There will be a reduction in the standard VAT rate from 20% to 5% from 15 July to 12 January 2021, for supplies of food and non-alcoholic drinks by restaurants, pubs, bars, cafés and similar premises. … Read more
The Upper Tribunal (UT) has agreed with HMRC that production costs incurred by the Royal Opera House Covent Garden Foundation (ROH) do not have a ‘direct and immediate’ link to the catering income generated from its bars and restaurants. … Read more
Academy Accounts Workshop: Part Two … Read more
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A tronc, also known as a tronc scheme or tronc system, is a special payment arrangement that lets businesses fairly distribute staff tips, gratuities and service charges given by customers.
A tronc system managed by an independent troncmaster ensures provides an exemption from National Insurance Contributions, offers significant savings to employers and staff and ensures transparency across tipping.
For all you need to know about tronc schemes and to download our FAQ guide, please click here.
If you’re already up to date with the ins and outs of a tronc scheme, you may be ready to take your first step towards fairer tipping. From start-ups to large chains, find out how Buzzacott can support your business through the construction and implementation of a bespoke tronc scheme here.
Incorrectly managing a tronc could open your business up to bad press or even financial penalties. Ensure your tronc arrangement is being distributed correctly by carrying out a tronc audit.
We review your existing processes and provide a detailed report that highlights if your arrangement correctly provides an exemption to National Insurance Contributions, complies with National Minimum Wage and National Living Wage obligations and ultimately meets the demands of HMRC. Read more about how a tronc scheme audit could benefit you here.
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