Raising the bar for pub accounting
Running a pub comes with its own set of accounting complexities that other businesses don’t face.
From the daily cashflow challenges to the complicated world of licensed trade accounting, it’s easy to get bogged down. Our specialised accountants for pubs not only save you time but provide you with actionable insights to help make your business more cost-effective.
Accounting for pubs
Pubs have unique accounting obligations. Given that you are in a licensed trade, there are additional layers of compliance, tax and reporting that need close attention.
Stocktaking, recognising revenue from various income streams like food and beverage sales and possibly lodging, along with managing employee wages and tips, are just a few of the complexities you’ll deal with on a day-to-day basis.
Failure to properly manage these can result in heavy fines – or even the loss of your liquor license. The challenges are numerous, but with the right accounting partner, they become manageable.
What is licensed trade accounting?
In the UK, licensed trade accounting refers to the specialised field of accountancy that deals with businesses in the licensed trade sector that sell alcohol, including pubs, bars, nightclubs, restaurants and hotels.
These establishments have unique accounting needs and regulatory requirements, making it beneficial to work with accountants who have expertise in this particular area.
Some of the key features and challenges of licensed trade accounting include:
VAT on sales: VAT complexities often arise in licensed trade businesses, especially with different rates for food, alcohol and takeaway services.
Stock control: Proper accounting for perishable goods, beverages and other stock is crucial for accurate financial reporting and for identifying wastage or theft.
Employee payroll: Many licensed trade establishments have staff working various shifts and often hire seasonal workers, making payroll more complex.
Licensing and regulations: Compliance with licensing laws, including alcohol sales, is a major concern for businesses in this sector. Failure to comply can result in significant penalties.
Cash and card transactions: Given the high volume of cash and card transactions, reconciliation and accounting need to be rigorous in this industry.
Capital allowances: Licensed premises often have high expenditures on fixtures and fittings, which may qualify for tax relief in the form of capital allowances.
Business rates: These can be a significant cost for physical premises and need to be accurately accounted for.
Seasonal fluctuations: Many licensed trade businesses experience seasonal highs and lows, affecting cashflow and requiring careful financial planning.
Why do pubs need specialist accountants?
Standard accounting practices don’t fully capture the nuances of pub management. You need an accounting partner who understands the intricacies of pub operations from the ground up. Here’s what our tailored services include:
Detailed financial reporting
Complete insights into your revenue streams help you know where to focus your efforts.
Tax returns and compliance
We ensure you’re up to date on your tax obligations, freeing you from expensive penalties.
VAT and excise duties
We’ll manage the VAT intricacies associated with alcohol and food sales in your pub.
Staff payroll and tips
We handle the complicated process of distributing wages and tips fairly among your staff.
Our approach — the human touch
In a world dominated by numbers, we prioritise people; the human touch. Our unique approach sets us apart, creating lasting relationships built on trust, understanding, and mutual respect.
We genuinely care about the well-being and growth of your business, going the extra mile to ensure your financial stability and success. We’re approachable and available, always ready to lend a listening ear and provide expert advice tailored to your specific needs.
What to expect
Why choose our accounting services for pubs?
Our team specialises in licensed trade accounting, ensuring you get a tailored service.
Efficiency and cost-effectiveness
We implement the best practices to save you both time and money.
We care about your business as if it’s our own. Our approach is always personal, professional and proactive.
From tax returns to payroll, our end-to-end services have got you covered.
We don’t just react to issues; we anticipate them and offer solutions before they become wider problems.