Running your own business in the pub and licensed trade industry can be time consuming. There are always compliance tasks to be carried out to ensure that your business remains legally compliant. A prime example is your year-end financial accounts.
We specialise in the preparation of annual financial accounts from incomplete, manual, or computerised business records, for subcontractors, sole traders, partnerships, limited companies, charities and non-profit making organisations. We will sit down with you and discuss the annual accounts for your pub and licensedtrade industry in detail and clearly explain the tax savings that have been achieved for you. Based on your annual account, we will explain when and what income tax remains to be paid for the relevant year.
We can prepare your business for an audit from an insider standpoint.
Or perhaps you need a set of certified accounts for a mortgage application or a bank loan. All of our clients’ circumstances are different and we personally tailor the service to meet your exact requirements.
We also offer a full service option of ongoing bookkeeping, yearend statutory and management account preparation and submission of all required documents to Companies House.
Two things in life are certain, so the saying goes – death and taxes! As onerous and unfair as it may sometimes appear we all have to pay tax. We can save you money by being proactive.
We will do our utmost to ensure you do not have to pay a penny more in tax than you have to. Legally saving money can be the difference in running a successful business that goes from strength to strength or running a floundering business. We have accumulated a great deal of expertise in this area so please let us help you stop paying too much tax.
Safeguarding your tax return with a Chartered Accountant will take the stress out of your personal tax affairs.
We also offer a full service option of ongoing bookkeeping, year end statutory and management account preparation and submission of all required documents to Companies House.
The pub and licensed trade industry business control systems are formed around our weekly accounting sheet. This is easy to understand and asks simply for details of Income and Expenditure during a trading week.
Strategy planning and budget preparation activities every year justify getting away from day to day interruptions.
They also justify employing an external facilitator so that every member of the team can play a full part in the process.
Business plans are a key tool in successfully progressing and monitoring progress of any organisation. But, in a fast changing world, steadfast adherence to an out of date plan is no more useful than no plan at all.
So, the quality of planning is key. Corporate retreats, scenario planning and revisiting the vision, mission and values all provide processes for breaking out of “habitual thinking” to address current and future realities.
How can an advisor help?
An experienced pub and licensed trade industry advisor who understands business processes, who actively monitors the external environment and who is prepared to challenge internal assumptions will act as a catalyst for achieving more robust strategies and budgets.
An experienced pub and licensed trade industry advisor who takes responsibility for managing team effectiveness can ensure that all members are able to contribute their full potential.
What can an advisor do?
A pub and licensed trade industry advisor will introduce many standard planning tools to strategy planning and budget preparation, including:–
SWOT Analysis (strengths, weaknesses, opportunities, threats)
PEST Analysis (political, economic, social, technological)
Our highly trained pub and licensed trade industry business consultants and business experts offer business help and guidance, better business performance and business solutions as part of our Business Consulting services.
Business growth is the aim of every Innovate North pub and licensed trade industry business consultant. Our business advisors will offer you the very best business support strategies like business planning and business development, business advice and guidance, business support, business advice and business help and expert guidance to help identify the business solutions required to grow your business. Our pub and licensed trade industry business consultants will then work with you to ensure full compliance.
Our pub and licensed trade industry business consultants are all highly skilled former business leaders; most have run theirown successful companies. They offer business advice and the business solutions necessary to grow your business. Business consulting and Business Consulting services from Innovate North will also identify any business training courses, business mentoring or management coaching required to grow your business.
Whether you are seeking an individual business consultant or a full pub and licensed trade industry business consultancy service, you can proceed in the full confidence that every Innovate North business consultant has undergone rigorous training to ensure they deliver what they promise.
Where applicable we can assist you in the complex task of producing your business plan for submission to financial instructions and breweries. This will show how you plan to run and develop your pub and licensed trade industry business in the future.
These are usually used in association with the Business Plan and Projected Accounts when applying for business loans. They promote good discipline when starting out in business for the first time, or starting a new business and can be useful for the more seasoned businessman whose affairs are becoming more complex e.g. setting up multiple operations.
Flexible day-to-day cash management is provided by the cash book module, which updates the nominal ledger instantly whether you’re initiating transactions direct or posting in the sales and purchase ledgers. A full history of receipts and expenses is easily available via drill-down while everything from petty cash to bank reconciliation is easily managed.
All financial transactions and operations, including cheque writing, can be initiated from the cash book module, which then updates all other modules in real time – or on a batched basis if preferred. If cash is posted in the sales and purchase ledgers it will be passed immediately into the cash book and nominal ledger (and vice-versa).
A petty cash facility is incorporated within the cash book, enabling you to track and reconcile the balance of multiple cash floats.
The optional pub and licensed trade industry business analysis incorporates a total review of your business and gives the opportunity to discuss in detail any problems that may have occurred during the initial period of trading.
These are an absolute necessity in today’s financial climate. Quarterly management accounts will be produced to enable you to see exactly how your business performed over the quarter and to help in the identification of any trends that may be occurring. Too many people rely on annual accounts for this only to find they have incurable financial problems that could well have been solved if detected earlier.
In most cases you are obliged by the Inland Revenue to keep P.A.Y.E records. As this is a highly complex are we can do this for you. We can also help you with the production of wage slips, weekly or monthly.
These are frequently asked for by breweries and lending institutions to give them an idea of how profitable a business might be following change of ownership or implementation of improvement works. These give a clearer picture when considering loan applications for business purchase, improvement works or even for private mortgage options.
A long lease can be an attractive choice for a business property tenant, providing a degree of certainty and stability. But the rent review provisions of a typical lease can present a major headache if you suddenly find yourself faced with a substantial rent increase.
A detailed understanding of the rental review terms in your lease and the local commercial property market can put you in a strong position to negotiate a more favourable lease rent.
Lease Rent Review Clauses
Typically, a long lease will provide for the rent to be reviewed every three to five years. The lease will also set out the procedures to be followed. Often, the landlord must give notice of the new rent by a set date; as tenant, unless you respond by a given deadline you have accepted it.
The lease will specify the basis for the new rent. In some cases, the new level of rent may be set (for example, at £10,000 per year) or based on an index (such as the retail price index). But more commonly, the new rent is based on the open market rental value – the rent charged for similar properties on similar leases. The lease may also include terms such as an ‘upwards only’ rent review, allowing the rent to increase but not fall.
Keeping an eye on local rental levels gives you a guide to open market values. The landlord will typically base the proposed rent increase on rents being asked for the most appealing similar properties to yours, but there is usually scope for negotiation.
Headline rents being asked for other properties may overstate local rental levels: for example, new tenants may be offered incentives to attract them and may actually pay lower rents than those advertised. Detailed comparisons of the size, location and condition of different properties may justify a lower open market rent for your premises. Differences in lease terms such as restrictions on use and the length of unexpired lease can also be factors.
A local chartered surveyor may be able to help you, providing evidence to support a lower rental level and handling the rent review negotiations. The reduction in rent increase can substantially outweigh the costs and some surveyors may offer success-related fees.
Negotiation is usually the best way to handle a rent review, but if the landlord is being unreasonable you may not be able to reach agreement. The lease typically sets out how disputes can be handled: generally by arbitration or using an independent expert. Alternatively, if you both agree, you may be able to resolve the dispute using non-binding mediation.
Disputes can be drawn out and expensive. If you are disputing a rent review, you must still continue to abide by the terms of the lease, including paying rent at the existing level.
We will deal with all the statutory requirements for you in respect of registration with the Inland Revenue and Customs and Excise.
In Conjunction with the bookkeeping system, or a separate entity, we will set up and maintain your VAT obligations correctly and efficiently. Customs and Excise have fully approved our system.
Your year-end accounts will be used, after your inspection, to complete your self assessment form for submission to the Inland Revenue for tax assessment.
If you would like to discuss in more detail any of our services please contact us for a free no obligation consultation.