Our specialism in hospitality ensures relevant, up to the minute and practical support that comes from deep-rooted knowledge and constant communication with clients, professionals in related disciplines and of course, HMRC.
We work with hotels, restaurants, pubs and bars, leisure and F&B businesses, of all sizes from single site and family-run, to independent groups, franchises and large corporates. Some are exciting disruptors, bringing dynamic new approaches and technology to the sector. Others are long-established companies, looking to us to help them revitalise, reshape and expand their operations.
Many of our clients have started out with us as small businesses and are now big players. Wherever you are in your business journey, we can help you grow, adapt to industry developments and changing tax regulations, and succeed in this fast-moving sector.
We regularly undertake surveys, write industry opinion pieces and work with influential organisations such as UK Hospitality, Propel and Food & Drink Heroes. We offer advice based on our extensive industry experience and benchmarking information. We’re active in monitoring new ideas and innovations, feeding back to our clients helping them grasp fresh opportunities and contributing to their business vision.
We make tax rules easier to understand and ensure you stay compliant whilst minimising your tax, for example in areas such as capital allowances.
We’ll guide you through aspects such as Tronc and minimum wage, maximising cash flow, fundraising and restructuring and advise you based on our industry knowledge and leading benchmarking activities.
Our services include:
- Audit and accountancy services
- Corporate finance – forecasting, structuring to raise funds, buyer and seller due diligence
- Employment – including Tronc, seasonal staff, zero-hour contracts and minimum wage legislation
- Corporation tax, VAT, P11Ds, ERS, CIR, transfer pricing
- Outsourcing – including payroll, management accounts, VAT/NIC returns, accounting services
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How we can help you
We’re not just here for the big projects or the annual audit. We’ll support you all year round with the everyday services you need, so you can focus on running your business. Most of all, we’ll be ready with knowledgeable, helpful answers and proactive, pragmatic suggestions.
Our risk-based audit approach focuses on understanding our clients, recognising their business issues and identifying the impact that they may have on the financial statements. Coupled with our sector experience, we can determine the critical audit areas and devise specific testing based on our thorough understanding of each clients structure, organisation and business risks.
Our corporate finance specialism has seen significant growth in recent years as a result of our strong commitment to maintaining excellent relationships and communication levels. Whether assisting with a private sale or acting as reporting accountants our partner led approach allows us to add real value to these processes. Within our corporate finance team, our key services are:
- Transaction support
- M&A due diligence
- Financial Modelling
- Exit strategies
- Accurate preparation of the tax computation and return with minimal disruption
- Time dedicated for innovative thinking, which consistently focuses on ‘how can tax efficiency be improved, now and for the future’
- The timely preparation of tax journals, deferred tax and accounting disclosure tax notes
- Ensuring your hospitality business takes advantage of Capital Allowances and enhanced tax reliefs on new structures and buildings, property purchases and sales, and refurbishments
- Seamlessly advising companies and groups whose directors or employees have an interest in its shares to meet Employment-Related Securities (ERS) reporting obligations
- Advising on transfer pricing including assistance with trading in other EU member states, tax planning and complying with local country transfer pricing laws
- Prepare the non-trading tax returns of the dormant subsidiaries if requested by HMRC
- Advising on PAYE and National Insurance issues in respect of benefits in kind
- Advising on their compliance reporting obligations under the business expense payments regime
- Drafting and updating staff expense and travel expense policies
- Assisting with HMRC employment status reviews and helping to implement an internal review process
- Structuring termination payments
- Advising on National Living and Minimum Wage regulations
- Managing HMRC reviews
Our outsourcing team have a flexible approach and we can adapt our involvement depending on each clients needs. We are able to offer a full outsourcing service where we would take full ownership of the bookkeeping and management accounts preparation. Alternatively, we can be involved with the data input, bank reconciliations or a high level management accounts review to alleviate the pressure on a clients finance team and we’re happy to tailor a solution which fits with each type of business.
Share option schemes participation schemes and, if required, liaising with legal experts to design the most appropriate scheme to incentivise employees.
An EMI scheme is a highly tax efficient scheme which we have a wealth of experience in advising, putting in place and providing a full service. We would need to understand further details around the option scheme including the number of individuals in the scheme, performance criteria, vesting period etc.
On setting up an EMI option scheme we would do the following:
- Review the company’s qualifying position for an EMI scheme
- Obtain a valuation from HMRC
- Draft initial scheme rules and send to you for consideration
- Draft standard option agreement for this and future option awards
- Work with you to draft amendments to various clauses
- Include good/bad leaver clauses, when the options will be exercisable and include vesting conditions to produce final precedent documents and specific option agreements
- Draft staff handbook which provides a guide on the implementation of the scheme for the employee
- Issue final option agreements
- Register options with HMRC
Raising external finance and related tax breaks
We have several experts that provide specialist advice on raising finance via the EIS, Seed Enterprise Investment Scheme (SEIS) and Venture Capital Trusts (VCTs). In cases in which any of these have already been exhausted, we would still advocate that advice is sought from one of our tax specialists to discuss other available options.
For existing investors, our services also include advice on how the company can maintain its qualifying EIS status and obtaining assurance from HMRC in the event that there are any changes to the company’s activities.
I have run my own business since 1985. Over that period my businesses have slowly grown to around £15m gross sales and I have had several different accountants. I can say without any hesitation that the best experience we have ever had with an auditor on every level has been with haysmacintyre. I cannot recommend them enough.
Ranald Macdonald, Managing Director
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