Why do you need a tronc scheme audit?
If you have a tronc scheme in place for your employees, you must keep on top of your obligations for both taxes and to ensure your employees get their fair share of their tips.
No one wants to be subject to penalties from HM Revenue & Customs (HMRC), especially if they can be avoided by a thorough check.
What is a tronc scheme audit?
A tronc scheme audit gives a thorough review of your existing systems to give you a clear idea of how effective they are.
Whilst ensuring your systems are compliant with HMRC’s regulations is essential, an audit of your tronc scheme can give insight far beyond this.
Is it a legal requirement?
Having an audit of your tronc scheme is not a legal requirement, but it is recommended.
By identifying any issues early on, you can be reassured that your business would survive any potential enquiries from HMRC in the future.
Additionally, at WMT, our experts review your systems to identify any possibilities to apply for any applicable tax reliefs or exemptions.
As a leader of a hospitality business, you will be faced with higher energy bills and the impact of weakened consumer confidence, so recognising any available support is vital.
For instance, our audit can identify whether the amount of tax and National Insurance Contributions (NICs) you and your employees are paying is correct, or if there is scope to reduce the amount you pay.
Interested in a tronc scheme audit? Contact our hospitality team today.