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.

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.