Hotels and restaurants are heading for their busiest time of the year, with cash registers ringing and staff working over time, to meet the demands of the season. Little thought however is often given to tips, services charges and troncs and the hefty penalties enforced by HM Revenue and Customs (HMRC) if these are not dealt with correctly.
Peter Davies, a nationally renowned expert in the hospitality sector and Senior Tax Manager at WMT accounts in St Albans comments: “HMRC are more vigilant than ever, if you haven’t complied with the rules, there is little hope when an enquiry starts and the inspector arrives. We are urging all businesses in the hospitality sector to seek advice, you may think you are complying with the rules, but as these are ever changing and increasingly complex, it is often easy to get caught out.”
Earlier this year HMRC announced a specialised taskforce focusing on the hospitality sector. To date over 500 enquiries have been started, including over 150 in London, and average bills for businesses have exceeded £14,000. Mora than 20 enquiries have found issues so serious that HMRC believe that fraud has taken place, and in December 2011 two restaurateurs from Edinburgh were arrested by HMRC and their homes and business premises searched.
WMT are offering a free tips, gratuities and service charge healthcheck questionnaire, which will be reviewed by Peter who will provide you with a free report of the findings. For a copy of the report please email WMT at info@wmtllp.com alternatively please call 01727 838 255.
We would like to congratulate Paula Jeffs, senior private client tax manager at WMT a leading accountancy and tax firm in St Albans, on passing her recent exams, making her a member of the Society of Trust and Estate Practitioners.
Paula’s recent qualification was obtained due to her significant practical experience and knowledge of this area, she is now one of the few tax advisors in Hertfordshire with this qualification. Paula Jeffs comments: “we are finding that we are getting more and more enquiries from people looking to plan for the future, many do not know what is available to them and the tax savings they could potentially make, being STEP qualified enables me to offer the best possible advice.”
If you would like further information about trusts and Inheritance Tax Planning, please call Paula Jeffs on 01727 838 255.
Earlier this year HM Revenue & Customs warned restaurants that they were launching a targeted campaign to recover tax which they believed had not been paid. Figures released today show that they are carrying through on this threat.
HMRC have to date started enquiries into over 530 restaurant businesses, and to date average bills for businesses have been £14,000 each. Of these enquiries, 22 have found issues so serious that HMRC consider that fraud has taken place, with the possibility of criminal prosecutions to follow.
It is certain that many more enquiries will be commenced over the coming months. All hospitality businesses should take the chance to act now and check their affairs are in order. To find out how we can help contact Peter Davies on 01727 838255 or peter.davies@wmtllp.com.
Hertfordshire recruitment agencies gathered at Sopwell House Hotel, St Albans, to listen to Mike Walmsley from MikeWalmsley.com, recruitment specialists from WMT, a leading accountancy firm in the South East and experts from Barclays Corporate to discuss the opportunities and challenges facing the recruitment sector. Presentations explored 21st Century marketing approaches including the use of social media, as well as looking at recent case studies, statistics and trends in the market.
The discussions that took place confirmed that there are concerns about the current market place but also showed optimism for the future.
Feedback received was positive and guests were left better informed on the opportunities available to them.
WMT work with a number of recruitment agencies providing business advisory, accounting, taxation and corporate finance support. To find out more about how we work with recruitment agencies please call Andrew Williamson on 01727 838 255.
With the average 4 bedroom property in St Albans costing £619,746 (statistics from home.co.uk) there is no wonder that the recent seminar held by WMT – Chartered Accountants on preserving your family’s wealth was over subscribed. The seminar held at their office in St Albans, featured presentations from experts in the fields of Inheritance Tax, Wills, Trusts and Investments.
Speakers from WMT included Anne-Maree Dunn, Tax Partner at WMT, who started the session off with an overview on maximising wealth, offering guests top tips on how to ensure they structure their affairs to ensure they pay lowest taxes - income tax, capital gains tax or Inheritence tax. This was followed by Paula Jeffs, Senior Private Client Manager at the firm. Paula who specialises in Inheritance Tax and Trusts spoke about trusts and their uses.
“We are finding more and more that people are keen to protect their wealth by creating trusts, and it’s something that anybody can do” Paula Jeffs, Senior Private Client Tax Manager
Although there was a lot to take in, guests went away with a greater insight into preserving their family’s wealth having found the information easy to digest and the content extremely useful.
“Managing your wealth, especially in the current economic climate is key, we have been helping clients manage their tax and business affairs in the most efficient manner for over 35 years.” Anne-Maree Dunn, Tax Partner
For more information on how you can manage your family’s wealth contact Anne-Maree Dunn or Paula Jeffs on 01727 838 255.
WMT, a top South East Corporate Finance and Advisory specialists, Matrix, a well respected Private Equity House, Sherrards Solicitors, a long established and rapidly expanding commercial law firm and were joined by Hertfordshire businesses at their workshop focussing on ‘buying and selling a business – the process demystified’. The event held at Hatfield House in Hertfordshire was well attended & found by many to be a real eye opener as to the hard work that goes into a transaction and the differing views that parties take to transactions.
“Times are changing, there are opportunities for SME businesses that business owners are not fully aware of and are not always accurately advised on, we hope we managed to give people an insight into the options available to them in this whistle stop tour of the processes involved in buying and selling a business.” Andrew Williamson, Managing Partner, WMT.
The speakers covered the do’s and don’ts of buying and selling a business from target identification and assessment of the business, assessing the value, marketing the business, legal documentation and post acquisition integration. The event had the guests split into four groups who were all bidding to acquire a fictional company which clearly highlighted the value of a company varies dramtically depending upon the purchaser.
“People are keen to maximise business opportunities, it was clear from the number of questions asked that this area is, rightly so, currently in the forefront of many peoples minds, those looking at taking steps to maximise business potential through acquiring businesses and also those looking to take advantages of lucrative offers that may be available to them.” Graham Wintle, Partner, WMT
If you are looking to buy or sell a business, call the Corporate Finance team at WMT on 01728 838 255 who will be able to advise you on the processes involved.
WMT a leading South East accountancy firm are pleased to welcome the newest members of their team, Peter Davies, Senior Employment Tax Manager and Anil Arora, Corporate Tax Manager.
Peter and Anil bring a wealth of experience with them.
Peter is a recognised national expert in advising businesses in the hospitality and construction sectors in particular which has led him to appear on BBC TV and Radio 4. Peter was a former Inland Revenue investigator with extensive experience in enquiries carried out by HM Revenue & Customs (HMRC). Since leaving HMRC Peter has worked for a leading London based accountancy firm advising businesses on employment tax issues, including benefits in kind, PAYE and National Insurance.
Anil started his career in a top 10 accountancy firm and has developed his expertise in corporate tax. He specialises in advising on the tax matters arising from buying and selling businesses, corporate restructuring and share schemes.
“WMT are delighted to have attracted Anil and Peter to join our team here in St Albans. Peter is one of the leading experts in his field in the UK and Anil’s skills and expertise will complement the existing expertise we have in the WMT tax and corporate finance teams. We wish them every success in their new roles.” Andrew Williamson, Managing Partner
WMT has a well established and highly experienced tax department with specialisms in a number of areas within tax, including trusts, inheritance tax and tax planning, the
introduction of the newest members of the team will enable them to develop their service offering further and offer an enhanced service to businesses and individuals in and around Hertfordshire.
WMT offer a full range of corporate and private client tax services, to speak to a member of their tax team call them on 01727 838 255. To find out more about WMT visit their website: www.wmtllp.com.
Chris Ellis of WMT LLP, advisory, tax, audit, accounting and corporate finance specialists, based in St Albans, received the highest results in Herts, Beds and Bucks for his final accountancy exams and is now an exam qualified Chartered Accountant.
Chris was awarded the order of merit at the Beds Bucks and Herts Annual Student Dinner, presented by The Institute of Chartered Accountants in England and Wales (ICAEW).
Chris joined WMT as part of their graduate programme in 2008 and following his recent results is now looking forward to a successful career as an audit and accounts senior for the Hertfordshire based firm.
‘We are thrilled, Chris has put a lot of hard work into his exams and it has certainly paid off, to receive best results in Herts, Beds and Bucks is quite something, we are extremely proud’. Andrew Williamson, Managing Partner
WMT Chartered Accountants are proud to have taken part in the recent Dragon’s apprentice scheme organised by Connect St Albans, in which local businesses (dragons) were teamed up with 6th form students from schools in St Albans to help them to raise money for local charities.
WMT’s team was from St Columba’s College the ‘Logarithms’ and were tasked with raising money for St Albans based charity the Daylight Club Charity, a very friendly social club for adults of working age with physical disabilities living in the St Albans.
After a business planning and strategy meeting with the Logarithms it was decided that the best fundraising approach to take was to hold a quiz night, this event was well attended by a number of people in the St Albans community and helped to raise £1283.15 for the Daylight Club.
“We were thrilled to be involved in this project, we work with clients everyday to help them to maximise their business potential. Through this scheme, we proved we can do it ourselves by converting £100 to over £1,200 for the charity. The Logarithms were a good team to work and they grasped the fundamentals of business quickly. It has also been a privilege working alongside the charity; they do so much for the community for so little so helping them to raise their profile and to fund some club outings is fantastic.” Andy Robinson, Corporate Finance Director, WMT – Chartered Accountants
