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 VAT rules, tronc systems, and high-volume payroll. A specialist understands how to treat tips, service charges, and different food categories correctly. They also know typical restaurant expenses and can advise on Making Tax Digital. This reduces compliance risk and often saves tax compared with a general accountant who rarely deals with hospitality.
What qualifications should I look for in an accountant for my restaurant?
Look for members of ACCA, ICAEW, or AAT. These bodies ensure the accountant meets professional standards and keeps up with HMRC changes. A regulated accountant can handle Corporation Tax, VAT, and Self Assessment accurately. Check they have experience with hospitality clients and are familiar with restaurant-specific software and payroll needs.
How can an accountant help with HMRC investigations or late filing penalties?
A qualified accountant can correspond with HMRC on your behalf, prepare supporting records, and negotiate payment plans. They help you respond to compliance checks and reduce penalties where possible. Early professional advice is crucial if you receive a letter from HMRC about VAT, payroll, or Corporation Tax. Many firms offer investigation insurance as part of their service.
Do I need an accountant for Self Assessment if I am a sole trader running a restaurant?
Yes, even sole traders benefit from professional help. An accountant ensures all allowable expenses are claimed, calculates the correct tax, and submits your Self Assessment before the deadline. They can also advise on Class 2 and Class 4 National Insurance and whether incorporation would be more tax-efficient. This avoids errors and penalties.
What ongoing services do restaurant accountants typically provide?
Typical services include bookkeeping, VAT returns, payroll for hourly and salaried staff, quarterly management accounts, and year-end financial statements. Many also offer Corporation Tax computations, Self Assessment, and advice on business rates and capital allowances. Some provide software training and help with Making Tax Digital compliance. The exact package depends on your restaurant size and needs.
How do I choose between ACCA, ICAEW, and AAT accountants?
All three bodies are recognised and regulated. ACCA and ICAEW members are typically chartered accountants qualified to handle complex tax and audit work. AAT members often focus on bookkeeping and smaller business accounts. For a restaurant, any of these qualifications is acceptable provided the accountant has hospitality experience and a good understanding of HMRC rules for the sector.
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