The UK’s ‘farm to fork’ sector—which includes agriculture, catering, as well as food and beverage manufacturing, wholesaling, and retailing—contributed £121.6 billion to the country’s economy in 2017. Consumer spending, meanwhile, showed a continued upward trend in the past decade, increasing by 34% since 2009.

This sector is evolving rapidly. However, food and drink businesses also face increasing demands from consumers, more business challenges (e.g. packing, traceability, health issues), price fluctuations, and retailer consolidation.

At AK Tax, we’ll make sure your business stays flexible enough to weather these changes. Our specialised accounting services cater to the entire food and catering supply chain—from farming, to distribution, to restaurants and caterers.

serrano ham nibbles

Food and Drink

There is a huge demand in the country’s food and drink sector, as evidenced by the £88 billion that consumers spent in 2017 alone. This means more competitors are showing up in this area, which ultimately affects supermarket prices and the prices of raw materials. 

Whether you’re a wholesale supplier, franchise restaurant, food truck, bars, cafes, or takeaway venues, you need an accountant who has extensive experience in this industry to help you maintain a profitable business. Our services tailored to the food and drink sector include:

  • Personal and Business Taxation — We will accomplish your self assessment taxation requirements and submit them on time, including personal tax planning, income tax returns, VAT, audits, and profit adjustment for tax computations.
  • Accounts Preparation — We’ll prepare your company accounts and tax returns using Xero cloud accounting software, so you can immediately see where your business stands today and against your competitors. We’ll highlight key metrics that will drive business growth and analyse data for even more ways to maximise your profit. We’ll also help you present these figures in a simple and understandable format for stakeholders and investors. 
  • Compliance — With our services, your business will always comply with laws and regulatory bodies. You’ll also be notified of any new legal changes that will affect your business and/or the industry as a whole.
  • Cash Flow and Budgeting — We’ll take into consideration any seasonal changes, fluctuations in prices, and changes in consumer demand, so your business can adjust without going in the red.
  • Payroll — We’ll process payroll, prepare PAYE remittances, accomplish all forms and requirements by the end of the year, and liaise with the HMRC for any enquiries.
  • Innovation and Growth — If you intend to grow your business, we’ll lend a hand with figuring out your R&D tax relief, restructure your taxes if need be, and raise any necessary funding.
  • Employment — As employees are integral to business longevity, we’ll help you come up with tax-efficient remuneration packages, figure out employee share schemes, stay compliant with employment taxes, administer payroll, and advise on recruitment and selection.
  • Exporting — If you export your products, we’ll let you know the taxation, customs, and duties required, and make sure you deliver.
  • Business Support — We’ll provide strategic recommendations for exit strategies, business plans, buying and selling businesses, and the technology you’ll need for the company.

Producers and Growers

At AK we have extensive experience working with farmers, agribusiness, and landowners. We understand how your business can be affected by crop yields, production cycles, economic peaks and troughs and even the weather. We offer the following services:

  • Strategic Business Advice — We’ll take on an advisory role and help you out on key areas like business structures, financial planning, farm succession, retirement, family wealth protection, and diversifying into renewable projects.
  • Taxation — Tax rules are complex, whether that involves Capital Gains Tax on asset disposals, stamp duty land tax, or VAT. We’ll make sure you stay compliant and submit requirements on time, whilst maximising your tax reliefs.
  • Accounting Software — With our accountants onboard, your process is guaranteed to follow the rules of Making Tax Digital, specifically by helping you make the move to Xero Accounting Software (although we can work with any software you have in place).
  • Land and Property — We’ll combine our knowledge of the commercial market and property taxation to give you the best financial and legal structure for your business.
  • Payroll and Bookkeeping — Leave the time-consuming tasks to us, including looking for funding, budgeting, monitoring cash flow, administering employee salary and benefits, and auditing. We’ll provide regular reports to you so you’ll know when you need to pivot or when you can re-invest.

Catering

catering kitchen

Whether you’re a mobile caterer or a fixed-site caterer, there are several financial procedures that you need to have to build your business and protect your customers. On top of our accounting and bookkeeping services, we also offer the following for those in the catering sector:

  • Managing Prices — We’ll make sure that your food and beverage prices are competitive while still maintaining a healthy margin. Being in one of the most competitive spaces, we’ll give you strategies on how to improve your bottom-line and stay profitable, despite seasonal changes.
  • Health and Safety — Your business requires you to comply with strict health and safety regulations, as cross-contamination can severely affect your business. From transport to storage, we’ll make sure your processes follow the standard procedure for your customer’s safety.
  • Taxation Advice — Plenty of caterers fail to claim tax relief, including set-up costs and stock management. We’ll give you the financial support you need so you can minimise your tax spend and maximise your profit.

Get in touch

If you have any queries, please get in touch. We offer a free initial consultation to talk about your requirements and potential solutions.

01634 540 040

Contact Us

We have three packages to suit most needs, however, if it’s not quite tailored enough then please get in touch as bespoke packages are always an option.

AK Startup+

AK Startup +

Designed for the small or starting business. Makes sure your taxes and accounts are filed, and your back is covered.

£ 109 + VAT

Learn more

AK Advantage

AK Advantage

Vital input on your financials while making sure that your taxes are always minimised. It’s our most popular package.

£ 209 + VAT

Learn more

AK FD

AK FD

All the expertise of a Financial Director into your business, for a fraction of the cost (and still files your accounts and tax returns).

£ 499 + VAT

Learn more

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