We have a proven track record in dealing with the hospitality industry, in particular restaurants and bakeries.
Areas where guidance is often needed are as follows:
- Help and assistance in choosing the correct legal structure for operating the business initially.
- VAT rules relating to standard rated and zero rated supplies within the take away sectors. This is an area of great uncertainty as to the interpretation of the relevant legislation.
- How to correctly deal with tips and ex gratia payments left by customers within restaurants.
- Help and assistance with maintaining records that meet the requirements to prepare self assessment tax returns for individuals and partnerships, and to prepare accounts for limited companies where the directors are not in breach of their duties (this is particularly important for cash businesses).
- Help and assistance in dealing with the valuation of goodwill in relation to the businesses gained from a detailed history of transactions in that sector.