Chas Roy Chowdury, head of taxation at ACCA UK, has some basic advice on how practitioners can help keep their publican clients in the black.
With around 27 pubs closing per week, these are hard times for those in the Licensing trade, as any accountant with publican clients will surely know. But, by following certain steps, landlords can still keep the taps from running dry.
As funds dry up social drinking is often the first luxury that is sacrificed, and this clearly has negative connotations for those involved in the Licensing trade. While bar chains may be able to absorb losses, large numbers of individual bars, pubs and restaurants may find it difficult to find a way through the current economic slowdown.
It is therefore critical that licensees devote time to financial planning....