The hair and beauty sector is worth around £6bn to the UK economy each year with more than 40,000 salons and parlours currently trading. It’s no wonder, therefore, that we take our work with clients in this important industry so seriously.
Whether you manage a single salon or a chain we can provide the support you need with bookkeeping, VAT, managing cashflow, accounts preparation and tax returns.
With regard to the latter, we can advise on any tax reliefs for which you might be eligible, as well as ensuring you deduct any allowable business expenses from your profits before paying tax. For example, branded workwear is usually suitable for such a claim, as is specialist styling equipment.
If you employ staff we can also provide payroll services, managing salary calculations and deductions, regardless of the complexity of their working patterns.
Our hair and beauty clients also depend on us for long-term planning advice, from growth strategy to tax planning. From tax efficient business structures (sole trader, or limited company?) to withdrawing income from the business (salary, dividend and pension contributions?) we can help you maximise the value of your hard work.
Talk to a beauty industry expert
Accountants who talk the language of your sector and have experience supporting businesses like yours are ready to start helping you today.