Here's some guidance on what to look for and how to make a purchase. Here, we will discuss how to choose an engagement ring that will make her eyes sparkle without breaking the bank.

1.       Get to know your fiancee's taste

You and your intended have probably already discussed the next stages in your relationship if you want to become engaged. Determine if your fiancée would want the ring from Engagement Rings Direct to be a surprise or if she would like to accompany you as you look for an engagement ring. Good for you if that's the case! Now that you have the ring, you can focus on making preparations for a memorable proposal. Make a plan, stick to it, and always pay cash for everything you buy.

 

2.       The Cost of an Engagement Ring- What Should You Expect to Spend?

OK, now it's time for the question. Surely you're all curious: what is the average cost of an engagement ring purchased by a man? There is no magic figure since it all relies on your financial position, but you should be deliberate and create a budget anyway. 

The average cost of a beautiful ring should be no more than one month's salary, but you shouldn't spend more than two or three months' salary. It's important to remember that you shouldn't go into debt to purchase an engagement ring for your special someone. That's why you shouldn't ever use a credit card, bank loan, or finance to purchase an engagement diamond. (Besides, it doesn't matter how big the ring is if the marriage doesn't last.) Make a cash payment in the full amount that you have set aside for this purpose. In certain cases, you may even be able to save money by paying cash. There is a lot of room for negotiating when purchasing jewelry due to the very high markup. 

While asking for a discount may not be expected at certain larger jewelry shops, it never hurts to ask. Someone will either decline or, surprisingly, accept your proposal. (Even jewelry sellers are aware that cash equals immediate payment rather than installments.)

The exorbitant interest rates associated with layaway, financing, and jewelry shop credit cards are a major turnoff for consumers. In the long run, you'll save a lot of money if you can save up and pay cash. And here's the thing: if you have to make payments on that ring for decades, it won't look nearly as shiny.

3.       Find a Jeweler or Jewelry Store to Purchase the Ring

If you know how much you want to spend on an engagement ring, you can shop with confidence and even go for Moissanite wedding Rings. Looking at rings alongside someone who has some knowledge of diamonds and jewelry may help you avoid being taken advantage of, no matter where you go shopping. In the absence of a shopping buddy, it is important to shop in a place where you feel safe and where you can maintain control over your spending.

Lifestyle

Posted By Kristine Nativelove

Don’t assume that just because you are a small to medium sized business, that you won’t be targeted by cyber criminals. The hotel, restaurant and hospitality and leisure sectors are possibly more vulnerable because of having small IT teams and a lack of knowledge around protection and best-practice.

Cyber criminals look for the easiest and fastest way to be successful. By attacking at the weakest link, or accessing via your supply chain, cyber criminals use small businesses as an entry point to move higher up the business ‘food-chain’.

More than half (54%) of SMEs in the UK had experienced some form of cyber-attack in 2022. Around 65,000 attempts to hack small- to medium-sized businesses (SMBs) occur in the UK every day, around 4,500 of which are successful.

Hospitality is targeted for two reasons

It has been found that those in the food and hospitality industry are 19% more likely than the average business to offer online payment options, and 11% more likely to use network connected devices. This combination means there are more possible entry points to better quality data sets.

https://www.gov.uk/government/statistics/cyber-security-breaches-survey-2022/cyber-security-breaches-survey-2022

It’s understood that 31% of all retail and hospitality businesses have experienced some form of security or data breach. And the majority – 89% – have experienced more than one attack per year. This suggests that those with vulnerable networks or processes are likely to be targeted again.

www.securitymagazine.com/articles/96515

Many leisure sector businesses outsource services such as Payroll, employees benefit packages or ICT or network support. If the level of access a vendor or contractor has to your data or network, is not controlled properly breaches can happen, and do, frequently. You could become a victim of extortion, phishing attacks, social engineering or your website could get hacked.

 Humans are the weakest link

From a data security perspective, employees are one of the biggest risks to business. Research has shown that more that 90% of security breaches involve some degree of human error. They can pose a risk by:-

• Clicking on bad links in emails

• Visiting websites containing malicious software

• Forgetting to close the access point created for a vendor or contractor

• Using personal devices

So ensure account access is controlled and audited to identify potential issues. Use encryptions for all sensitive or confidential data. It is vital to have the right technologies in place to support them, such as firewalls.

Having up-to-date data backups and a disaster recovery plan will help recover and restore your business information.

• Employees must be trained about cyber security risks. Information Technology team members should be encouraged to get cyber security certificates.

• Hospitality organisations should invest in reliable hosting and CDNs.

• End-to-end encryptions should be used on the PoS system. 

Security is everyone’s responsibility so here are 10 security tips to help you stay vigilant.

1. Phising Emails- Don’t open emails from unknown sources. Think before you click on links or open attachments.

2. Log off- when you’re away from your device and use a security screen to protect confidential information from prying eyes.

3. Strong Passwords;- make them complex using at least 7 uppercase and lower case letters, symbols and numbers. Never write them down or share them. Don’t reuse passwords from other sites.

4. Protect your stuff- keep your equipment locked up or take it with you. Report any loss immediately.

5. Shred it- Don’t write passwords down and shred confidential waste

6. Sharing & Storing- only use approved applications. Hackers use clouds to gain access to information.

7. Back up – save your data and critical files regularly

8. Secure Connection- when accessing work networks, use a secure WiFi not open to the public. The use of VPNs should be encouraged in hotels and hospitality organisations. 

9. Updates- Keep your devices, browsers and apps up to date with the latest software and anti-virus protection

• Report it- If it looks suspicious report it

Reporting breaches

If you suffer from a breach that poses a risk to people’s rights and freedoms, such as damage to reputation or financial loss, then you do need to report it to the Information Commission Office (IOC) within 72 hours of discovering the incident. The ICO has produced a guide which may be found on its website (link) https://ico.org.uk/for-organisations/guide-to-the-general-data-protection-regulation-gdpr/personal-data-breaches/

The Government’s Cyber Essentials scheme is a responsible way of demonstrating that you take the protection of any customer or supplier data seriously. Their details can be found at www.cyberessentials.ncsc.gov.uk

Get insurance cover

You can also get special cyber insurance to cover recovery costs in the event of an attack.

Finance

Posted By Kristine Nativelove

As a public house (pub) owner, grappling with the intricacies of rent reviews and understanding the pub code can be a daunting task. The legal process of rent reviews is commonly used in the pub industry to adjust the rent for commercial properties.

However, it is important to have a good understanding of this process to ensure that you are not overpaying. This article aims to provide a comprehensive explanation of rent reviews and the pub code, along with a plethora of tips to help you navigate these processes effectively.

 Rent Reviews

Rent reviews entail the legal process of adjusting the rent for commercial properties such as pubs, based on the current market value of the property. Typically, the reviews occur every five years, and the new rent is established by taking into account the prevailing market conditions. The exercise often results in substantial rent increase, which may pose a challenge for pub owners, particularly if their business is not thriving.

The Pub Code

The pub code, established in 2016, was designed to regulate the relationship between pub tenants and their landlords. The code's objective is to ensure that tenants receive fair treatment and are not subjected to unreasonable practices by their landlords. The pub code provides specific guidelines for rent reviews, including the requirement for landlords to provide a detailed rent assessment and the right for tenants to have their rent assessed by an independent expert.

Tips for Navigating Rent Reviews and the Pub Code

1. Start Your Preparations Early

In preparation for rent reviews, it is vital to commence early planning. Gathering all relevant information, such as your lease agreement and previous rent assessments, ensures that you have a clear understanding of your current rent and any potential rent increments.

2. Seek Expert Assistance

Navigating rent reviews and the pub code can be a daunting task, which necessitates expert assistance from accounting professionals with specialised knowledge of the pub industry. These professionals can assist you in evaluating your current rent, negotiating with your landlord, and navigating the rent review process.

3. Understand Your Rights

It is critical to have a comprehensive understanding of your rights under the pub code. It is incumbent upon pub owners to ensure that landlords adhere to the guidelines set out in the code. If you believe that your rights are being infringed, seek legal advice immediately.

4. Negotiate Effectively

Negotiating with your landlord can be a challenging process, but with the right approach, you can achieve a favourable outcome. Ensure you have all your facts on hand to support your case. Be prepared to make a strong and well backed case as to why your rent should remain the same or be reduced and negotiate from a position of strength.

How Carroll Accountants Can Help

Carroll Accountants are well-equipped to provide professional advice and assistance to pub owners, helping you to successfully navigate rent reviews and the pub code. Our team of experienced accountants can provide expert advice on rent assessments, negotiations, and the pub code. We can also support you with bookkeeping, payroll, and tax preparation, ensuring that your financial operations run efficiently and smoothly. Please contact us today to learn more about how we can help you with your pub accounting requirements.

Finance

Posted By Kristine Nativelove

Small hospitality businesses face unique financial challenges, such as fluctuating revenue, seasonal demand, and rising operating costs. In this environment, financial planning is critical to achieving long-term success.

By taking a proactive approach to financial management, small businesses can ensure they have the resources and resilience to weather any challenges they may face.

In this article, we'll explore why financial planning is so important for small hospitality businesses and provide practical tips on how to create a financial plan that works for you.

1. Plan for Growth

Financial planning is essential for small hospitality businesses looking to grow and expand their operations. By forecasting revenue and expenses, businesses can identify opportunities to invest in new equipment, expand their workforce, or open new locations. This can help businesses take advantage of emerging trends and capitalize on new market opportunities.

2. Manage Cash Flow

Cash flow management is critical for small businesses in the hospitality industry. By forecasting cash inflows and outflows, businesses can ensure they have enough liquidity to meet their ongoing expenses and investments. This can help prevent cash shortages that can lead to missed opportunities, late payments, and financial distress.

3. Identify Risks and Opportunities

Financial planning helps businesses identify potential risks and opportunities. By conducting a thorough risk assessment, businesses can identify potential threats to their revenue and take steps to mitigate them. Similarly, by conducting market research and staying up-to-date on industry trends, businesses can identify new opportunities and capitalize on them before competitors.

 4. Measure Performance

Financial planning provides a framework for measuring business performance. By setting financial goals and tracking progress against them, businesses can identify areas where they're performing well and areas where they need to improve. This can help businesses make data-driven decisions and improve their overall performance.

 5. Optimize Tax Planning

Effective tax planning is critical for small hospitality businesses looking to maximize profits. By working with a qualified accountant, businesses can identify tax-saving opportunities and take advantage of them. This can help businesses reduce their tax liability and reinvest the savings back into the business.

In conclusion, financial planning is critical for small hospitality businesses looking to achieve long-term success. By taking a proactive approach to financial management, businesses can plan for growth, manage cash flow, identify risks and opportunities, measure performance, and optimize tax planning. At Carroll Accountants, we offer a range of financial planning and accounting services to help small businesses in the hospitality industry achieve their financial goals. Contact us today to learn more about how we can help your business thrive.

Finance

Posted By Kristine Nativelove

TRONC

Do you ever wonder about the difference between Tips, Gratuities, and Service charges? To the public these are collectively known as ‘Tips’. However, it is important that you understand the difference between them, and how they are taxed or not taxed.

A tronc is a separate organised pay arrangement sometimes used to distribute tips, gratuities and service charges given by customers. A tronc scheme, managed by a troncmaster, is a way to ensure businesses are compliant with the Employment (Allocation of Tips) Bill which came into force in January 2023. The bill focuses on fairness of tip allocations. It requires hospitality businesses to ‘fairly’ allocate 100% of tips to workers no later than the end of the month following the month in which the tips were paid by customers.

We discuss Tronc schemes in more detail here

Gratuity

This is the most common type of tip and is “left on the table in cash”, for an individual representing their appreciation for the good service they have provided. That individual member of staff will go home with a little bit of extra cash to top up their minimum wage income.

 Tips

Tips stands for “To Insure Prompt Service”, and is usually a sum of money paid to an individual in hospitality, in advance of a good service. One story I heard revolved around a customer ripping a $50 note in half upon arrival at a hotel in the Caribbean, informing the waiter, “if you look after me during this visit, I will hand you the other half before I leave”. The guest received excellent service during their holiday and the member of staff received a generous tip of $50.

Service Charges

A service charge is a percentage added to the bill to cover service; a predetermined gratuity you could say. It can be mandatory or discretionary. It is mandatory if the customer has no choice but to pay it, and discretionary when the customer can choose to remove it from the bill. It can be any amount set by the pub or restaurant but is typically around 12-15% of the total bill.

If the service charge is mandatory, then, unlike tips or gratuities, this will be classified as part of the business revenue for tax purposes and will be subject to standard rate VAT if applicable. All other tips, gratuities, and discretionary service charges fall outside of the scope for VAT.

HMRC- what’s their view on tips?

From now on we will collectively refer to gratuities, tips and discretionary service charge as “Tips”

Tips are outside the scope of VAT when genuinely freely given. A Tip left on the table or paid up-front to an individual doesn’t go through their payroll so they haven’t been taxed through the PAYE scheme and no National Insurance contributions will be due. As taxpayers, they should inform HMRC of this extra income, usually via their Self-Assessment tax return.

You may think that ‘how, why, and when they are taxed’ isn’t your problem and has nothing to do with you as the business owner. Certainly, in this simple example that is correct, and collecting taxes for HMRC in this example isn’t your responsibility. Everyone’s happy, apart from the chef who prepared the meal, or the bar manager who cleans the beer lines and orders the wine, and every other member of your team that has something to do with the customers experience but hasn’t received any tips!

Payroll for the hospitality industry

In hospitality, however, it is more common to pool the tips so that they can be distributed amongst all staff whether they are customer facing (front of house) or in the Kitchen (back of house). When the tips are distributed this way, it’s a whole different ball game. It now depends on how the tips are shared, and by whom, that will determine how they will be treated by HMRC.

That is why it is important to talk to experienced hospitality accounting, payroll and taxation experts like Carroll Accountants, to ensure you are following the correct procedures.

Do you ever wonder about the difference between Tips, Gratuities, and Service charges? From a hospitality accounting and taxation point of view they need to be treated differently. Read here for more advice.

Finance

Posted By Kristine Nativelove

The Tungsten ring's most recent release has shown great promise. It has been dubbed the future of men's bands and wedding rings. Its entire attractiveness is unparalleled. It is a rich, deep black colour that sparkles brilliantly. This colour will soon become more popular in the jewellery sector. These distinctive rings have amassed a sizable following from the beginning.

It takes a laborious sequence of steps to turn tungsten into a stunning ring. It is created using cutting-edge technology to produce a piece of jewellery that is extremely complicated. When mixed, tungsten and the substance carbide are heated to a searing 2,400 degrees Fahrenheit.

After that, it is subjected to a strict polishing procedure that even fortifies and completes its surface. Because of the resulting robust outer core, this polishing is almost permanent. 

 

Some producers even add a diamond sheet exterior layer to make sure it can endure everyday hits. Silicone rings for mens  have thus far been shown to be impervious to scratches and unbreakable. All these rigorous steps result in a stylish ring that may be worn by either gender.

Trendsetters in fashion adore the design and comfort of this ring. Its simple, plain black tone with silver streaks serving as highlights is both lovely and appealing.

A lifetime warranty is provided by some jewellery stores. reassuring consumers that they will clean the ring again or even replace it if the surface has been scuffed or dented. This ring's producers are so confident in the quality of the materials they chose. Just make sure you have the receipt on hand when that time comes. No reports of a tarnished Tungsten ring have surfaced up to this point.

It is considered to have much more durability than titanium, platinum, or gold. Before the introduction of tungsten, it was well known that these three metals were the hardest in the jewellery industry.

Other metal rings will eventually develop surface scratches or dents over time, however, tungsten has been shown to keep its original finish even when worn frequently. Those who already own one may attest to the fact that the shine and sparkle are genuinely lasting.

These features of a tungsten ring have elevated it to the top spot for a wedding band or ring. Its enduring toughness conveys unfailing affection, devotion, and faithfulness. It embodies the commitment made by couples on their most memorable day of love. Its gleaming shine symbolises the happy life that lies ahead. And its circular form reflects their unwavering affection for one another.

Tungsten Rings Direct have a flexible quality in terms of fashion sense. Both genders can have success. Several designs have been altered to be more feminine. These rings typically have gold or silver patterns that were coupled with them during the entire procedure, ensuring that they won't get loose or be destroyed. The primary drawback of tungsten rings for ladies is that they may not look fantastic with formal attire like dresses. The tungsten rings for guys, on the other hand, go well with any outfit. This looks gorgeous with both outerwear and more casual outfits like jeans and shirts. This most recent innovation in the jewellery industry has now been steadily adopted by many trendsetters.

Lifestyle

Posted By Kristine Nativelove

Leave comparable photographs of the raging wave, Pompeii's final days, and death's angels for public or private collections.

Paintings depicting food, just harvested crops, fruit trees with fruits, fields with ripe wheat, etc. are appropriate for the kitchen and dining area. Similar paintings stand for substance and a bounty.

It's helpful to display a picture of mountains in the office behind the owner's back since they represent protection and undiscovered wealth. However, the picture shouldn't include any water.

Images of hills, mansions, or castles can be a volition. paintings depicting views of the beach, meadow, pastures, or megacity rooftops are also suitable for use in offices. These pictures represent the viewpoint of growth.

In the regular sequence of things, energy enters the flat through the front hall of the house. Substance and wellbeing are brought by the correct energy.

The picture of a trafficker boat "floating" into the home or a tree with ripe fruit will serve as the hallway's substantive emblem Oil canvas paintings of warriors or saints need to be positioned such that they can "see" the front entrance in order to protect the house from negativity.

Famous  beach paintings containing dyads of multicoloured catcalls are ideal for the nuptial bedroom, especially those that are typically thought of as thick and dependable geese, swans, and public servant ducks. A pair of cranes in the bedroom will represent luck and peace among the family.

The living room is nicely decorated with pictures of fish and water, fish and flowers, bamboo and pine trees, nags, and achievements.

With the use of paintings, the demesne's energy can be corrected.

The gift of oil

Your Musketeers, Cousins, Associates, and Friends will appreciate your thoughtfulness and care when you give them a lovely photograph as a present. This is a true present for the soul; each time they see the image, they will undoubtedly think of you with joy and gratitude.

Artists' studios have long been prized as attractive interior decorations and have been the object of collecting. Perhaps your present will be a gorgeous corner of a pleasant home—a house, an apartment, a cottage, what can one say—or the dawn of an unborn private collection of paintings.

You may purchase famous paintings in the gallery as a present for any occasion. Ocean, megacity, classical views of nature, hunting scenes, and geographies are typically regarded as elite presents for males, while a flower still life, geography, or a picture in a romantic style will be an awfully exclusive gift for ladies. You may always get paintings in online shops that include dyads of species that are comparable to wolves, which are so well-known for being a sign of close family ties. The attitude should be positive on the birthday because it is the birthday person's special vacation.

Cousins or Musketeers hurry to pay the birthday man attention and handle the present promptly. What to offer as a birthday gift and how to pick one? A person assume that while selecting a present, it should be unique, special, and sure to wow the birthday guy. Oil is the only viable option. A picture is a fashionable present that the creator invested a portion of his soul, comfort, and good energy in. It is the only gift that can convey his unique station to the birthday boy. Additionally, this is a present for the chef, director, master, and leader.

Lifestyle

Posted By Kristine Nativelove