As of 2018, the UK’s retail sector was worth £395 billion, making up 5% of the country’s total GDP. While these numbers pose a great opportunity for those who want to sell their goods and services to the public, it also means that competition is cutthroat, especially considering the growth of online shopping.

Working with the right accountant will help you stay on top of your finances, whilst reducing losses, delayed payments, inventory shrinkage, and mitigating other financial risks.

At AK Tax, we work with retailers of all sizes—be it independent boutiques, high street retailers, e-commerce sites or major wholesalers. We’ll create a sound financial system that will allow you to take strategic steps towards business growth.

Here are some of the tailored retain accounting services we offer to our clients working in this challenging, evolving but hugely rewarding sector.

supermarket shelves

Corporate Tax Planning and Advice for Retailers

Taxation already takes a huge chunk of a retailer’s income, so we make it our goal that you won’t pay more than what is necessary. We can outline a taxation strategy tailored to your business, including:

VAT Accounting for Retailers — Tax relief can ease the burden of investing in retail systems which can disrupt your cash flow. We’ll determine the right VAT system, so you can maximise your tax returns and have all files submitted on time.

Tax Planning — Our team will take into account any products you may need to import or export, as well as any upfront charges. We’ll then plan and implement a taxation system that factors in these numbers, so you can maintain healthy cash flow.

Corporation Tax — Every company in the UK is mandated to file its corporate tax return. We’ll analyse your business and provide ongoing advice to make sure your reliefs, losses, or deferment opportunities all work to your benefit.

Business Consulting

Our team of specialised accountants will help you understand the implications of our data to your overall business goals. With our consulting services, you can expect:

Long-term Growth Strategies — A vision for growth is integral to business success. We’ll come up with a strategic financial plan that will direct your steps towards your long-term goals.

Margin Optimisation — We’ll devise a process that will allow you to focus on selling high-profit products and put an end to selling low-profit products.

Negotiations Advise — If you intend to acquire more shops or sell your business, we’ll teach you negotiation techniques so you’ll close deals with all your objectives met.

Financing Options — We’ll do the research and come up with a list of possible funding options that are aligned with your current finances and your goals.

Exit Strategies — We’ll come up with an exit strategy that will not put all your hard work to waste. With our game plan, you can start another business again or choose to retire.

Bookkeeping and Audits

Accounting for retailers require keeping track of high-volume transactions, which makes bookkeeping an essential yet time-consuming endeavour. We’ll take this burden off your hands and set up a robust system in place for the following:

Payroll — Let us handle your payroll and we’ll administer all staff payments, bonuses, and retirement funds. We’ll also provide you an analysis of how much your staff is costing you.

Financial Reports — Whether you need it monthly or quarterly, you’ll receive regular reports on your statutory accounts, financial statements, and audits.

Budgeting — If you need to purchase software or equipment, you’ll know if you have the budget for it or if you need to seek funding.

Cash Flow Projections — Whether you want to pivot, move to a different location with higher rent, or you’re about to enter a low-profit season, our cash flow projections can help. You’ll know where your finances stand and predict whether you’ll be able to tide the ebb and flow of seasonal purchases or if you have enough money to re-invest.

HMRC Requirements — We’ll help you submit and comply with HMRC requirements, including using approved cloud-based accounting software like Xero and submitting all necessary files on time.

Human Resources

Being in retail means your staff is integral to your services. We’ll help you take better care of your employees by doing the following:

Compliant HR Policies — We’ll make sure your hiring policies are compliant with the country’s laws, including recruitment, handbook, termination, disciplinary, and safety policies.

Salary Benchmarking — We’ll review your employees’ current salaries and let you know if they are compensated fairly and competitively.

Hiring the Right People — As they take client-facing roles, your staff needs to fit your company’s culture and imbibe the values that you want your business to show your customers.

Stock Management

Staying on top of inventory is one of the biggest challenges of retail shops. With our team, you’ll have:

The Right Software — We are certified Xero accountants so can use this HMRC approved cloud accounting software to remotely link to your POS so we can fix any issue as soon as it arises while managing your current stocks.

Insights on Inventory Management — When you need to reorder new stock, we’ll let you know how much you can take out of the business without putting your cash flow in the red.

Supply Chain Management — We’ll improve inventory control so you can keep up with customer demands, deliver products on time, and keep your costs competitive. We can also give you a hand with supplier negotiations by coming up with stock agreements and/or volume discounts.

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



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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