Used correctly, finance and accounting tools for businesses in the creative and media sector can help cut down on unnecessary administration and provide real-time financial data. […]

From April 2022, it will be mandatory for all VAT registered companies, regardless of their turnover, to submit their VAT returns via Making Tax Digital (MTD). Up until this point, MTD VAT returns was compulsory only for VAT registered companies with a turnover above the VAT threshold of £85,000.

The business secretary Kwasi Kwarteng is expected to announce a significant change in the law this week that will require employees of restaurants, bars and hotels to receive 100% of service charge.

There are a number of accounting tools that can be used by restaurants, bars and hotels to ensure that their financial operations are properly managed and used correctly. Financial tools provide real-time financial data which can help you capitalise on opportunities and plan better. Below is a list of some of the best accounting tools which we would recommend for your hospitality business.

Between 1 April 2021 and 31 March 2023, companies can claim a super-deduction in the form of first year relief of 130% on qualifying plant and machinery additions. This means a company spending £100,000 on qualifying assets would have £130,000 deducted against its taxable profits, resulting in a tax saving of £24,700 per £100,000 of expenditure.

The latest in our series of quick-fire client interviews, Jeffreys Henry speaks to Dan Anton, co-founder of Lahpet. Lahpet started life as a pop-up in the railway arches of London Fields by co-founders Dan Anton and Zaw Mahesh, before opening their first permanent site in Shoreditch in 2018. Lahpet remains one of London’s only restaurants to specialise in Burmese cuisine. Dan talks about the success of DIY kits during lockdown, how they prepared for indoor re-opening as restrictions eased,  and opening their second and largest site in the midst of the pandemic. 

The latest in our series of quick-fire client interviews, Jeffreys Henry LLP speaks to Hannah Vernon of Urban Leisure Group. Hannah discusses how the second lockdown and tier restrictions impacted ULG’s performance, how government guidance for the hospitality industry has been unclear and the ways in which ULG have adapted their business model to the changing times.

Research & Development (R&D) tax relief is often overlooked by food and beverage manufacturers, product developers, food scientists, and food clinical researchers.

Yotam, who owns 6 restaurants in London, discusses how the new restrictions have been a hindrance to the recovery of the hospitality industry, what he believes the government should be doing to offer more support and where he sees the future of the industry.