Andrew Holgate’s Post

Some interesting insight into how the latest budget may affect the food & beverage industry. Support for R&D and long-term investment feels like a step in the right direction, with hopes for stability and growth. However, increased costs from Capital Gains Tax, National Insurance, and higher alcohol duty will give businesses something to think about. These increases might squeeze competitiveness and raise food prices. https://lnkd.in/dxAsXHQM

UK Autumn Budget 2024, here's my summary of the alcohol duty changes just announced... Alcohol Duty rates on qualifying draught products is reduced by 1.7% in cash terms. Alcohol Duty rates increased by Retail Price Index inflation across all categories of non-draught products. The cash discount provided to small producers for non-draught products in increased and maintains the cash discount provided to small producers for draught products. The current temporary wine easement ends as planned. These changes take effect from 1 February 2025. Read the HMRC Policy paper: https://lnkd.in/dbZ9Prib

The council of ministers during their meeting dated 28/06/2024, have approved the amendment of the current legislation concerning VAT on essential items. Zero rated VAT will be implemented on basic items such as bread, milk, eggs, baby food, baby diapers, several hygiene products, coffee ,sugar, fresh and frozen meat, fresh and frozen vegetables, to tackle the increased inflation and provide some relief to the Cypriot households. The measure is in effect after the relevant issuing of a decree by the finance minister until the 30th of September 2024. #ministersmeeting #vat #mplaccountants

Our Managing Director, Sean Murphy has backed the Wine and Spirit Trade Association campaign for a cut to #alcohol duty at the upcoming budget in March. Sean said: “Wine and spirits drinkers have been getting hit hard in the pocket over recent years, with significant #alcohol inflation. Last year we saw a staggering increase in excise duty, with a 20% hike on still wine. We believe it is time for a different approach. Wine duty has not seen a cut in 40 years, with no cuts in spirits duty in almost a decade. We hope the Chancellor will see that a #duty cut is urgently needed. We fully back this WSTA campaign and hope Government and Treasury look at ways to stimulate demand rather than adding further costs to the #consumer, fuelling inflation. Increased demand will increase duty income, while easing the burden on consumers and UK drinks businesses.” #cutdrinkduty #springbudget2024 #industry

Attention Food Led Businesses! Did you know that a reduction in the VAT rate to 9% could mean a whopping €37k in savings? This is the only show in town when it comes to supporting restaurant businesses. While a reduction in employers PRSI may have a minimal impact, providing only around €5k in savings on a €1m turnover (for example, a 20 staff restaurant), it is still a welcome help. However, if you want to see real savings, it's time to advocate for that reduction in the VAT rate. Let's work together to support the growth of food led businesses in our community! #FoodLedBusinesses #VATreduction #PRSIreduction #SupportSmallBusinesses #VAT9 #hospitalityireland #restaurantindustry #cateringindustry

🍷 Countdown to the Labour Budget: What It Could Mean for Wine & Spirits With the Labour Budget just weeks away, the future of the UK wine and spirits industry is on my mind. 🛑Maintain the Wine Easement: Without this, small and medium-sized businesses (SMEs) could face chaos starting in February 2025. Keeping this easement is essential to avoid additional costs and disruptions. 🛑Freeze alcohol duty for at least 2 years: This would not only support businesses and consumers but also help the government boost revenues. 🛑Remove Duty Stamps: With modern digital compliance systems, these have become costly and unnecessary. 💬 I’d love to hear your thoughts below! #WineAndSpirits #UKBudget2024 #BusinessSupport #AlcoholDuty

In a recent update, Wine & Spirit Trade Association CEO Miles Beale shares his optimism about engaging with the new Labour government following their decisive election victory. Here's a brief rundown: 🔹 Election Surprise: The Labour Party's large majority signals significant changes ahead. 🔹 Key Concerns: The WSTA is prioritising the new alcohol taxation regime and the urgent need to make the wine duty easement permanent by February 1. 🔹 Strategic Engagement: While initial responses may be delayed due to governmental adjustments, the WSTA is gearing up for discussions post-summer recess. 🔹 Positive Outlook: Early signs are promising with Labour's focus on economic growth and partnership with businesses. 🔹 Environmental Goals: The industry will play a crucial role in shaping Extended Producer Responsibility and Deposit Return Schemes, aiming for a balanced approach that fosters growth and sustainability. See below to read Beale's Soapbox for Harpers: https://lnkd.in/ecF9Sddy #WineIndustry #SpiritTrade #EconomicGrowth #Sustainability #GovernmentPartnership #WSTA #LabourGovernment

Some new changes to how tips are paid coming into force 1st Oct. Worth a read if this is relevant to your business to ensure you’re compliant! #employers #tipping #LB

Title : GST Raid at Resto-Bakery 📉 GST Raid At Resto-bakery 🚨Recently, the GST Intelligence Department Raid Resto-Bakery. Attention all food lovers and business owners! 🍽️🍰 There's a major shake-up in the GST rates for restaurants and bakeries that you need to be aware of! The standard rates are 5% for restaurants and 18% for bakeries, but there's a twist – recent updates from GST intelligence suggest a significant change. 😲 🔍 The current GST rates for restaurants and bakeries 📈 Why the GST department is enforcing an 18% rate on restaurant-bakeries ⚠️ How this shift could impact your business and the penalties involved 💡 Tips to ensure you're compliant and avoid costly fines Whether you're a restaurant owner, a baker, or just someone interested in the latest GST developments, this video will provide the clarity you need. Don't let confusion lead to penalties. #shortsfeed #shortsvideo #shorts #GST #RestaurantGST #BakeryGST #BusinessTips #TaxUpdates #GSTRates #PenaltyNotices https://lnkd.in/gw-UKaCw

Just another day in the world of wholesale supermarkets 🛒 Municipalities are playing hardball with price hikes, and the big players aren't impressed. They're calling out the "unjustifiable" tax hikes and "illogical" contributions while demanding a critical review of mandatory expenses like employee training. According to them, it's time to stop sacrificing profit margins. Check out the full story here: https://ift.tt/Na3DQpY