Monthly Archives: June 2024

Many businesses end up paying more in taxes than necessary because they don’t have access to specialised tax advisors in London. If you want to minimise your business tax bill, save money, and reduce your financial burden, we are here to help.

Our team here at Allenby Accountants can provide tailored advice to reduce your taxes legally. We understand that your business is unique from others in your industry, and this is why we take the time to learn your requirements and challenges and address them with tailored solutions.

Below are some tax efficiency strategies we may recommend depending on your case:

Choose an appropriate business structure.

Are you just starting out? The best time to approach our tax advisors in London is during business structuring. We can advise you on different options and how your choice affects the types of taxes you will pay.

Establish different categories for limited company shares.

Do you own a limited company with different share classes? You may choose to award dividends to one class instead of the other or declare different dividends for every share class. This may add flexibility for tax-efficient profitability.

Claim benefits for your business

If you use your home, computer, mobile phone, or vehicle for personal and business purposes, you could claim the business element of expenses reasonably and fairly. Our tax advisors in London can also recommend using your vehicle only for personal purposes and claiming business mileage via HMRC-authorised mileage rates. If you use your home to run your business, you may be eligible to claim a portion of expenses, such as insurance, mortgage interest, rent, general repairs, and council tax.

Need more advice?

We can review your case and recommend more specific strategies to reduce your tax burden. Just call 0208 914 8887 to book a free, no-obligation consultation with one of our tax advisors in London.

It doesn’t matter how many rental properties you have and whether they are commercial or residential. If you cannot manage your accounts and books, your business could suffer down the road. You might even need to deal with the HMRC. Thankfully, you don’t have to navigate landlord responsibilities on your own. Our property accountants will provide the support you require for a more rewarding and smoother landlord experience.

With Allenby Accountants, you won’t have to worry about accounting and bookkeeping. You can leave those to us while you focus on your tenants and rental properties. We have years of experience helping property owners with carefully tailored service plans to reduce expenses, ensure timely and correct tax filings, and maximise tax efficiency. Read on to understand how our property accountant can support you.

Reduce your expenses

Are you spending more tax on rental income? Our property accountants can look into all possible expenses incurred from travel, phone calls, letting agent fees, council tax, service charges, maintenance, and repairs. We can identify deductible expenses to increase your savings.

Do you own a property as a Joint Tenant with your partner? If an income gap exists between your earnings, we can allocate rental income to the partner with the lower income to avoid a higher rate tax band.

Our property accountants can also advise you on tax-efficient ownership for buy-to-let property. We will help you navigate the updates to the rental income tax structure for these properties so you can increase your profits and save more down the line.

Discover LESA 

At Allenby Accountants, our property accountant is qualified to assist in filing a claim for the Landlord’s Energy Savings Allowance. This lets you claim against expenses on energy-efficient measures, such as draught-proofing, loft insulation, tank and pipe lagging, and solid wall insulation. You could get up to £1,500 on every dwelling.

Comprehensive support for landlords

Our property accountants are also qualified to liaise with the HMRC, negotiate favourable terms, and file tax returns. We also work with landlords who live outside the UK and those who want to take advantage of the rent-a-room allowance.

Contact us today for a free, no-obligation consultation to learn more about our landlord services. Call 0208 914 8887 or request a quote here.

While a steady stream of guests is crucial, a hotel’s long-term success hinges on meticulous financial planning and management. Our hotel accountants can help. With years of industry experience, our experts at Allenby Accountants understand the unique challenges affecting hospitality businesses. We offer specialised bookkeeping and accounting services for your sector to take the guesswork out of these tasks and allow you to focus on delivering outstanding guest experiences every time.

Today’s economic climate is giving hotel owners a range of challenges, such as:

• Thinner margins due to more competition
• Compliance problems with complex laws on VAT, capital allowances, and health and safety
• Irregular cash flows
• Skills shortage
• Competition from the widespread popularity of Airbnb

Our specialist hotel accountants work with various clients in this competitive sector. We will provide the support you need to confidently navigate and overcome those challenges by recommending tailored solutions and providing personalised advice based on your situation.

What can we do for hotel owners?

• We’ll help you establish key performance indicators like cost per occupied room, projected revenue per room, and cost per available room.
• We meticulously track income and expenses, providing monthly breakdowns compared to previous periods and forecasts so you can see exactly where your money comes from and goes.
• Our hotel accountants can create detailed cash flow forecasts (monthly, weekly, or daily) to ensure that you always have sufficient funds to meet financial obligations.
• We’ll also handle your PAYE and VAT obligations so you can comply with regulations.
• Our hotel accountants can pursue late payments from customers to keep your cash flow healthy.
• Claiming capital allowances can reduce your tax burden. We’ll help you maximise these benefits.
• Finding the right accounting and bookkeeping software can save you time and money. We’ll guide you toward the best option for your needs.

Get tailored accounting services from Allenby. 

Request a callback here or call 0208 914 8887 to arrange a complimentary, no-obligation consultation with our hotel accountants.

Is your hospitality business thriving enough? Does it need help improving its finances and cash flow? No matter your situation, we have hospitality accountants at your service. Our hospitality accountants in London specialise in supporting pub, restaurant, and hotel owners to comply with tax laws and ensure accurate and timely accounting and bookkeeping.

At Allenby Accountants, we are committed to supporting your business to help achieve your goals. We understand hospitality is among the biggest job-creating sectors contributing to the UK economy. As specialist accountants, we are qualified to advise business owners in this industry and help them overcome the unique challenges in taxes, compliance, VAT treatment, accounting, bookkeeping, and cash flow management.

How can we help you?

Our hospitality accountants in London have years of experience in core services like accounting, bookkeeping, and taxes. These experts are also qualified to apply their knowledge and expertise to hospitality businesses and recommend advanced solutions to simplify accounts and books. They can help you:

• Set up a cloud-based accounting platform
• Extract profit tax-efficiently
• Set up a document scanning facility to qualify for HMRC’s capital allowance claims.
• Establish an HMRC-approved tronc scheme.
• Apply the correct VAT treatment for different restaurant, cafe, or pub items.
• Implement cutting-edge booking and ordering software, EPOS, stock management, staff rota management, and other technological applications.
• Modernise your cash flow management practices to ensure your business has enough for bills, salaries, and emergencies.

Navigating complexities

At Allenby Accountants, we also support hospitality businesses with monthly reporting of every major indicator, such as cost per occupied room, average daily rate, gross profit margin, and prime cost percentage. We draw from our experience as hospitality accountants in London when reporting indicators specific to your business and industry. Moreover, we make the most of our network of investors to help you arrange finance to grow your business.

Get expert and tailored guidance now. 

Set up a no-obligation and complimentary consultation with our hospitality accountants by calling 0208 914 8887 or email info@allenbyaccountants.co.uk. You can also click the ‘request a call back’ button so we can get in touch with you instead.