Licensed Trade

Working with licensed trade accountancy specialists at an early stage can help secure later success.

With initial work undertaken even before the client had taken up the reins of their lease, the ‘Prince of Wales’ is certainly a good example of how working with SGW from an early stage can prove beneficial.

In fact, SGW support was sought right from the outset and included assisting the client’s search for an outlet that was just right for them.

Initial work included rigorous analysis of the client’s requirements. Did they want a town-based pub or something in a more rural setting? Food-led or predominantly wet sales? Modern or traditional?

These are the kinds of questions a prospective lessee needs to ponder – and as this client discovered, an independent view from a firm of industry-focused accountants can be invaluable.

As the search narrowed, so SGW began to apply more finance-focused analysis. A full financial assessment of the candidate pubs was carried out, including business plan, cash flow forecast and analysis of the pub’s historic performance.

All of which led the client to the ‘Prince of Wales’, in Havant, Hampshire. SGW facilitated discussions between their client and the pub’s landlords and were successful in securing the objective of a tenancy at will (TAW).

The TAW included a six-month trial period at a low rent. The six-month performance figures were then extrapolated into a full cashflow forecast, which mean that SGW’s client could proceed with confidence. They then entered into an SGW-negotiated three-year tenancy, with one month’s notice on either side.

Now in their third year as lessees of The Prince of Wales, SGW’s client has been highly successful … the result of the client’s hard work and the full package of finance support services they continue to enjoy.

Autumn Budget

Autumn Budget

This year’s autumn budget highlights are as follows:

  • First time buyers of residential property outside Scotland will pay no stamp duty land tax on the first £300,000 of the purchase price for a home, provided its value does not exceed £500,000.
  • The personal allowance will rise to £11,850 and the higher rate tax threshold for the UK (excluding non-savings, non-dividend income in Scotland) will rise to £46,350 for 2018/19.
  • The pension lifetime allowance will be increased from £1 million to £1.03 million from April 2018. There will be no change to the annual allowance.
  • Venture capital trusts, enterprise investment schemes and seed enterprise investment schemes will be required to focus more on companies where there is a real investment risk.
  • The diesel supplement for less efficient company cars will be increased from 3% to 4% from April 2018.
  • Online marketplaces will become jointly and severally liable for unpaid VAT of UK traders as well as overseas traders.
  • There will be several changes to business rates, notably dealing with the ‘staircase tax’ and introducing valuations every three years.