Retail sector

Pre-Covid, retail outlets and volumes were already declining as shopping habits shifted to on-line. Physical customer buying had become primarily about the experience, yet the approach was expensive and hard to maintain, particularly for luxury brands who need to be seen to have the right address.

Since the Covid-19 pandemic, things have been significantly more challenging with lockdowns which prevented many retail businesses from trading at all. Confidence has been slow to return to the high street street and supply chain issues, consumer confidence and the cost of living crisis affecting footfall, basket size and sales.

How we can help you

We have extensive experience across the retail sector from manufacturers to high street, online retail outlets to wholesalers.

Through our many years of experience we understand all business models available to retailers and how to pivot from one to another e.g. from high street to online or the challenges of placing a product with concessions/third parties.

For those who manufacture their own products we also understand intellectual property issues and know the right lawyers you to.

Our services

Our support for retail clients covers a range of services, drawing upon a team with a depth of experience, including:

• Year-end compliance: Our teams can prepare year-end financial statements.
• Audit: Completing a robust audit is the only way to ensure that financial statements are underpinned with the quality and credibility which directors and shareholders require. Our team can devise and execute an audit which is effective in identifying and addressing key risks that could have a material impact on your financial statements. As well as meeting your compliance requirements, our audits also provide actionable commercial insights.
• Outsourced accounting: Our in-house management accounts team can carry out monthly bookkeeping services, payroll, VAT returns and a range of other support services to help with your ongoing compliance and deliver effective management information. Through our association with BKR International, our team can help you as you expand overseas or move into the UK.
• Payroll and P11D: We offer personalised, relationship-led payroll services to manage your UK payroll responsibilities so that you can focus on more strategic matters. We can also provide advice and assistance with P11D compliance.
• Corporate tax: We can prepare your Corporation Tax returns for compliance purpose, as well as provide advisory services and guidance on capital allowances.
• VAT: In addition to assisting with your VAT returns, ensuring that they are compliant and submitted in a timely manner, our VAT planning experts will ensure that VAT is considered at all stages of a project, and address any queries you may have regarding importing and exporting.
• Tax Structuring: We can advise you on structuring investment so that relevant reliefs, such as the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS), are taken advantage of. We can also prepare the subsequent filings.
• Incentive planning: Our tax team can work with you on management incentive schemes, including valuations for HM Revenue & Customs (HMRC), advice on the tax consequences of different structures and share option reporting.
• R&D claims: We work with our clients to identify their relevant research and development (R&D) expenditure and prepare their claims for tax credits to submit to HMRC.

We can also leverage our experience in the technology and real estate sectors to address client issues such as how to manage the physical estate or pivot sales to an omnichannel format.

Sharing our insights

Our Retail team regularly share their perspectives and opinions with the market and the media. Below you can find a selection of their latest insights.