Retail

Setting up shop

Bricks-and-mortar shops play an important role in our economy, but competition can be fierce, especially with the increased use of online market spaces. As retail accountants, we can offer practical advice and specialist support to help your business boom.

After years of supporting hard-working retailers, we’re proud to provide ongoing support to the heart of our high streets. We want to help you keep the hustle and bustle of in-store shopping alive — here’s how.

Meeting your compliance needs

All businesses need to pay their fair share of tax, but that doesn’t mean your liabilities have to be a thorn in your side. Our retail accountants can draw up a tailored corporation tax strategy to reduce your taxable profits and help you invest more money back into your stores. We can even take on your bookkeeping for you to help ensure you claim all your allowable business expenses.

If your annual turnover surpasses the VAT threshold, we’ll help you register for VAT and submit your quarterly returns using HMRC-approved accounting software. There are multiple schemes for retailers to choose from, so we’ll use our expertise to determine which will work best for your business. Don’t worry, we’re well-versed in VAT and can make sure you’re charging and paying the right amount.

Running payroll can be complicated for retailers, especially if you hire seasonal workers over the busy Christmas period. We can handle your payroll duties for you to ensure all your employees are paid on time, every time.

Expanding your business

The way we see it, you shouldn’t have to make a choice between in-store sales and setting up shop online. So why not do both?

We can advise you on how your online store can help boost your sales and maximise your profits. Expanding to the online marketplace can add an extra layer of complexity to your financial reporting and inventory management, but we’ll be there to help you get started.

When it comes to your bricks-and-mortar shop, we’ll analyse your overheads such as rent, utilities and wholesale costs to identify new cost-cutting opportunities.

We can also draw up in-depth sales reports to help you understand which products and services are performing best. With greater insight into your performance, you’ll find it easier to make well-informed decisions that move your business forward.

Retail businesses are close to our hearts at Almar BSL, so if we can help you keep your shop running efficiently, we’ll do whatever we can to support you.