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
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
Frequently asked questions
Why do restaurants need specialist accountants rather than general practitioners?
Restaurants face unique challenges such as stock control, tronc systems, fluctuating sales and complex VAT rules on food and drink. Specialist accountants understand these issues and can advise on payroll, margins and allowable expenses. They also help with compliance for HMRC and ensure that tax returns reflect the true position of the business.
What qualifications should I look for in a restaurant accountant?
Look for membership of recognised bodies such as ACCA, ICAEW or AAT. These qualifications indicate that the accountant has met strict professional and ethical standards. Regulated accountants can handle VAT, Corporation Tax, Self Assessment and payroll accurately, and they stay updated on changes to HMRC rules and reporting requirements.
How can an accountant help with VAT for my restaurant?
An accountant can advise whether VAT registration is required, which scheme suits the business best and how to account for VAT on food, drink and tips. They prepare and submit VAT returns to HMRC, helping avoid penalties and ensuring the correct amount is paid. This is especially valuable for restaurants with mixed supplies and seasonal trade.
Can an accountant assist with payroll and tronc for restaurant staff?
Yes. Many accountants provide payroll services that cover wages, tips, tronc and National Insurance contributions. They can set up compliant tronc arrangements, issue payslips and report to HMRC under Real Time Information. This reduces administrative burden and helps ensure staff are paid correctly and on time.
What should I prepare before meeting a restaurant accountant?
Gather recent bank statements, sales records, supplier invoices, payroll information and any previous tax returns. It is also helpful to have a note of your business structure, VAT status and key concerns. Having these documents ready allows the accountant to assess your position quickly and provide tailored advice on tax and compliance.
How does AccountingFirms help me choose an accountant?
AccountingFirms allows you to browse and compare firms based on location, services and specialisms. You can review profiles of ICAEW and ACCA qualified accountants and contact them directly. The directory, established in 2019, helps restaurant owners make informed decisions without pressure, ensuring they find a suitable professional for their needs.
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