Industry sector:

Public house: Professional fees


You are likely to need the services of:

  • a firm of licensed property valuers/agents
  • a firm of accountants
  • a firm of solicitors
  • a firm of stocktakers

Licensed property valuers/agents

These firms will help you with many aspects of setting up in business, from helping you to find a suitable pub to arranging the licence. They may be able to help you with a range of matters such as raising finance and the appropriate insurance to take out.

You should ask for a written statement of the services that will be provided and the basis on which fees will be charged.

Accountants

Accountancy firms offer a wide range of business services, including book-keeping, drawing up the annual accounts, preparing tax and VAT returns, handling the operation of PAYE, giving tax and business advice and so on. It is worth asking other business people to recommend a good accountancy firm to you if you do not know of one. The ICAEW, Chartered Accountants Ireland and ACCA websites include online directories that can help you to find accountancy firms in your area.

Ask your chosen accountant to estimate the likely cost of the accountancy services you require and enter the amount in the month when you expect to pay for them.

Solicitors

A solicitor can help you decide on what form your business will take and will handle such matters as drawing up a partnership agreement or forming a company. Solicitors also offer a range of services that may be helpful to you in the early days of setting up and running your business - for example advising on contracts and tenancy agreements, dealing with property matters, obtaining a licence and so on. It may well be worth using a solicitor with specialist experience of working with the licensed trade.

Ask the firm to estimate the likely cost of the services you will require and enter this amount in the month you expect to pay the fees.

Stocktakers

It is important to monitor your business on a regular basis and a monthly stocktake will help you do this. You will also need to have stocktaking done at the end of the year. You might decide to get a professional valuer or stocktaker to do this for you. You can search for a professional licensed trade auditor on the Institute of Licensed Trade Stock Auditors website.