Running a pub as a sole trader or in a partnership form is not easy as you have to maintain various financial records like an evidence to be produced for any tax paid, accounts and records pertaining to your income and expenses.
A profit and loss account is created from the information obtained from these basic business records which discloses all income you have obtained, less any expenses you have paid to disclose what profit or loss you have made. Since all pub businesses are separate there are various types of detailed records you may also need to maintain, some examples are:
Both Individuals and companies are permitted by tax laws for claiming “allowable expenses” with in respect of their business and personal affairs. Some examples are:
The above list is by no means comprehensive as the accurate nature of your pub business will decide the type of expenses and records etc. you record and claim. It is the duty of your accountant for guiding you on the same.