Accountants For Restaurants

We appreciate that whether you own an inner-city restaurant, busy takeaway service or something different that in addition to the long hours, early mornings and nights, and difficult customers, you face the increasing regulations being imposed by the government and local authorities. With all that you already need to deal with, the last thing you want is to have to worry about your business accounts, tax liability and other financial responsibilities you may have.

Even when you are first starting, when there is the strong temptation to do it all yourself in the misguided belief you will save money. That is when you should turn to Tax Bite – we are one of the best teams of accountants for restaurants, takeaways, cafes and other eateries big and small.

Need a hand?

Get advice from experts!

Get in touch

Why Work with The Restaurant Accountants at Tax Bite

We have been providing fully certified and qualified accounting and tax advice and support for restaurant owners, takeaway shop owners and café owners for many years now. It doesn’t matter whether you just need help with account preparation for the business, cash flow forecasting, tax planning with regards to corporation tax, inheritance tax, capital gains tax, income tax or VAT, the team here at Tax Bite will be more than happy to support you.

If you are interested in hiring a chartered accountant for your restaurant or another eatery, why not contact Tax Bite today. One of our team will be happy to walk you through how we can help your business with our comprehensive accounting services designed specifically with restaurants and the hospitality industry in mind.

Why You Need an Accountant for Restaurant

Many different accountancy firms are operating in the country today. You may think you could hire any of these to help with all your restaurant-related accounting and tax issues and tax planning. However, to get the best and most qualified help for the unique challenges and potential issues your business faces in the hospitality and catering industry, you need an accountancy firm that has experience working in the sector. At Tax Bite, we have that experience and expertise.

Why Hire Tax Bite Accountants? – How We Can Help Your Restaurant

It doesn’t matter whether you are a newly opened eatery or are a firmly established restaurant, we have restaurant accountants on our team that can provide assistance, guidance and advice to you to meet your various accounting needs. Whether you are looking for simple day-to-day, month-to-month help with payroll management and bookkeeping or something more involved and intensive like business development advice and sourcing funding for that growth.

Our dedicated chartered accountants are also tax experts, so they can assist you with everything including personal taxation and company taxation, preparing tax returns, declaring expenses, managing capital allowances, VAT and any other tax-related issue.

Our Restaurant and Hospitality Accountant Services

At Tax Bite, we have a collective experience working not only in the accounting and tax services sector but the restaurants and hospitality industry, for many years. Thanks to that experience and expertise, we have a wide range of restaurants, cafés, pubs, bars and other hospitality business-related accounting and tax services that can help you stay on top of your business. These include:

• Statutory accounts management and preparation
• Business plan development and implementation
• Cash flow forecasting
• Payroll for restaurants
• Bookkeeping
• Online accounting with full access to the best online accounting software

Of course, the above list is not exhaustive, meaning if there is a particular problem you have or service you were looking for from a restaurant accountant, give us a call today. We will be more than happy to talk through the problems or enquiries you have and offer qualified, certified and experienced help.

Potential Tax and Financial Issues for Restaurants and Leisure Businesses

You may wonder, especially if you have just newly opened a restaurant or hospitality business, what kind of issues you are likely to face from a tax and financial point of view. Some of the most common tax and financial issues we can assist with here at Tax Bite includes

• Due to the cash nature of most restaurants and similar businesses, along with the huge number of transactions that are handled every day, it means keeping records can be very difficult. It also means it can be harder to prevent fraud and you need to rely on tighter financial planning, accounts management and budgeting.
• The complicated nature of costs, supply chains, trends and demand mean that clear visibility and tight budgeting when it comes to expenditure and income are crucial
• Cash flow issues can occur quickly and start small and become bigger and more serious problems. It’s those kinds of issues that can even destroy businesses in the restaurant and hospitality sector
• Among the businesses that HMRC keeps a close eye on, are restaurants, bars, cafes, and others in the hospitality sector. It is likely, even without real reason, just because you are a restaurant that you will be placed under greater VAT scrutiny and be selected for inspections and audits more readily than other businesses.
• Employment law issues – the fact that the restaurant industry has a relatively high staff turnover problem, keeping compliant with the ever-changing laws and payroll (with regards to the different employment terms people are now working under), can all cause problems.
• The competitiveness of the industry – running a restaurant may be something close to your heart, but passion alone is not going to help you survive in this competitive and cutthroat industry. That is why you need a solid and well-mapped business plan. You need help from an accountant for restaurants that understand the industry to conduct competitor analysis and market research to identify and formulate strategies that will work.

Whether you are interested in keeping your lenders on your side or are looking to qualify for financing to improve your business, you need the help of a professional team.

Chartered Accountants for Restaurants Near You

Whereas in the past, it may have been harder to find a suitably experienced and skilled accountancy firm that had the skills and knowledge of the industry to work with restaurants specifically, things have changed. Tax Bite has offices up and down the country and is always only a phone call or an email away. Our team of highly trained accountants for restaurants know the industry inside out and can give you the support and accounting advice you require.

It doesn’t matter how big or small your business is, whether it’s a newly opened one, an established restaurant or still in the planning stages, if you want the best accounting solutions and tax services designed for the hospitality industry, get in contact with one of our team today.

You can do that by either giving us a call using the details at the bottom of this page or by clicking through to our about us page for more options.

Areas We Cover

Accountants Solihull

Accountants Bolton