An article in the Times this week looks at how the forthcoming business rates hikes are putting increased pressure on pubs. It focuses on The Queens in Ludlow, which will see its business rates increase by 146 per cent when reform of the tax comes into effect in April, rising from £8,470 to £20,850 by 2022. Landlord Tim Vaughn warns that the hike will “put many of us out of business, without a doubt.”
Trade associations have called for more relief for pubs, which generate 0.5 per cent of turnover across the whole economy in England, yet pay 2.8 per cent of the business rates bill.
At Beavis Morgan, we have extensive experience of working with clients in the hospitality sector and our professionals are acknowledged experts in issues affecting pubs, bars and restaurants. We are available to provide general business advice and to structure your business for tax. We can also assist with business plans and strategy execution, long and short-term forecasts, budgets, sensitivity analysis, and calculating and checking compliance with covenants.
Through our partner businesses, BM Structured Finance and BM Advisory, we are able to help with sourcing and restructuring debt finance for SME businesses, as well as assisting with resolving issues which can impact on business performance and success, and finding innovative solutions for businesses and individuals in distress.
Contact Matthew Burge or your usual Beavis Morgan Partner for further information about how we can assist you and your hospitality business.