simplify their accounts. Companies were able to prepare accounts under FRS 105 for year ends starting after 1 January 2016. Some accountants have tried to encourage clients from adopting FRS 105 and have recommended that clients adopt FRS 102 1A. […]

Small businesses with annual sales of over £85,000 will be required to file their VAT returns digitally for all VAT periods starting on or after 1 April 2019. Businesses with sales of less than £85,000 who file VAT returns are exempt from this requirement until 2020. This is potentially the biggest shake up to the […]