Food and drink update 2021

Food and drink team update DRIVING LIFELONG PROSPERITY

2021

CUTTING-EDGE ADVICE FOR YOUR FOOD AND DRINK BUSINESS

SIGN UP TO RECEIVE OUR BUSIN ESS UPDATES INSIDE → What we do → How can we help you? → Keeping you up to date

Hazlewoods LLP and Hazlewoods Financial Planning LLP produce regular updates using our expert commentary to provide you with information about our services, events and topical premium business news.

SIGN UP/UPDATE ONLINE: http://bit.lyhazlewoods

Keeping you up to date To help businesses and individuals stay well-informed, we regularly collate and analyse the most up-to-date and relevant information, helping you to make the best decisions for you and your organisation.

INVESTING IN THE FUTURE All businesses need to continuously improve and develop in order to grow and differentiate from the competition.

The food and drink sector has been through a turbulent 12 months and many businesses have found themselves innovating and adapting on a day-to-day basis.

There has always been a drive for new product development (NPD) across the food and drink industry, mainly to satisfy the ever-changing consumer demands, but equally to address regular changes in legislation in the sector; more recent examples of such are: → Reduction in salt and sugar → Sugar tax → Increasing popularity of vegan and ‘free from’ products

What we do

The food and drink sector is one of the largest and fastest growing in the UK, contributing nearly £250 billion to the UK economy.

The food and drink industry is diverse and covers a wide range of businesses. Manufacturers, producers, distributors, brewers and distillers, all face unique pressure and require advisers who understand the sector and will take time to get to know their business.

Our specialist team does everything from guiding small businesses through their first steps to helping international businesses manage their overseas operations.

How we can help you?

Business plans, managing cash flow, achieving profits, sales, growth and benchmarking against competitors are just some of the areas we can provide a helping hand to make sure you are growing your business sustainably.

Other services that we can support you with, include: → → → → → → → → →

Accounting, audit and tax VAT advice and planning Import and export duty Access to international advice and support in over 150 countries Acquisition and disposal Research and development tax credits Capital allowances Cashflow and working capital modelling Refinancing and restructuring

Research & Development (R&D) tax relief comes in many forms; due to its broad nature, and the fact that many people often do not realise their practice is conducting R&D because what they are doing is often seen as part of their ‘normal’ business practice, it could be the case that your company is already undertaking activities that qualify for relief. It may also be possible to structure future activities and documentation to improve the prospects that relief can be claimed.

Read more on our website: https://bit.ly/33hLWck

EMBRACING DIVERSIFICATION IN THE FOOD AND DRINK INDUSTRY The uncertainty that has been on the rise with each lockdown and their continued impact on the food and drink industry has only reconfirmed the need for businesses to embrace diversification for the long term.

As the UK and other countries eventually emerge from their state of lockdown, businesses will start to see that their customers have adapted to the new ways of operating and will have new habits and expectations.

Many would have thought that the temporary strategies and initiatives that were implemented in March 2020 would be short lived, but the reality is these are here to stay, and continued new or different opportunities should be at the forefront of businesses’ minds.

Read more on our website: https://bit.ly/3e5TYKc

MEET THE TEAM

REBECCA COPPING Associate Partner rebecca.copping@hazlewoods.co.uk

RUSSELL FLAGG Senior Manager russell.flagg@hazlewoods.co.uk

HARRIET MAGUIRE Associate Director harriet.maguire@hazlewoods.co.uk

ADAM SHEARING Senior Manager adam.shearing@hazlewoods.co.uk

SIGN UP TO RECEIVE OUR BUSIN ESS UPDATES

PIP CUSACK Manager pip.cusack@hazlewoods.co.uk

Hazlewoods LLP and Hazlewoods Financial Planning LLP produce regular updates using our expert commentary to provide you with information about our services, events and topical premium business news.

SIGN UP/UPDATE ONLINE: http://bit.lyhazlewoods

Staverton Court, Staverton, Cheltenham, GL51 0UX Tel.01242 680000 Fax. 01242 584263

www.hazlewoods.co.uk / @Hazlewoods This newsletter has been prepared as a guide to topics of current financial business interests. We strongly recommend you take professional advice before making decisions on matters discussed here. No responsibility for any loss to any person acting as a result of the material can be accepted by us. Hazlewoods LLP is a Limited Liability Partnership registered in England and Wales with number OC311817.

Registered office: Staverton Court, Staverton, Cheltenham, Glos, GL51 0UX. A list of LLP partners is available for inspection at each office.

Hazlewoods LLP is registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England & Wales.