Restaurants

Are you a restaurateur looking for a proactive accounting service that will meet the specific needs of your industry?

With many years experience working with several London restaurants we are ideally suited to handle all your accounting needs.

In the main, your accounting requirements will be the same as any other business, and for these you should refer to our “How We Can Help You” page, but there are some important differences.

VAT


Although the food a restaurant buys in will for the most part be zero rated, with some exceptions, all food sold for consumption on the premises will be standard rated and all hot food sold for consumption off the premises will also be standard rated. However there are instances where certain sales could be zero rated and the precise nature of the trade carried out by the restaurant has to be scrutinised. We can advise you of the correct procedures in your business.

Takings Controls


You, as the owner of the business, may be in the kitchen cooking the food or may be at front of house welcoming your customers. Wherever you are you will rely on your staff to wait tables, serve behind the bar and take payments honestly and accurately. Mistakes sometimes happen in the best run restaurants and so it is important that you have in place a system that will enable you to reconcile on a daily basis the transactions recorded on the till system with the actual money received from your customers. A system that will not only discover errors quickly, but will also tell you the breakdown between food sales and beverage sales. We can tailor such a system for you that you can keep day by day yourself.

Tips and Gratuities


The rules relating to the taxation of tips and gratuities are complex. How the tips are received into the restaurant and allocated to staff is of the utmost importance in deciding how the PAYE and National Insurance Contributions are administered. With effect from 1st October 2009 it is no longer possible for employers to include tips and gratuities as part of an employee’s national minimum wage. So, where in the past an employer could pay lower than the national minimum basic wage and make the pay up to that level by way of tips, he can no longer do so. Her Majesty’s Revenue and Customs (HMRC) has a PAYE scheme specifically for dealing with the PAYE and distribution of tips and gratuities called the Tronc Scheme. We have experience in setting up and administering Tronc Schemes which are separate from the businesses main payroll.

We can deal with all of the above requirements for you very simply and, once in place, everything can be maintained on a regular basis by ourselves or indeed by you or your staff if preferred. Just fill in our enquiry form and we will get back to you to arrange a FREE CONSULTATION.

Please remember that whatever we do for you comes with our 100% Satisfaction Guarantee.



 

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