In the Headlines Hospitality Newsletter, Summer 2016
Alternative Finance for the Hospitality Sector
29 Pubs Close a Week – What Can be Done to Save Mine?
Mileage Allowance: What if I Have two Jobs?
Alternative Finance is becoming increasingly popular for businesses, especially those in the hospitality sector.
With the demise of UK public houses very much a possibility, what can be done to save yours?
Business owners and employees have benefited from the popular mileage allowance, helping them save thousands in tax each year.
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Contents
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Welcome and Partners
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Special Feature Alternative Finance for the Hospitality Sector
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Raffingers are now Accredited for Probate and Estate Administration
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Top Five Reasons for Making a Will
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Raffingers Foundation Fundraising 2016
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Special Feature 29 Pubs Close a Week – What can be Done to Save Mine?
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Mileage Allowance: What if I Have two Jobs?
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Raffingers Events
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Employee Spotlight
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Digital Reporting to be Compulsory for ALL Businesses
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Hospitality Sector Missing out on Revenue due to High Tourism VAT
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Partners Perspective “The National Living Wage is Crippling me – How do I Manage it?”
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The Government to Crackdown on Unfair Tipping Practices
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Welcome to our SUMMER Newsletter As we welcome bluer skies and warmer days, we are pleased to bring you the summer edition of our Hospitality Quarterly Newsletter. This quarter, we aim to bring you the most relevant content and up to date news pertaining to the sector. This last quarter has been yet another busy one for the hospitality sector. The government is looking to bring in new tipping legislation to regulate employers who unfairly tip staff and the National Living Wage is in full swing. Articles on these topics can be found on pages 14 and 15 respectively. Not only this, but other legislation set to impact the sector, including Digital Reporting to be made Compulsory for ALL Businesses and the Hospitality Sector Missing out on Revenue due to High Tourism VAT, both of which we discuss in detail. In this edition, we also have two special features, which look at Alternative Finance for the Hospitality Sector and 29 Pubs Close a Week – What can be Done to Save Mine. As always, if you would like to be featured in our next edition, or have any suggestions for topics that you would like to see discussed, please get in touch.
Raffingers Partners Gary Inglis Managing Partner gary@raffingers.co.uk
Andrew Coney Partner andrew@raffingers.co.uk
Lee Manning Partner lee@raffingers.co.uk
Adam Moody Partner adam@raffingers.co.uk
Suda Ratnam Partner suda@raffingers.co.uk
The Partners at Raffingers Barry Soraff Partner barry@raffingers.co.uk
Paul Dell Partner paul@raffingers.co.uk
Probate and Estate Administration - Page 6
Alternative Finance for the Hospitality Sector SPECIAL FEATURE
For small to medium sized businesses, being turned away from banks for money is very much a reality. However, there are other ways you can raise income, and despite popular belief, these do not always come at the cost of shares or a stake of your company. Alternative Finance is becoming increasingly popular for businesses, especially those in the hospitality sector. There are several finance options you could consider if you have exhausted the banks of your friends and family and if the banks are unwilling to fund your request.
The Business Plan Before anticipating your search for extra funds, it is imperative that you have a coherent business plan with clear financial forecasts and predictions. Banks and
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external funders turn thousands of business owners away due their business plan and its lack of coherency. Working with accountants or advisory services that can assist with your business plan, makes it more valid and easier for banks/funders to trust it. Once you have a thorough plan in place there are several alternative finance options you could consider, such as:
Specialist Short Term Loans A common mistake that many businesses and startup companies make is requesting significant sums of finance, and not allocating in detail the use for it. If the finance you need is for a specific reason, such as refurbishments, assets or expansions, a specialist short term loan may be more effective. These specialist loans are more likely to be approved by a loan specialist, rather than a bank, as they handle businesses who have
intended use for the money. What is more, specialist loans tend to be processed much faster and quicker than bank loans.
Invoice Trading Invoice trading looks at selling your invoices in order to release cash quickly, helping with short term debts and improving the cashflow and liquidity of your business. Over 80% of UK SMEs are said to have problems with their cashflow and liquidation, which is why invoice trading is the ideal solution. What is more, funds can often be accessed within 48 hours. One company worth looking at in regards to this is Market Invoice.
Crowdfunding and Crowd Lending Crowdfunding is becoming an increasingly popular way for businesses to raise finances from a large number of people. This type of alternative finance can work particularly well for hospitality businesses that are part of a large community or may have a positive impact on the development of a local community. There are different types of crowdfunding, however, for the hospitality sector the most popular are: ● Equity/Investment Crowdfunding: Investors will fund capital into the company for a stake of the business or increased interest on repayments. This type of crowdfunding is common with small or start-up businesses. ● Donation Crowdfunding: Where smaller amounts are raised by individuals in order to reach a larger funding aim or project. With this type of crowdfunding there is no financial exchange or benefit for the person who donated. This is more common with project based businesses.
Over 80% of UK SMEs are said to have problems with their cashflow and liquidation, which is why Invoice Trading is ideal.
Grants, Funds and Schemes With at least 99% of businesses in the UK considered an SME, it is no wonder why there are many government– led and privately run grants, funds and schemes available for small businesses. This includes the popular Enterprise Investment Scheme (EIS), which helps small, high risk companies raise finance through equity, or the Business Angel Co-Investment Fund, allowing easy access to angel investments for SMEs with a high growth potential. Although applying for these grants and schemes can be fairly extensive, if won, you can benefit from large sums and also valuable, beneficial advice and support to guide your business further.
For further information, please contact: Gary Inglis 020 8418 2770 gary@raffingers.co.uk
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Raffingers are now Accredited for Probate and Estate Administration Probate has traditionally been restricted to the legal profession… but not anymore. Through being accredited probate advisors, we are now able to support you throughout your life and are able to extend this support to your family and beneficiaries during probate. We understand the figures and are tax experts; we therefore have the expertise to handle the probate process reliably, confidentially and professionally. You can be rest assured that your estate will be distributed as per your wishes and your family will not be required to pay any more tax than necessary.
● Provide advice on the tax implications connected with selling an estate ● Prepare tax returns for personal representatives Provide final estate accounts ● In association with our wealth management partners – provide specialist financial advice to the beneficiaries inheriting any part of the estate From our existing knowledge of financial affairs and our expertise in personal financial management, probate and Wills is a natural extension of our service and we are looking forward to be able to extend this support to our clients.
As part of our service, we can help you: For further information or to book a free consultation, contact: Paul Dell 020 8418 2688 paul@raffingers.co.uk
● Research and assess the value of the estate ● Guide you on inheritance tax planning and aid in the preparation of inheritance tax accounts ● Handle Income and Capital Gains Tax liabilities of the estate ● Gather assets and pay creditors
Top Five Reasons for Making a Will
If you are married or in a relationship and your home is not owned as joint tenants, your spouse/ partner does not necessarily inherit the house.
To manage assets for those who may be considered too young to inherit, or not trusted to manage for themselves.
If you are married and have children from an earlier marriage, these children may not benefit without a Will.
To avoid unnecessary IHT. If you do not have a will and your estate is distributed to people other than your spouse and the value exceeds the nil rate band, tax will have to be paid.
To benefit individuals who are not related.
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Raffingers Foundation Fundraising 2016 Raffingers Foundation was formed in 2016, in memory of Jason Kew, a dear husband and friend, who sadly lost his life to pancreatic cancer, as well as to honour those family members of the firm who have been lost to ovarian cancer. We are pleased to announce that through everyone’s support we have already raised nearly £3,000, all of which will be split equally between Pancreatic Cancer Research Fund and Ovarian Cancer Action.
£2,964 Raised so far
Thank you for your support.
www.raffingers.co.uk/community
Annual Charity Golf Day It was great to see so many clients, friends and new faces at our golf day this year. Thank you to everyone who attended and made it such a great day. We even had the weather on our side too. Due to everyone’s generosity, we have raised £1,300 (and still counting).
Nearest the Pin - Jeremy Browne Longest Drive - Jack Hunter Overall Winner, Handicap 1-16 - Matt Penn Overall Winner, Handicap 17-28 - Richard Rones
Nuclear Races On Sunday 15 May, in the muddy fields of Essex, seven members of the Raffingers team took part in Nuclear Races. They were battered and bruised, but all of the team completed the race, helping raise money for our two amazing charities.
Summer Ball June 2017
Keep your eyes peeled for further information about our Summer Ball, which will be released in the coming months. Just a bit of a taster, you can expect a sumptuous three course feast, auction, magician, band, impressionist... and more.
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29 Pubs Close a WeekWhat can be Done to Save Mine? For further information: Adam Moody 020 8418 2683 adam@raffingers.co.uk
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Pubs are at the heart of many local communities and have contributed massively to British traditions and history. However, with an increase in taxes, legislative changes and high overheads, pubs are struggling to stay open. With the demise of UK public houses very much a possibility, what can be done to save yours? According to research conducted by Campaign for Real Ale (CAMRA), an average of 29 pubs close every week. Over the past decade, the sector has faced numerous changes which have contributed to the closures. These include an increase in overheads, such as rent, increase in taxes and the recent introduction of the National Living Wage. To add further, changes in consumer habits have led to an 18% fall in alcohol consumption and competition from off licences, news agents and supermarkets have made it extremely difficult for the sector to survive. Consequently, pubs are at risk of bankruptcy and demolition. With pub owners in fear for the survival of their business, the government has introduced a range of measures over the last few years that are aimed at
SPECIAL FEATURE
reviving the sector. These include: ● More Than a Pub: The Community Pub Business Support Programme – On 10 March 2016, the government injected £3.62m to help public houses which are at risk of insolvency. The scheme assists public houses with business development, advice and support services and grant funding opportunities. ● Crowd-funding: Crowd-funding and alternative finance has become increasingly popular for pubs. By enabling customers and the community to invest in the business, pub owners are able to raise finances critical to the future of their business. ● Allowances and Relief: An average of 9 out of 10 pub owners fall into the category of not claiming back capital allowances or utilising their tax relief. As a result, they rack unnecessary expenses, which could be avoided. It is also important to note that pubs that manufacturer for wholesale supply are entitled to Alcoholic Ingredients Relief.
● Utilise the Tax Freeze on Duty: At the 2016 Budget, George Osborne announced that the government will continue to be a pillar of support for the sector by freezing the duty on alcohol. With only some alcohols subjected to this, pubs should ensure that they are utilising the savings where possible. If however, the above comes too late and demolition is a probability: ● Register as an ACV: Registering pubs as an ACV (Asset of Community Value) could protect it from being demolished or from business developers making use of it for other means. ● Community Support: Having the backing of the local community can significantly help with appeals against demolitions. ● Financial Advice: Where a buy-out is a possibility or the businesses finances need to be reviewed, seeking advice can offer a range of options and scenarios to help the pub become profitable again.
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Mileage Allowance: What if I Have two Jobs? For several years, business owners and employees have benefited from the popular mileage allowance, helping them save thousands in tax by using their personal car for business purposes. However, a clause in the ‘Associated Employments’ rule means that directors, even if they have more than one business, can only claim 45p per mile for a total of 10,000 miles, irrespective of what business it falls under. With many directors fitting this brief, can anything be done to get around this rule? Both employers and employees can claim a tax rebate for every business journey they make. At current, the rates stand at:
Vehicle
Over 10,000 Up to 10,000 miles miles thereafter
Cars and Vans 45p
25p
Motorcycle
24p
24p
Bike
20p
20p
The maximum an individual can save is £4,500 (for 10,000 miles). This is best illustrated in the following example: As the director of several event venues, Sherry has to regularly conduct business related trips to see clients. In the current tax year, Sherry has done 14,000 miles. As her first 10,000 miles are calculated at 45p per mile, she saves herself £4,500 and then an additional £1,000 for the next 4,000 miles, which are calculated at 25p. This means Sherry can claim a total of £5,500 back.
What if I am the Director of two Businesses? Irrespective of whether you are the director of
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one, two or more companies, you will be limited to a total of 10,000 miles at 45p per mile. This is because all companies are subjected to the “Associated Employments” rule. With this, associated companies are subject to a shared mileage allowance. Two companies are deemed associated if (directly or indirectly): ● One business has control over the other OR ● A third party has control over both businesses It is important to note that this does not apply if you work for two completely unrelated businesses. In this case, you will be able to claim the higher rate of 45p per mile, for up to 10,000 miles, for each company.
How to Escape the Trap There are no loop holes in the associated employment rule. However, you may be able to benefit if you carry out unrelated work under selfemployment. This is because from April 2013, HMRC announced that those self-employed can claim back their mileage through deducting the amount from their profits. Self-employment does not fall under the “Associated Employments” rule; therefore the two are treated separately. As a result, directors who carry out freelance or casual work can claim an extra 10,000 miles at the 45p per mile rate. Therefore, if we use the example of Sherry, she could save herself an additional £800 - 4,000 miles at the 45p rate instead of 25p - if the work was to fall equally under her two businesses. Thus meaning, she saves a total of £6,300 in tax.
For further information, please contact: Barry Soraff 020 8418 2663 barry@raffingers.co.uk
Raffingers Events Cloud Open Evening
Let the tax man pay for Your R&D
When: 28 July, 5:30 - 7pm Where: Raffingers, 19-20 Bourne Court, Essex, IG8 8HD
When: 27 October, 10-11am Where: Ceme Innovation Centre, Rainham, RM13 8EU
Drop in to our offices to receive free, one-to-one support on your cloud accounting software.
Join us to find out more about R&D tax credits and whether your business qualifies.
Make Your Money Work for you
What to do in the Event of a Tax Investigation
When: 12 October, 10-11am Where: Ceme Innovation Centre, Rainham, RM13 8EU Discover essential forecasting and budgeting techniques that will help you make better business decisions, enabling you to reach your goals.
When: Autumn 2016, 6-8pm Where: Winkworth Offices Neill Staff will guide you through strategies for dealing with HMRC enquiries if you have fail to disclose disposals or rental income in tax returns.
is the best decision I have made to date! I completed my apprenticeship in December 2015 and am now the Creative Marketing and Design Assistant. During my time at Raffingers I have been able to develop my existing skills and learn new ones, and I look forward to seeing what the future holds.
Employee Spotlight
In this slot we introduce you to a valued member of our team, allowing you to put a face to a name. This quarter we speak to our Creative Marketing and Design Assistant, Danniella Cross. Name: Danniella Cross Email: danniella@raffingers.co.uk Career history: After completing my GCSEs and the first year of my A-S Levels, I decided I wanted to go down the route of a higher level apprenticeship with Raffingers. This gave me the opportunity to gain experience whilst working towards a qualification and
Interests: I have always been very creative and my passion is my art. If I am not sketching something up on my iPad, then I am doodling with a paint brush and oil pastels. I produce a lot of fan art for various hit Netflix series and have even had a few cast members repost my work! However, if I am not doing something artistic and creative, then you can find me snuggled up at home watching every TV series known to exist or attending a great concert. Partners Report: Considering Danniella began at Raffingers as an apprentice, you would never know it. In such a short space of time, Danniella has taken on a large amount of responsibility: organising our annual charity golf day and becoming our design guru. From the infographics on our website to our newsletters, Danniella has been instrumental in their design. With her talent and confidence, she has been a breath of fresh air.
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Digital Reporting to be Compulsory for ALL Businesses It seems that the government is finally pushing all businesses into the 21st Century after declaring that it will soon be mandatory for every business to keep their records in a digital form. So, what has the government actually said? As part of the government’s Making Tax Digital plans, it will be compulsory for every business and landlord to use some form of accountancy software that has the capability to communicate with HMRC’s systems. For technophobes or for businesses that either have their own accountancy software or rely heavily on excel spreadsheets, this is unfortunately going to mean extra costs and hassle as all data will need to be transferred to the new software. As of yet, there is no clear guidance on what information will need to be transferred to HMRC via the software, but it is clear that end of year tax returns will be removed and instead individuals and businesses will need to submit their digital records ‘at least’ quarterly each year. The government has made these plans with the following four intentions: ● To simplify tax by showing taxpayers upfront the information HMRC has for them ● To keep tax in one place, giving taxpayers an overview of their liabilities and entitlements ● To clarify tax for businesses, no longer will businesses need to wait until the end of the tax year to see how much tax they will need to pay ● To clarify tax for individual taxpayers, through interacting more regularly with HMRC individuals will have a personalised picture of their tax affairs Who will be affected? ● All companies
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● Self-Employed ● Landlords who receive rents of £10,000 or more Key Dates January – June 2016, five million small businesses and every individual taxpayer will have access to their own digital tax account, seeing information HMRC holds about them July 2018, most businesses, self-employed and landlords start updating HMRC quarterly for income tax and National Insurance obligations. From 2019, most businesses, self-employed and landlords start updating HMRC quarterly for VAT obligations. From 2020, most businesses, self-employed and landlords start updating HMRC quarterly for Corporation Tax obligations. How we can help? We have been ambassadors of cloud accounting for the last five years and we knew it was only a matter of time before such an announcement was made. Indeed, we understand the difficulties of transferring to a new accountancy system, but that is why we have launched our Cloud Team. Our Cloud Team creates bespoke packages for our clients and will help you get started with cloud accounting, providing all of the training you need and being available at any time to support you with the software. Therefore, we can guarantee that by 2018 you will be compliant with the new reporting requirements set by HMRC.
For further information: Lee Manning 020 8418 2662 lee@raffingers.co.uk
Hospitality Sector Missing out on Revenue due to High Tourism VAT The 20% VAT rate on Tourism is one of the most debated topics in the UK hospitality sector. Currently, the UK is one of only three countries in the European Union who do not utilise discounted VAT rates. Should this be considered by the Government in order to reduce the large trade deficit currently standing at £13.3billion a year? According to the Office for National Statistics (ONS), the UK’s trade deficit has risen to £13.3billion, the highest since 2008, a figure stated to be “truly horrible” according to a BBC analysis. The trade deficit needs to be tackled, and one viable solution is to reduce VAT on tourism. The tourism UK vat rate is double the EU average, meaning that the UK is missing out on untapped revenue from overseas tourists, especially where accommodation and tourist attractions apply. Furthermore, according to the “Cut Tourism VAT” campaign, run by the British Hospitality Association, tourists in the UK pay more than three times as much VAT than they do in Germany or France and double in VAT than in Spain or Italy. Consequently, the UK is becoming less appealing and cost effective as a holiday destination for many visitors. Yet, if the UK reduced its tourism VAT by just 5%, the problem could be solved.
Why Lower Rates? The campaign on cutting tourism VAT has led to major discussions and research being conducted, each showing that reducing the rate VAT could: ● Create more jobs in the hospitality and tourism sector: Supporting evidence shows that the Republic of Ireland created 30,000 new jobs for the hospitality and tourism sector since
cutting down tourism VAT from 13.5% to 9% in 2011. If the UK followed a similar path, the creation of 120,000 new jobs can be expected by 2020. ● Increase demand for accommodation and attractions: It is argued that tourism in the UK is not reaching its full potential due to its 20% VAT rate on tourism; if changes were to be made, lower prices would see tourism increase. ● Reduce the large UK trade deficit: The UK has a large trade deficit of £13.3billion. A reduction in VAT by just 5% is projected to turn the countries deficit to a surplus over the next ten years. ● Boost GDP by £4billion a year and promote growth: The Cut Tourism VAT campaign has forecasted that the money generated through reducing VAT will be fed through to the economy, therefore increasing investments and competitiveness within the UK. As a result, GDP will increase significantly. Dermot King, Chairman of the Cut Tourism VAT campaign stated, “At a time when our trade deficit with other EU countries is running at a record high level, there has never been a better time for this Government to take decisive action and reduce the VAT on tourist attractions and accommodation… Analysis from Tourism Respect and Nevin Associates shows that reducing tourism VAT from 20% to 5% would not only reduce the UK’s Balance of Trade deficit over 10 years – it would also increase the tax taken in by £4.2bn”. If you would like to find out more or petition for a tourism VAT cut, please go to http://www. cuttourismvat.co.uk/
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Partner’s Perspective
“The National Living Wage is Crippling me – How do I Manage It?” I have had several clients voice their concerns to me since my last article: ‘National Living Wage and the hospitality sector’ and the majority of these were from smaller businesses. This, combined with the fact that the government proposes to crack down on businesses that unfairly pay out tips, makes me wonder how businesses in the hospitality sector will manage and meet the pressures of the National Living Wage. On 1 April 2016, the government introduced a new pay bracket known as the National Living Wage, which means individuals aged 25 and over are now entitled to a minimum wage of £7.20 per hour (a 50p increase). Although the majority of businesses are not heavily affected, the National Living Wage seems to have had a large impact on lower paid sectors, such as hospitality. According to a report I read conducted by EY on the UK National Living Wage and the hospitality sector, 2/3 businesses in the field say that the changes to wages were “significant for their business”. With over 60% of hospitality businesses affected, I decided to delve in deeper on the situation. Through further reading, I found that since the implementation of the new wage, many businesses have been cutting back on
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recruitment plans and also staff benefits in order to cope with the increase. Not only does this affect the morale of staff members, but it also creates bad press for many businesses. What is more, the National Living Wage is said to be making employees less productive when comparing the UK to other European countries as UK salaries are far more desirable. So what can be done for businesses that are struggling with the changes? There are several areas of improvement I believe that most businesses, especially smaller ones, can focus on:
2/3 businesses in the hospitality sector say that the changes to wages were “significant for their business”.
Staff retention Although the law requires employers to pay employees the National Minimum Wage, there are other ways that businesses can retain staff besides money. Employing new members of staff tends to work out more expensive than keeping the ones you have. Consider: 1. Employee benefits: These do not have to cost the earth; one example is to contact local businesses and gyms to negotiate discounts for your employees. 2. Staff engagement processes: There are many ways you can better engage your employees. Job enrichment - redesigning job tasks - is a great way to motive and encourage efficiency in your business. 3. Training: Show your employees you are invested in them by organising regular training on different aspects of the job. Do something new Innovation can be a great way to get revenue in to the business. Researching new processes, business ideas and marketing campaigns can be a great way to drum in new business. Perhaps your competitors are doing something you are not? Moreover, there are a several tax saving schemes and allowances you can claim if you decide to innovate. Maximise productivity A major perk of the increase to wages is that employers can use it as a way to increase productivity from staff. By slowly introducing more work, the increase to wages can end up being positive to the efficiency of your business. Suppliers Your supply chain has a massive impact on the amount you spend. Reviewing your suppliers annually can be a great way to cut costs as well as build relationships to negotiate better deals. What is more, the hospitality sector as a whole tends to be able to move suppliers more easily, giving businesses in the sector more power when negotiating. Draw a range of cost scenarios Perhaps your business model is not working. With the help of your accountant, you can draw up a range of scenarios to see how best you can arrange your business to help you fully maximise profits and utilise its potential.
For further information: Suda Ratnam 020 8418 2681 suda@raffingers.co.uk
The Government to Crackdown on Unfair Tipping Practices With over 150,000 businesses operating within the hospitality and leisure sectors, it is no surprise that tipping is considered an essential source of income for these businesses. However, the debate on who should be receiving these tips is increasingly being discussed: the 2million UK workers who service the UK or their employers? On 2 May 2016, the Business Secretary announced plans to review the process of tipping in order to increase transparency for consumers and promote ‘fairness’ for employees. This announcement was initiated following a consultation last year that Called for Evidence on the tipping practice in the hospitality and leisure industries. The consultation indicated that 100% of tips should be paid directly to employees, 61% of employees wanted all tips either going to the employee or to be shared in a tronc without any employer control (23%). Consequently, the government agreed that an intervention was needed and launched a second consultation, which outlined several proposals to be put forward. The proposals included updating and implementing a law abiding Voluntary Code of Practice, preventing deductions in discretionary payments and increasing transparency for customers. What is more, the government will look into businesses implementing a well incentivised tronc system and whether there should be a ban on levying table sales charges on staff.
Change your Tipping Process The government is on a mission to tackle poor and unfair tipping practices; therefore, ensure that you have a tipping process in place that benefits both you and your employees. There are several ways to collect tips, but whichever way you choose, you must make sure that it is done fairly and your employees and customers have a clear understanding about where their tips are going. Below are a few options:
● Service charge: The company will always collect and distribute service charge money accordingly. Money collected will be split equally between the employees. For cash tips:
● Allow employees to keep 100% of the tips: Employers have no control over this and employees keep every tip they receive. ● Tronc: Informally distributed: A tronc machine where tips are shared out by a member of staff ● Tronc and Troncmaster: Formally distributed: a tronc machine is used, however there is a Troncmaster who is solely responsible for the distribution of the money, which is shared more formally to staff.
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Head Office 19-20 Bourne Court, Southend Road, Woodford Green, Essex, IG8 8HD Tel: 020 8551 7200 Fax: 020 8551 0912 Email: info@raffingers.co.uk London Office 3rd Floor, 5-10 Bury Street, London, EC3A 5AT Tel: 020 7167 6880 www.raffingers.co.uk facebook.com/Raffingers
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