In UK Retail is one of the most important sectors of economy; In 2021 the total value of retail sales reached a highest value of 465.25 billion (approx). There has been a rapid shift in consumer spending habits recently and also the growth of online shopping platforms like Amazon and ebay has reduced footfall on the high street. On top of that commodities prices are increasing therefore profit margins are squeezing for small retailers, in this case pressure to perform well and saving every penny is crucial for survival.
We have many years of experience working as accountants and tax advisors to retail business in cardiff therefore we understand the issues facing the retail sector, especially after the pandemic. Commodities prices are increasing so profit margins are squeezing, in this case pressure to perform well and saving every penny is crucial for survival. Our advisors in our team work with the retail clients to identify savings, work closely with them to make it tax-efficient and hence increase profitability – ‘A penny saved is a penny earned’.
We make sure your business is structured in the most tax efficient way. We have R & D specialists on who can help you identify the areas where you can claim for tax credits; for example, development of shopping apps and new stock systems. Similarly our team can advise you on capital allowances including super deduction allowance of 130%.