Hospitality Sector Tax Services
For every business, whether in the hospitality sector or not, tax is a reality that can’t be avoided.
VAT is a major area of concern, as you must account for VAT even when your business is not making a profit. That is because where VAT is chargeable the business is expected to charge and collect from the customer the appropriate amount of VAT and then to hand that money to HMRC.
For most other business sectors, supplies of raw materials will have VAT attached and the VAT paid on supplies is deducted from the VAT collected on sales to create the return to the tax authorities.
In the hospitality sector however, most of the supplies are ‘non-vatable’ which in turn means that there is very little to deduct from the VAT collected on sales, making the VAT look high.
At Hospitality Accounting Solutions, we will help you to manage and account for VAT. We will build you a tailored costing system that will take cognisance of any VAT charges and then we will give you a collection system that will keep VAT monies out of normal operations and take the pressure out of making VAT returns.
Corporation Tax is the tax a limited company business pays on all profits it retains after expenses. Corporation tax must be paid by the date specified when you created your business. The rate at which corporation tax is charged is the same for each business while the amount of tax is determined by the amount of allowable deductions that your business is entitled to deduct from the profits figure.
At Hospitality Accounting Solutions, we believe that corporation tax is not to be left until the end of the year but managed on an on-going basis throughout the year, which ensures that there is no crazy rush at the end of the year trying to gather information and evidence. By planning correctly, you will be able to anticipate how much tax you must pay and be better prepared to pay it.
By employing Hospitality Accounting Solutions, we will take care of all your tax issues, payroll taxes, Self-Assessment Tax for Sole Trader Businesses as well as VAT and company taxes.