Whether your hospitality business has just been set-up, or is an established company which has just gone through another phase of the growth cycle, there is usually some fine-tuning that can be done to unlock that extra bit of benefit. Moore has extensive experience with clients in the bar / pub industry (from one outlet operators to larger hospitality groups with integrated supply chains), restaurants, and hotel businesses. From supporting these businesses over the years Moore has built up knowledge and devised ways to enhance a hospitality owner’s position and offering.

Enhancement Services for Hospitality Businesses

Most hospitality businesses can find enhancements to their business through our specialised tax consultancy offering. Some of the solutions in this arena have included finding practical ways to group companies to manage risk exposure. A key element of this structuring is considering whether there is companies with losses built up, which can be utilised to offset upcoming tax bills. With the same goal in mind, we can organise capital allowances reviews to make sure businesses are getting a tax write down on all there applicable spending on equipment, fixtures and fittings. This is often far more extensive than some business owners can realise.

Where exceptional value can be unlocked is by taking capital allowances into consideration at the stage funding is being applied for to finance an extension or renovation. Banks and alternative finance providers will require cash flow projections to make sure interest and repayments can be met from the increased future turnover. Often the fact a lot of the financed expenditure will be on items where capital allowances (at 12.5% tax write down each year for 8 years, or 100% in year 1 for some energy efficiency upgrades) is not taken into account when drafting projections. This leads to the bank assuming a tax liability on the whole profit, and therefore less free cash flow for debt repayment. This makes the lending riskier in their eyes and can lead to higher interest rates or a loan not being deemed as viable. As the Moore hospitality team works in a multi-disciplinary manner, we will pick up on enhancements such as this at all stages of the life-cycle. For example, when we work with a client on financial projections for funding applications we will make sure possible enhancements like capital allowances are built into these to achieve the best possible outcome.

Technology Enhancements in Hospitality

We can work with businesses that are operating on paper or “old style” till systems to implement modern Point of Sale (“POS”) systems. Not only do these benefit the efficiency of the on-floor operations, they can streamline VAT returns and connect straight into accounting software. This can take a lot of the time and cost out of the compliance side of running a pub or restaurant. If you want to use our compliance services we can also remotely connect to your accounting systems through our Stream service offering. This allows are accounting teams access to your books in real-time s that we can support you with any queries and undertake all necessary accounting and tax compliance.

At Moore we are also in the vanguard of professional services firms offering tokenisation and cryptocurrency services. For forward looking businesses who want to entice the next generation of customers, we can look at the feasibility of token based voucher schemes, or tokenised fund raising for a new project. 

What Can We Do For You?

We would welcome the opportunity to discuss your business and plans with you, and see how we can add value. Please drop our hospitality team an email at HospitalityTeam@Mooreireland.ie and we can arrange a convenient time to talk about your operations and goals.