ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
TITUS ACCOUNTS LTD
I know that telling you the truth won’t make me very popular with other accountants. If I'm honest I never liked them much anyway. Chances are (if yo...See More
Marden & Co Accountants Ltd
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OVAL ACCOUNTANTS LTD
Your Bookkeeping, Accounting And Self Assessment Experts, Here To Bring You The Highest Standard Of Service.
Tax Cruncher
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APRC Accountants
We are a forward thinking firm of Chartered, Certified Public Accountants & Tax Advisers and Chartered Payroll Professionals established in 2005 in th...See More
Central London Accountants
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Cheap - Accountants
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London Accountants
We have been providing a range of tailored accounting and taxation services to individuals as well as small and medium sized businesses. See More
Cruse + Burke
As one of the leading accountants in Croydon, we are forward thinking in the way we approach your business requirements and the way we give you except...See More
Owadally & Kings Partnership
At O&K we aspire to be one of the most forward thinking accountancy firms in Croydon. Our dedicated in-house team, and external specialists, based in ...See More
Cruse+Burke
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QUENTELA ACCOUNTING LIMITED
Quentela Accounting is a family run accountancy practise based in Wokingham, Berkshire. We are a small business but with an emphasis on BIG commitment...See More
Taxaccolega Chartered Accountants & Tax Advisers
As one of the brightest firms of chartered accountants in London, UK, Taxaccolega, based in Croydon, combines the passion and creative thinking of a s...See More
Financial Partnership London
The Financial Partnership LLP, London, is a young, dynamic and innovative firm of Accountants & Business Advisors who can help improve the performance...See More
Fitzgeralds Accountants Limited
We are a well established firm of accountants and tax advisors based in South West London, dealing with small businesses and high net worth individual...See More
Abu Umar & Co.
Welcome to Abu Umar & Co. We are a small Accounting firm, based in London, We specialize in dealing with all accounting problems. As we have been o...See More
City Tax London
City Tax London provides unparalleled personalized accounting services and th...
" Accountify – Chartered Certified Accountants"
A firm of Chartered Certified Accountants based in London and Portsmouth. Accountify is an established brand in Accounting and Tax, serving its client...See More
Frequently asked questions
Why do restaurants need specialist accountants?
Restaurants face unique financial issues such as stock control, tips allocation, and varying VAT rates on different items. A specialist accountant understands these nuances and can ensure compliance whilst identifying tax-saving opportunities. They also help with payroll for staff on flexible hours and advise on licensing and premises costs, which are common in the hospitality sector.
What qualifications should I look for in a restaurant accountant?
Look for accountants who are members of recognised bodies such as ACCA, ICAEW, or AAT. These qualifications indicate a high level of training and adherence to professional standards. Additionally, check if they have experience with HMRC compliance, VAT returns, and Corporation Tax for restaurants. A regulated accountant will also carry professional indemnity insurance.
How can an accountant help with HMRC investigations?
If HMRC opens an enquiry into your restaurant's tax affairs, a qualified accountant can act as your representative. They will handle correspondence, prepare necessary documentation, and negotiate on your behalf. Their knowledge of tax law and HMRC procedures can reduce stress and help achieve a fair outcome, potentially minimising penalties and interest.
What is the difference between ACCA, ICAEW, and AAT accountants?
ACCA and ICAEW are chartered bodies for professional accountants, often dealing with complex tax and audit work. AAT is a technician-level qualification focusing on practical bookkeeping and accounts. Many restaurants benefit from AAT-qualified accountants for day-to-day bookkeeping, whilst ACCA or ICAEW members handle strategic tax planning and statutory accounts.
Do I need an accountant for Self Assessment if I am a sole trader?
Yes, even as a sole trader, an accountant can ensure your Self Assessment tax return is accurate and that you claim all allowable expenses. They can also advise on National Insurance contributions and help you plan for tax payments. This avoids errors and potential penalties from HMRC, whilst potentially saving you money.
How often should I meet my restaurant accountant?
It is advisable to meet at least quarterly to review financial performance and ensure VAT and payroll are on track. However, many accountants offer monthly or ad-hoc support. Regular communication helps with cash flow management and allows you to address issues promptly. Some firms provide online portals for real-time collaboration, which can be particularly useful for busy restaurant owners.
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