Menzies

DECEMBER 4, 2023

Menzies LLP - A leading chartered accountancy firm. As we approach the holiday season, the hospitality industry stands at a pivotal juncture this year. However, the past 12 months has seen significant changes across the hospitality landscape.

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Menzies

FEBRUARY 2, 2024

Menzies LLP - A leading chartered accountancy firm. Many hospitality businesses do not realise that they may have inadvertently overpaid VAT during the tumultuous period of the pandemic, after the reduced rate was introduced in 2020. Are you overlooking a golden opportunity?

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Menzies

MARCH 7, 2024

Menzies LLP - A leading chartered accountancy firm. An uninspiring Spring budget for Hospitality & Leisure businesses as the Chancellor fails to deliver support for the sector. Meet our Hospitality & Leisure specialists For more budget commentary click here.

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Menzies

NOVEMBER 24, 2023

Menzies LLP - A leading chartered accountancy firm. Overview Business Rates multipliers for small business will be frozen for another year, helping to support the hospitality and high street Increased national minimum wage impact on the cost of products and passing this on to end consumer.

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Menzies

APRIL 4, 2024

Menzies LLP - A leading chartered accountancy firm. Prepare for a transformative shift in the hospitality industry as new legislation is set to revolutionise tip handling from this summer. In this article, we explore the anticipated challenges for Hospitality and Leisure employers, with tips on how to prepare for the change.

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Going Concern

JUNE 8, 2023

It appears the Institute of Chartered Accountants in England and Wales (ICAEW) has finally pushed Sheffield University’s Richard Murphy over the edge. The Professor of Accounting Practice at Sheffield’s Management School issued a new report chastising the group for hoarding funds. In 2019, the FRC fined PwC £4.55

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Menzies

FEBRUARY 1, 2024

Menzies LLP - A leading chartered accountancy firm. The construction, hospitality, and retail sectors were hit the hardest, likely due to their vulnerability to the immediate effects of economic downturns. 2023 Insolvency Statistics in a nutshell The number of overall insolvencies recorded reached a 30-year high.

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Menzies

APRIL 12, 2023

Menzies LLP - A leading chartered accountancy firm. Hospitality and leisure businesses deliver experiences and the quality of those experiences will depend on the talent, skills and enthusiasm of their people.

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Menzies

JUNE 19, 2023

Menzies LLP - A leading chartered accountancy firm. Hospitality & Leisure Outlook According to Barclays’s 2023 Hospitality and Leisure Outlook , in 2022, many businesses in the hospitality and leisure sector reported upward of 100% growth vs 2019. Businesses are having to pay more to acquire talent.

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Menzies

MARCH 17, 2023

Menzies LLP - A leading chartered accountancy firm. The struggles surrounding the Hospitality and Leisure industry are being amplified by the current cost of living crisis as well as the seemingly everlasting effects of the Coronavirus pandemic.

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Menzies

SEPTEMBER 6, 2023

Menzies LLP - A leading chartered accountancy firm. The resulting impact on discretionary spending has led to reductions in consumer spending in the Hospitality and Leisure sector, placing extra pressure on restaurants. Brexit has impacted the supply of labour to the industry and is still causing headaches for most operators.

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Menzies

SEPTEMBER 6, 2023

Menzies LLP - A leading chartered accountancy firm. The resulting impact on discretionary spending has led to reductions in consumer spending in the Hospitality and Leisure sector, placing extra pressure on restaurants. Brexit has impacted the supply of labour to the industry and is still causing headaches for most operators.

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Menzies

MARCH 10, 2023

Menzies LLP - A leading chartered accountancy firm. A sector that continues to be hit especially hard by these pressures is the hospitality sector. HMRC struggle to recruit staff However, it is not just the hospitality sector that has been feeling the strain due to lack of labour.

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Menzies

OCTOBER 6, 2023

Menzies LLP - A leading chartered accountancy firm. Hospitality businesses are still carrying the scars from Covid and further pressured by rising inflation and the squeeze on consumer spending. A change in priorities and attitudes is driving new trends in sustainability strategies for restaurant kitchens.

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Menzies

JULY 26, 2022

Menzies LLP - A leading chartered accountancy firm. Health insurance, also known as private medical insurance, provides access to healthcare services and private hospitals in the UK. A private room whilst in hospital. By being treated privately, they will have a private room whilst in hospital.

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Menzies

MAY 12, 2022

Menzies LLP - A leading chartered accountancy firm. The recent reinstatement of a 20% VAT rate is likely to cause severe financial difficulty for many hospitality and leisure (H&L) businesses at a time when costs are rising and many enterprises are still recovering from COVID lockdowns and restrictions.

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Menzies

FEBRUARY 9, 2023

Menzies LLP - A leading chartered accountancy firm. Better-than-expected sales statistics from retailers and hospitality & leisure operators collected since the start of the festive period, and the announcement that the UK economy grew by 0.1

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Menzies

OCTOBER 5, 2022

Menzies LLP - A leading chartered accountancy firm. The Annual Investment Allowance (AIA) gives businesses the opportunity to claim 100% capital allowances in the year of expenditure on qualifying capital assets. ANNUAL INVESTMENT ALLOWANCE PERMANENTLY SET AT £1 MILLION.

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PYMNTS

MARCH 30, 2020

recent reports in the Financial Times said the Cabinet Office has encouraged all public entities, including government departments, hospitals, councils and schools, to continue their supplier payments and coordinate with their vendor bases. In the U.K.,

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Menzies

JANUARY 7, 2024

Menzies LLP - A leading chartered accountancy firm. If you find in this time of uncertainty that you are unable to pay your self assessment income tax liability, there is help at hand. If you have already missed your payment, you should contact HMRC as soon as possible.

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Menzies

NOVEMBER 30, 2022

Menzies LLP - A leading chartered accountancy firm. This includes plans to freeze the business rates multiplier for another year, and to provide additional relief of up to 75% for retail and hospitality and leisure companies. But the Chancellor has promised to aid those most impacted by the changes, with a £13.6

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Menzies

FEBRUARY 5, 2023

Menzies LLP - A leading chartered accountancy firm. Menzies advised beer and real ale specialists Citra Partners, alongside an investor consortium, on their investment in award-winning brewery, Woodforde’s, providing financial due diligence and transaction support advice.

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Menzies

FEBRUARY 1, 2023

Menzies LLP - A leading chartered accountancy firm. Menzies were appointed as his accountants and business advisors. Our client had been an IT Consultant in the City. However, he’d reached that point in his career at which it was time to do something different. He wanted to combine his favourite pastime with a business idea.

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Menzies

DECEMBER 15, 2023

Menzies LLP - A leading chartered accountancy firm. Chris Maloney – Advisory Partner A business must have customers to succeed, right? Well yes, of course, but business owners should be asking whether these are the right type of customer. This is a question that should certainly go beyond the obvious “do they pay on time?”

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Menzies

JULY 25, 2023

Menzies LLP - A leading chartered accountancy firm. Hospitality has been through the toughest period, with ongoing challenges with supply chains, staffing, and energy costs. This ensures policies are implemented and applied consistently and fairly.

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Menzies

APRIL 11, 2023

Menzies LLP - A leading chartered accountancy firm. Usually carried out through your email and internet accessible accounting systems, fraudsters have discovered how to infiltrate systems, intercept key data and manipulate it to get you to transfer sums direct to their bank accounts.

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Menzies

AUGUST 18, 2022

Menzies LLP - A leading chartered accountancy firm. A Supreme Court Ruling (Harper Trust v Brazel) has clarified how holidays must be calculated for part-time workers on irregular hours where there are gaps between their periods of work. If you are using the previously recommended 12.07% calculation, you should review your approach.

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Menzies

FEBRUARY 7, 2023

Menzies LLP - A leading chartered accountancy firm. As a SME knowing what you have and have not got in stock is crucial. Too much and your taking up valuable room for more popular products; too little and you run the risk of disappointing keen customers. So how can you overcome this potential business pitfall?

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Menzies

DECEMBER 6, 2023

Menzies LLP - A leading chartered accountancy firm. Importance of an Audit A lot of business owners think audits are much of a muchness, however their quality can vary significantly.

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Menzies

OCTOBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. The UK hospitality and leisure sector has faced a number of challenging circumstances over recent years, which have distracted operators away from tackling the sustainability issue.

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Menzies

DECEMBER 19, 2023

Menzies LLP - A leading chartered accountancy firm. Developing good products and services is important, but it is not everything – commercially there are a number of pieces of the jigsaw that need to come together if a business is to achieve its potential and fulfil the owner’s dreams.

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Menzies

FEBRUARY 19, 2023

Menzies LLP - A leading chartered accountancy firm. Succession is widely regarded as the most significant issue facing law firms at present.

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Menzies

JANUARY 16, 2023

Menzies LLP - A leading chartered accountancy firm. We all want to work smarter not harder and with the growth of Cloud accounting we can have the freedom and insight to stay on top of our business and finances 24/7. The benefits of switching to cloud accounting. Anytime, anywhere, any device.

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Menzies

APRIL 12, 2023

Menzies LLP - A leading chartered accountancy firm. In sectors such as construction, food manufacturing and hospitality, reduced access to non-UK workers is a major problem.” Many businesses are making preparations for a big cash squeeze in 2023 due to several factors.

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Menzies

FEBRUARY 10, 2023

Menzies LLP - A leading chartered accountancy firm. The aggregation of marginal gains – aka the 1% rule The theory is that by making small increases or changes to one, two or even three key areas in a business the positive impact on a company’s profit and loss account can be substantial.

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Menzies

MARCH 31, 2023

Menzies LLP - A leading chartered accountancy firm. For more information on digital best practice for your Hospitality and Leisure business. What do you need to look out for in this digital world? But what are the quick wins and where should you reach out for additional support?

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Menzies

NOVEMBER 2, 2023

Menzies LLP - A leading chartered accountancy firm. This article explores 4 common challenges and discusses practical suggestions for how these might be navigated. The ultimate result can be valuable savings in time and money, allowing greater focus on strategic growth. Challenge No.

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