Your Partner in Modern Rural Accounting
Are you a foodie entrepreneur? Look no further than Roake & Cook, attentive chartered accountants who bring a modern approach to rural accounting. We specialise in serving rural businesses, and we’re particularly focused on supporting food and drink clients like you who value sustainability and the countryside they live and work in.
We are deeply invested in helping your food and drink business grow as sustainably as the ingredients you work with. As a small firm with a big heart, we pride ourselves on offering personalised attention to each client.
Our services cater to every step of the food and drink supply chain. Whether you’re a farmer, producer, café, pub, artisan restaurant, farm shop, or independent shop, we have the expertise to support your accounting needs. With our assistance, you can embrace modern accounting and have greater visibility over your business, empowering you to make informed decisions.
Here are some ways in which we can help
We’ll ensure your financial records are accurate, organised, and up-to-date. We can help streamline your own bookkeeping, or take control and free up your time.
Statutory tax returns and accounts
We’ll handle all your compliance needs, keeping on top of deadlines and maximising tax savings.
Count on us for advice and guidance to help your business thrive including identifying reliefs and exemptions.
R&D tax advice
We specialise in helping food and drink businesses navigate the complexities of R&D tax incentives.
Let us handle your payroll processes, ensuring timely and accurate payments to your staff.
Xero migration and finance digitisation
If you are not already using cloud software, we can take care of migrating your records to the Xero accounting platform, unlocking the benefits of cloud accounting and identifying how best to utilise its potential to help your business.
Financial management meetings
Providing a structured platform for businesses to analyse and discuss your financial performance and ensure optimal financial health.
What sets Roake & Cook apart is our deep connection to the rural community.
As part of the community ourselves, we understand the unique challenges and opportunities that rural businesses face. You can trust us to provide insightful advice and tailored solutions that align with the specific needs of your food and drink business.
Contact Roake & Cook today to schedule a consultation and experience the difference a modern approach to rural accounting can make.
Our husband and wife team brings a personal touch to our services. We genuinely care about our clients and go above and beyond to deliver exceptional service. You won’t be treated like just another number; instead, you’ll experience the warmth and dedication that comes from working with a team that genuinely values your success.
Building lasting relationships is at the heart of what we do.
Explore New Horizons: Roake & Cook’s Future of Rural Accounting
In today’s tech-driven world, businesses must adapt and embrace innovation to stay ahead. Yet, some accountants resist change, hindering progress. Roake & Cook revolutionises rural accounting, showing you the difference it can make for your food and drink business.
We leverage technology, streamlining processes, increasing efficiency, and offering real-time insights. Our progressive mindset unlocks accounting apps, giving you visibility over your businesses performance.
Embrace technology, make informed decisions, and manage your finances proactively.
Understanding the unique needs of rural businesses, especially in the food and drink sector, we tailor our services to cater to you. Passionate about sustainable growth, we’re your financial partners, guiding you through industry intricacies.
We ensure that we stay on top of industry trends, changes in regulations, and emerging technologies. We continuously strive to provide you with the most up-to-date advice and innovative solutions to propel your business forward.
So why settle for less when you can work with a team that embraces the future?
Join us on the journey towards accounting excellence for your food and drink business.
Contact Roake & Cook today to schedule a consultation and experience the difference our modern approach to rural accounting can make. Together, we’ll create a recipe for success that combines tradition, innovation, and a passion for helping you thrive.
Here are some examples of clients we have in the food and drink industry and some key examples of how we have helped them:
Ben, Wine Producer
Ben approached us a couple of years ago to help him understand his obligations with setting up a new business, alongside his current employment.
Having helped Ben register his new business, we have been preparing his personal tax returns and identifying qualifying costs, particularly with regards to working from home. This has resulted in several tax refunds which have been used to grow his wine production business.
Emma, Micro herb producer and animal husbandry
Emma had purchased some land and wanted to set up a new business. Having struggled to find an accountant who understood her vision, we have helped her set-up several businesses over the past couple of years.
Having identified the right business structure to suit her business and personal goals, we provide bookkeeping, payroll, accounts and tax services across all businesses.
Emma had paid for a lot of her initial business expenses via personal accounts. We helped get business bank accounts set-up and connected to Xero, registered the business for VAT, and then identified all qualifying expenses which resulted in a material VAT refund which helped cash flow and has been reinvested into the business.
With Emma on the go, we set-up Dext to allow purchase invoices to be recorded via her phone, and Xero also allows her to review how the business is performing from her phone when away from the office.
David, Farm shop
David has run a farm shop for a number of years. He came to us for help with bookkeeping and running payroll.
We moved his books from a desktop software package, over to Xero. This has allowed us to use Dext to make the entry of purchase invoices and receipts much more efficient.
David has some customers that are invoiced on a recurring basis, so we have used Xero to set these up on automated invoices, saving time and helping cash flow by ensuring invoices are sent out on time.
The payroll was transferred from HMRC’s online tool to Brightpay. The software allows us to run the payroll efficiently and securely transmit payslips, P45s and P60s directly to employees.
FAQs specific to food and drink businesses
What is the best business structure for a small business?
Many small businesses start off as a sole trade, often alongside other employment. As the business grows, it may be beneficial to move into a partnership or limited company.
The way in which profits and losses are taxed can be very different depending on the business structure used. There are generally more tax planning opportunities available to limited companies, but the statutory requirements and administration costs are higher than for a sole trade.
It is important to note that as a sole trader, there is no legal distinction between the individual and the business. The owner is liable for all the debts of the business, unlike in a company structure where there can be limited liability.
The best structure will depend on the type of business, other income, and short and long-term goals of the business owner. Making sure your business is structured in the correct way can lead to significant tax savings.
What can I claim as an expense when working from home?
When starting out with a new food, drink, or craft business, it is highly likely you will begin operating from home.
This could be on a part or full-time basis.
Ensuring you are correctly claiming house costs can provide a nice tax saving.
In general, costs that are directly attributable, such as a business mobile or office equipment are 100% allowable.
Other expenses such as utilities, mortgage interest, council tax and insurance are apportioned i.e. you can only claim a proportion depending on the size of your house and usage and the type of business (sole trader or company).
How can I keep track of my records?
Record keeping is vital for any business. As well as complying with tax and regulatory requirements, it helps you understand how your business is performing in a timely manner.
Do I need to register for VAT?
Whilst most food and drink for human consumption is usually zero-rated, some items can be standard-rated.
Catering, alcoholic drinks, confectionery, crisps and savoury snacks, hot food, ice cream and soft drinks are examples of items which must be standard-rated.
Businesses must register for VAT if total VAT taxable turnover for the last 12 months is over £85,000 or if you expect your turnover to go over £85,000 in the next 30 days.
Can I claim R&D Tax Credits?
Research and development (R&D) tax credits are a government incentive designed to reward UK companies for investing in innovation.
Qualifying activities could include developing new products, new packaging solutions, new methods to extend product shelf life, or improving existing production practices.
R&D work must seek an advance in the field of science or technology, not just in your company’s own knowledge.
GET IN TOUCH FOR A FREE CONSULTATION
You can get in touch with Roake & Cook at any time using the details below.
Request a call back
If you don’t have time to speak right now, we can arrange a time to call you back. Simple fill in the details below, and one of us will be in touch to discuss your requirements.