How should tips and service charges be handled for payroll and tax?
From October 2024, all tips must be passed to workers in full. Payroll tips attract Income Tax and NI; cash tips attract Income Tax only. Employers must maintain a written tips policy.
What accounting records must a food and hospitality business keep?
Records of all sales, purchases, payroll, VAT, and stock must be kept for at least 6 years. A POS system integrated with accounting software simplifies compliance significantly.
Is food VAT-exempt in the UK?
Basic food is zero-rated, but hot food, eat-in meals, and certain snacks are standard-rated at 20%. The eat-in vs takeaway distinction is critical and a common source of VAT errors.
Amin’s Café
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Management Accounts
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