Great restaurants are composed of many different things. Outstanding food, impeccable service, and an overall unique experience. However, when opening a restaurant, it is important to not only focus solely on internal factors, but to consider certain external elements. Today we will be looking at such elements, and exploring why they can be crucial for starting restauranteurs.

1) Nearby Attractions

Whilst I’m sure that your restaurant will or does offer a great experience to your customers, it helps if the businesses around you do as well. Families out for dinner will likely go for drinks afterwards, especially if a bar is nearby. You are more likely to attract customers if they find the area you are in desirable and varied. Use this to your advantage. Whilst a location in a business-based area may seem busy, it lacks the surroundings to bring in more customers in the evenings. Instead, use other businesses to bring customers to your door.

2) Surrounding Area

This one is self-explanatory, but it is equally as important. If the area and streets surrounding your restaurant aren’t desirable, then don’t expect your business to be. Certain urban and industrial areas can be tempting due to their lower rent, but do not let this fool you, such properties are cheaper for a reason. Instead of spending an arm and a leg for a central location, be aware of up-and-coming areas. Your business may not take off immediately, but as the area becomes more desirable, so will your restaurant.

Summary

Whilst the key to a successful restaurant is primarily down to its own efforts, this success can be expanded through careful consideration of location. By utilising the variety and quality of surrounding businesses, aspiring restauranteurs can increase their own success simply through their location. All it takes is careful planning and area analysis.

Baxterworld are Chartered Management Accountants specialising in Hospitality businesses. If you are interested in better bookkeeping and management information at a lower cost, call Ray Baxter on 020 7099 9676 or email [email protected].

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• Why do we Procrastinate?
• How to Conquer Procrastination!
• The Value of Self-Discipline

You did it again, didn’t you? You scrolled through Instagram, tidied your room, and read a few more chapters of your book than you meant to. Now it’s three in the morning, and the task you had set yourself yesterday is no closer to completion. First of all, don’t worry, you’re not alone. We’ve all done this at one point in time. But while a one-off all-nighter can be harmless, persistent procrastination can seriously disrupt your relationship with work.

Why do we Procrastinate?

Procrastination is the delaying or postponing of tasks, usually those that have an approaching deadline. Procrastinating can become frustrating and counterproductive, so why do we do it? There are dozens of reasons for procrastination, but here’s a few of the most common ones,

• Lack of Motivation – We often lose motivation towards a project, especially if the task isn’t enjoyable. It is tempting to evade these tasks and spend time doing things we enjoy.
• Poor Time Management – Many people underestimate the time needed to complete a task, choosing to prioritise less important activities instead.
• Perfectionism – Whilst it’s important to be passionate in regard to your work, it can be easy to focus too heavily on one thing, leaving less time for other work.

How to Conquer Procrastination!

Here’s the hard truth. Procrastination generally has little to do with the tasks at hand, and everything to do with your approach to them. Without self-discipline, you can’t break bad habits, bad habits will encourage distraction, and distractions make you procrastinate! What you (and most of us) need to do, is to approach our work differently, with a positive and calculated attitude. You can do this by,

1) Removing Distractions – This one is probably the hardest of the bunch. As we said before, it can be easy to become distracted by things that are simply more enjoyable than your work. When this is the case, it’s best to remove these distractions. This means putting phones in drawers, closing Netflix and making sure to stay off social media.

2) Having an Awareness of Time – Don’t disregard the amount of time it takes to complete certain tasks. Even if your estimate is correct, take into account the time needed for possible research, editing, and any problems that may arise. Maybe set timers for yourself, or if working in a group, have someone else time you.

3) Breaking Things Up – Approaching a large task can be intimidating and off-putting. Next time, try breaking a task into separate pieces, giving a certain amount of time to each one. Not only will this create a plan, but it will utilise those time awareness skills we mentioned before.

The Value of Self-Discipline

Procrastination is nothing to feel embarrassed about, it’s something we’ve all done (and will occasionally continue to do.) The important thing is to ensure that the occasional off night doesn’t become a regular occurrence. When approaching work with a positive mindset, and a well-thought plan, we can avoid the feelings that cause us to procrastinate. Through this focus, we can work more efficiently, giving us more time to do the things we love.

Baxterworld are always looking for new ways to avoid procrastination. If you agree with us, or have any ideas of your own, let us know!

#procrastination #working #WorkLifeBalance #business #businesssuccess #selfimprovement #smallbusinessowneruk #officelife #it #growthmindset

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You may have heard that in April 2024, HMRC is changing its approach to business taxation through the basis period reform. But what exactly is a basis period, and how is it being reformed? This Blog will work to answer these questions by investigating basis period reform and the common questions surrounding it.

Generally, unincorporated businesses set up their annual accounts to coincide with the same date each year, known as their accounting date. With the current system, business owners can calculate their total profit or loss for the year by using this date and allocating the 12 months that follow it as their tax year or basis period. Essentially, basis period reform aims to standardise the dates that unincorporated businesses base their tax year around. In turn, a business whose accounting date falls outside the tax year (March 31st and April 5th) needs to adjust their accounting according to basis period reform.

Why is Basis Period Reform Happening?

Basis period reform aims to level the playing field in regard to small businesses, with the government stating that it will “create a simpler fairer and more transparent set of rules for the allocation of trading income.” Within current taxation laws, two businesses making the same profit but with different accounting dates can pay completely different taxes. This difference results in some businesses benefiting, and other not, an imbalance that the HMRC wishes to correct.

• HMRC, “Using the tax year basis will remove this complexity and lead to a clearer and more transparent relationship between the profits arising in a tax year and the tax liability related to them.”

Who Will be Affected?

Only certain businesses will be affected by the reforms, primarily those unincorporated. It will also only affect businesses which compile their annual accounts to a date different to the 31st of March or the 5th of April. Those affected,

–         7% of sole traders.

–         33% of partnerships

–         Certain Trading Trusts

–         Certain Estates

–         Certain Non-resident companies.

How Will Basis Period Reform Affect businesses?

Currently 2023/2024 is a transition year regarding base period reform. Businesses whose accounting year doesn’t coincide with the standardised taxation year will simply report on an extended basis period until they have caught up. Whilst calculating a tax return around this, you must utilise the accounting year in addition to this transitional period, effectively creating an extended report. In theory, this should align the taxation years for all unincorporated businesses for the beginning of April 2025.

This all sounds straightforward, but in practice, these reforms will initially raise issues such,

–         Additional administrative work.

–         Uncertainty with business owners.

–         Time constraints regarding finalising figures.

–         Potentially weakening partnerships/partnership income

Can I Avoid Paying Tax Twice?

The additional transitional profits arising from an extended basis period in 2024 should be offset by overlap relief originally given in Year 2 of the business. This was a mechanism to avoid paying tax twice on overlapping earnings in the early years of trading if your year-end was other than 5^th April.

You can get that figure using this link:

https://www.gov.uk/guidance/get-your-overlap-relief-figure

Summary

Whilst at first these changes may give cause for confusion; they should ultimately act to simplify. The standardisation brought through basis period reform should put all affected businesses on the same terms regarding taxation, streamlining the process for accountants and HMRC.

Curious if these changes apply to you? If so, feel free to comment below or get in touch with us here at Baxterworld via the contact details on our website.

#accounting #accountancy #finances #financetips #business #smallbusinessowneruk #tax #taxation #taxreturn #basisperiod

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I was visiting a garden centre with a daytime restaurant with 40 or so seats. After being shown to a table, I ordered the fish, described on the menu as “white fish in batter.” Shortly after the young waitress brought out my food, I realised I would not be able eat it. I had been expecting a texture that was soft and flaky, but the fish I had been given was hard and chewy. There is nothing wrong with the cooking and presentation, just the type of fish used. I asked the waitress if she could change the meal to something else, to which she replied that she would have to check with her manager. When she returned, she informed me that her manager refused to change the meal as, “there was nothing wrong with it.” Instead of coming to my table personally, he was happy to relay his decision through another member of staff. When I voiced my disappointment, she left to appeal his decision. Coming back to my table she informed me that the problem had been resolved. Using her own initiative and judgement to “go past” front of house and straight to the kitchens, she was able to order me a new dish.

In the modern day of social media, online reviews and connectivity, never has customer service been more paramount. At the click of a button, customers can not only leave a rating on a business, but post descriptions and photos directly to the internet for all to see. Complaints within the service industry have always threatened to stain a business, but with the mass accessibility of the internet, these stains are growing harder and harder to clean off.

The managers refusal to personally oversee the situation and his lack of empathy towards his customers is alarming when considering these risks. Perhaps some businesses focus too heavily on black and white protocol instead of considering their relationships with valuable customers. If this is the case then maybe more emphasis should be out put on training staff to be friendly, rather than simply efficient.

Let me know what you think.

#customerservice #complaints #CustomerSatisfaction #companypolicies #customerisking #customerexperience 

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Coming from old EU law which still applies in the UK, a worker must take at least 4 weeks holiday per leave year. If less is taken, it cannot be carried over. You are not permitted to “buy” unused statutory leave.

The amount payable per week is obvious where pay is fixed. If it is not, then a 12-week average is used.

Here is a link if you need more information.

https://www.gov.uk/calculate-your-holiday-entitlement

#holiday #holidaypay #takecontrol #holidaytravel #wagesandsalaries #employeebenefits #employersolutions #employersupport

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When you start a new food business or take over an existing business, you must register with your local authority. You should do this at least 28 days before food operations start.

This applies to food businesses trading:

• from physical customer-facing premises
• from home
• from a mobile unit or temporary premises
• online (for example via social media or a website) or through distance selling (distance selling means any selling that happens without face-to-face contact with the consumer)

You will need to register if you:

• sell food.
• cook food.
• store or handle food
• prepare food.
• distribute food.

Companies involved with food distribution, brokerage or food supply that operate from an office should also register as a food business. This applies even if no food is kept at the premises. If you operate in more than one location, you need to register each premise with the local authority in which they are located.

You can register here: https://register.food.gov.uk/new

#food #foodandbeverage #foodforthought #foodsupplier #restaurantowner #foodtruck #foodtrends #foodvendor #cafe #fastfood #finedining #trading #foodbusiness #foodbusinessowner

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Budget

In simple terms a budget is a financial forecast for you to use internally as a base point against which future results can be measured. It is created based on what you and your team can commit to. It can be a best estimate of what will happen given some reasonable assumptions, or, it can be a target which will stretch all involved. If all the team agree to work towards it, then it is a viable plan.

It consists of:

• A Profit & Loss forecast.
• A Balance sheet and cash flow forecast based on the above.

You may need several variations to test what will happen to cashflow if circumstances are worse than planned. The main variable is usually sales value.

Comparing future actual results with the budget will allow you to see where reality differed from your original plan. If you did worse than planned, this does not mean your budget was wrong. It was just a measuring point.

It is usually calculated on a spreadsheet with columns for each month, 12 to 18 months ahead. It can be revised annually if outside factors change significantly so as not to keep repeating known variances in your reports. Most accounting systems now have the ability to work with budgets.

Business Plan

A business plan is much more comprehensive than a budget and is usually used for external purposes such as fund raising from lenders or investors. It includes a description of the business, its history, its products/services and its marketing strategy. Its time horizon is usually from 3 to 5 years.

While it contains a financial forecast like a budget its purpose is different and therefore it can be based on different assumptions. A forecast of sales in 4- or 5-years’ time is obviously a complete fiction and the readers will understand this. You must therefore show them that the predictions are plausible by providing enough data to help them judge the risk involved. Avoid hype. Professionals will spot this and lose confidence in the proposal.

We hope this blog post has helped you understand the difference between a budget and a business plan. If you need any assistance with creating or reviewing these documents for your business, please contact me at [email protected]. There are many free and paid for templates on the internet. AI creation tools can help with the text.

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Are you a man born after 6^th April 1951 or a woman born after 6^th April 1953?

If so and, if you have any gaps in your National Insurance record you have a special opportunity to top up contributions back to April 2006 onwards.

For a full state pension, you need 35 years of contributions. You may have a gap for any of the following reasons:

• Your income has been by way of dividends with any salary under the lower earnings limit.
• You were self-employed but exempted paying contributions because of low profits.
• You were employed but had low earnings.
• You were living or working abroad.
• You took a career break.
• You were unemployed but did not claim benefits.

You can check for gaps in you NI record here:

HMRC services: sign in or register: Sign in to HMRC online services – GOV.UK (www.gov.uk)

You will need a Government Gateway user ID and password. If you find that you do have gaps, you need to way up the cost and benefit from filling those gaps.

This opportunity ends on 05 April 2025.

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The Intellectual Property Office (IPO) will be launching a new digital patents service soon.

The timeline is:

The big event is the launch of One IPO which will allow patents applications to be made online. A pilot will be available later this year and patents customers can join the pilot using this link:

[email protected]

A webinar on how applying for patents will change is being held on 7 June 2023.

You can join using this link:

https://register.gotowebinar.com/register/8383944816864476505

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