- Prompted by a 83% rise in pub and bar company insolvencies last year
The freeze on beer duty in pubs means a typical pint of beer in a pub will cost 11p less in tax than its equivalent from a supermarket, from August 1 2023.
Research by UHY Hacker Young, the national accountancy group, shows that there has been 83% rise in the number of pub and bar companies becoming insolvent in the last year jumping from 280 in 2021, to 512 in 2022.
James Simmonds, Partner at UHY Hacker Young, says: “For pub companies this couldn’t come soon enough. The soaring price of beer is putting off pub customers. Anything that helps put a lid on the price of a pint is going to be very welcome.”
“Pubs have long complained about the unfair competition from supermarket sales of alcohol.”
“As this doesn’t come into effect until August, many in the pub trade are wondering what about the next five months until then?”
“Favouring pubs in tax policy is a tonic for the struggling pub trade – they would like to see the gap increase.”
ENDS
About UHY Hacker Young:
The UHY Hacker Young Group is one of the UK’s Top 20 accountancy networks with 95 partners and around 640 professional staff working from 23 locations around the country. The offices within the Group provide a wide range of accounting, tax and business advisory services, with a reputation for integrity and reliability within the financial community, and particularly with London’s Stock Markets. UHY Hacker Young are also ranked 15th in the ARL Corporate Advisers Rankings Guide amongst other UK audit firms for advising AIM listed companies.
UHY Hacker Young is a founder member of the UHY International network with offices in every major financial centre in the world. Further information can be found at www.uhy-uk.com
Press contacts:
James Simmonds
Partner
UHY Hacker Young
Tel: +44 (0)115 959 0900