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Leisure

How to improve your business' cash flow with cloud accounting for start ups to large businesses

Covid 19 has wreaked havoc for all business sectors but has had a very significant impact on the hospitality and leisure sector, which subsequently then expands into other businesses in terms of supply chains and consumer demand. 

Turnover of Top 15 UK gym chains rises 8% in a year to £1.6bn

The turnover of the Top 15 UK gym chains increased 8% last year to £1.61bn, up from £1.49bn in the previous year*, says accountants and business advisors, Moore. Moore’s research suggests that spending on gyms is far exceeding that of other parts of the leisure industry such as pubs and bars – bucking the current weakness in consumer spending. Consumer spending on recreation and culture activities as a whole has increased by just 3.8% over the last year**. 

VAT chargeable on all non-refundable deposits

HMRC has confirmed a new policy that VAT will remain due on a deposit, even if the customer does not use the goods or services for which it was paid – this comes into effect from March 1 2019. This change will affect the hospitality industry significantly (but it will also apply to other businesses), which will soon be unable to recover VAT charged on cancelations or ‘no show’ charges.  

VAT chargeable on all non-refundable deposits

HMRC has confirmed a new policy that VAT will remain due on a deposit, even if the customer does not use the goods or services for which it was paid – this comes into effect from March 1 2019. This change will affect the hospitality industry significantly (but it will also apply to other businesses), which will soon be unable to recover VAT charged on cancelations or ‘no show’ charges.  

VAT chargeable on all non-refundable deposits

HMRC has confirmed a new policy that VAT will remain due on a deposit, even if the customer does not use the goods or services for which it was paid – this comes into effect from March 1 2019. This change will affect the hospitality industry significantly (but it will also apply to other businesses), which will soon be unable to recover VAT charged on cancelations or ‘no show’ charges.

Restaurants in Coventry see fastest turnover growth in the UK - as London lags behind

Coventry’s restaurants saw the fastest growth in turnover of the UK’s major cities over the long term, increasing at 96% per annum over two years to £187m in 2015 from £64m in 2013.

What will be in the Budget on 22 November?

Philip Hammond will present his second Budget on 22 November. What principles will guide his decisions, and what tax measures will be the result?  

What will be in the Budget on 22 November?

Philip Hammond will present his second Budget on 22 November. What principles will guide his decisions, and what tax measures will be the result?