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 […]

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. […]