As well as assisting you with obtaining your initial funding, we can also offer support and accountancy services as you progress in your business. When running a guest house, pub, B&B or any other kind of hospitality business, there are many important factors to consider, and one of the most important things to think about is tax, particularly VAT.
Many small business owners are unsure whether or not they actually need to register for VAT. In basic terms, any business that has a yearly turnover of Â£82,000 or more must register. When you register, you will have to add VAT to the price of your services or products – usually 20%. Every three months, you will need to hand this VAT over to HMRC. There are various VAT schemes, and different kinds will suit different businesses.
If you find that you do need to register for VAT, there will be returns admin to deal with. This can be an extremely time consuming aspect of running a business, but our professional team can take care of it on your behalf. We can incorporate the process of completing VAT returns into your accounts production process, which streamlines the work and will save you time and stress. We’ll keep you updated on the progress of your company and ensure that you will have all VAT returns submitted within the required timeframe, so you won’t have to worry about falling behind and running the risk of being fined. With our help, you’ll have more time to focus on running your hospitality business and taking care of your guests.
If you’d like help with your VAT, wish to find out whether or not you have to register for it, or need some assistance deciding on a suitable VAT scheme, we’re on hand to help. We’re dedicated to helping our clients with all matters relating to guest house and hotel finance, so no matter what kind of hospitality business you run, you can rest assured we’re the team you can rely on for help.