Chancellor working on tax breaks for firms - Sept 2022
Stay informed with industry news, tips, and practical guides for hospitality professionals.
As we all know, the impending doom of huge hikes in energy costs, as well as the cost of living crisis, is threatening hospitality each and every day.
Today the Chancellor Nadhim Zahawi outlined plans for a multi billion pound package of tax cuts to help businesses facing bankruptcy because of rising energy costs.
The Times reports that Mr Zahawi, who is working on an emergency strategy for the new prime minister (whomever that may be!) is discussing the introduction of targeted reductions in VAT as well as business rates to help our hospitality colleagues.
What is very important to realise is that our most beloved sector cannot take much more of a battering after barely recovering from COVID. A lot haven't survived, so to see more of them fail now due to energy costs would be an incredible shame.
The Chancellor sugested that tax breaks could also be given to energy-intensive industries and advised us not to 'panic' about the cost of living crisis.
Whether he continues as Chancellor under the new PM or not, it is clear that something radical needs to happen to stop a sea of hospitality venues closing due to the latest energy crisis.
“If we don’t support businesses I worry about the longer-term scarring of the economy. I had an example given to me the other day from EDF. One of their clients, their bills have gone from £25m a year to £75m. This is a perfectly viable business. We have to make sure we support businesses as well as households. The lesson from covid is that actually there are some levers like VAT, like business rates. Targeting particular sectors of the economy, whether it’s hospitality or high energy use sectors, can be done very effectively. But as I say there are no easy options,”
Ready to simplify hospitality ops?
We’ve got you.
Speak with an Opsyte expert to see how we help:
- Save hours on staff scheduling and rota planning
- Automate invoice processing and financial insights
- Track live labour costs vs sales in real-time
- Get fast answers and support from real humans
- Automate your P&Ls
“Opsyte transformed our entire back office. Game changer.”
Read articles from our hospitality experts
-
Boosting Restaurant Sales through Custom Mobile App Development: Enhancing Dining Experience and Digital Transformation in the Hospitality Industry
The Future of Dining: Restaurant Mobile App DevelopmentIn the current digital age, the hospitality industry is undergoing a significant transformation. A key player in this digital revolution is the Restaurant…...
-
Innovative Nightclub Ideas: Unveiling Successful Promotion and Marketing Strategies for the Hospitality and Nightlife Entertainment Industry
Promoting Nightclub Ideas: A Comprehensive Guide for the UK Hospitality IndustrySuccessful nightclub promotion is integral to the prosperity of the nightlife entertainment industry. As the hospitality sector becomes increasingly competitive,…...
-
Leveraging Restaurant Management Software: Revolutionizing Hospitality Technology for Efficient Restaurant Operations
Software for Restaurant Management System in the UK: Elevating Hospitality to New HeightsIntroductionAs the UK hospitality industry evolves, restaurant businesses are increasingly turning to advanced technologies to stay competitive. One…...
-
Boosting Employee Productivity in the Hospitality Industry: Harnessing the Power of Scheduling Employee Software and Workforce Scheduling Solutions
The Impact of Scheduling Employee Software on the UK Hospitality IndustryThe hospitality industry in the UK is a vibrant and dynamic sector that requires efficient workforce management to ensure smooth…...
-
Boosting Your Bar Business: Exploring Effective Bar Marketing Strategies and Digital Promotion Techniques for Successful Hospitality Marketing
Mastering The Art of Successful Bar Marketing StrategiesThe hospitality industry is a competitive one, especially in the UK where bars and pubs represent a significant part of the culture. As…...
-
Boosting Your Bottom Line: Strategies for Maximizing Restaurant Profit Margin and Revenue in the Hospitality Industry
Understanding the Average Profit Margin in the Restaurant BusinessThe hospitality industry, particularly the restaurant business, is a dynamic and competitive one. Understanding key financial concepts such as "Restaurant Profit Margin",…...