In this article, leading hospitality finance advisors, Stewart Hindley & Partners have put together a checklist of signs that your business would benefit from seeking professional finance advice.
If you run a guest house, bed & breakfast, hotel or pub it is well worth employing specialist professional help if you are experiencing any of the following:
- You have reached the stage where you would like to expand your hospitality operation and need help planning for growth and putting a business plan together.
- You are looking for management advice to make sure your business is being operated in the right way. Stewart Hindley & Partners have an experienced accountancy team who would be able to advise on issues like adequate working capital, good stock control, invoicing systems and profit margins.
- You are looking to raise funding for your hotel, b&b funding or pub funding. Employing business finance brokers, like Stewart Hindley & Partners, will source the most efficient and cost effective solution to meet your individual requirements, whether you are a first time purchaser or an existing operator looking to re-finance a business or release capital for a new venture.
- You have taxation concerns. Perhaps you are worried you might be paying too much tax or are falling into tax arrears. Our accountants will be able to advise on making the full use of tax allowances and reliefs and help you deal with HMRC on tax arrears issues. If you are running a busy hospitality operation, it will be virtually impossible for you to stay on top of taxation rules and regulations so it pays to consult the experts.
- Your turnover levels have dramatically increased or fallen and you need to review your VAT status.
- You are starting to employ staff. Since April 2013, the introduction of Real Time Information (RTI) means you need to submit returns every time you make a payroll payment, rather than once a year. Stewart Hindley’s Accountancy division will be able to advise and talk you through the process.
- Your general circumstances change it could be, for example that you would like your spouse to join the business, you want to become a limited company or you want to set up new staff benefits; again it pays to speak to your accountant to ensure you make the right business choices.
If you are facing any of these issues contact Stewart Hindley & Partners now for further information on how our specialist hospitality finance advice, mortgage and accountancy solutions could help grow and manage your hospitality business.