£60K/month Pub & Restaurant! But Taxes are killing the Business

In this episode, the podcast explores the plight of publicans in the UK, particularly highlighting the financial struggles they face due to increasing business rates and turnover taxes. Host James Sinclair discusses how many hospitality and leisure businesses are under intense pressure, mentioning that often the operator ends up with little to no pay as they contribute financially to keep their businesses afloat.

The episode features Phil Kieran, who operates a pub-cum-hotel in Gloucestershire and shares his experiences. He details significant challenges such as rising operational costs, with his business rates set to double from £16,500 to over £34,000. Sinclair notes that not just pubs but various hospitality sectors like visitor attractions and retail shops face similar hurdles. Kieran expresses his concern about the sustainability of their businesses as they often rely heavily on weekend traffic with tragic slowdowns during weekdays.

Kieran reveals that finding dedicated staff who share the right ethos remains difficult, as the irregular income flow makes it hard to offer stable hours. Despite these challenges, he aims to grow his business into a million-pound enterprise within a year and is open to the idea of acquiring another business if the opportunity arises. The episode closes with discussions on AI technology and future outlooks for hospitality, suggesting that the government might need to consider more favorable taxes to sustain this vital sector.