If you run a pub, you need to find the right pub accountant to handle your books. You need to find a pub accountant who understands the industry and is experienced in the kind of business you run. A good pub accountant should spend time with other pub owners and should have experience in businesses similar to yours. You can find pub accountants through the Association of Licensed Trade Accountants. The accountants listed by the association will have experience in the pub industry and can help you expand your business.
Keeping an accurate cash book
Keeping an accurate cash book is a critical part of pub accounting. Not only does it document cash receipts and payments, but it also creates a clear audit trail. In addition, keeping an accurate cash book is essential for legal compliance. While keeping a cash book can be a daunting task, it can be broken down into a series of easy tasks.
Cash book entries are recorded in chronological order. Inputting a cash receipt or payment means the accountant will write a short description of the transaction. Next, they will input the account number for the related general ledger account and the amount.
HMRC inspections
An HMRC inspection of pub accounting can be intimidating, especially since they can come unannounced. Gerald Edelman’s Tax Investigations & Dispute Resolutions team recently helped a fish and chip shop to resolve a VAT investigation. The client had not registered for VAT because the Pub Accounting turnover was so low, but HMRC wanted to check their books and record sales for an entire evening, to compare them to previous evenings and extrapolate a ‘true’ turnover.
In most instances, an HMRC inspection will involve visiting the business and reviewing the accounts. In order to do this, HMRC will contact suppliers and ask for a breakdown of what they bought each week. Once they have this information, they will calculate total purchases. They will take into account any wastage and potential staff theft. They will also estimate portion sizes and check whether the total purchases were in line with sales. The officers will also check the sales figures and make allowances for holiday periods, bad trading weeks, and other factors.
Finding a pub accountant
If you’re considering running a pub, finding a good pub accountant is key to the success of your business. You’ll need to find an accountant with experience in the pub trade, and one who understands the unique challenges faced by pub owners. The pub industry is a fast-paced, constantly changing industry, and you need an accountant who understands the ins and outs of the industry.
Pub accountants can provide you with a range of services, including tax advice and business advice. They can also help with budgeting, cash flow management, and forecasting. They can also provide valuable advice and support on licensing and legal issues if applicable.