James Sinclair's Business Broadcast £60K/month Pub & Restaurant! But Taxes are killing the Business
Feb 8, 2026
Phil Kiernan, publican and owner of the Farmer's Boy Inn with experience in pubs, B&Bs and property, talks about squeezing taxes and rising costs. They explore weekday vs weekend trading swings, the value of rooms for steady income, and whether to sell, convert or scale. Practical ideas include tiered offerings and memberships to capture higher spenders.
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Turnover Taxes Eat Hospitality Profit
- UK hospitality pays a huge share of turnover to taxes before owners see profit.
- James Sinclair argues that current tax structure (VAT, business rates, employer NI) effectively strips hospitality owners of earnings.
Running The Farmer's Boy For Decades
- Phil Kiernan bought The Farmer's Boy Inn and ran it for 25+ years while reinvesting into rooms and pies.
- He describes paying staff more than he pays himself and sometimes subsidising the pub from other properties.
Cash Segregation And Community Groups
- Phil explains he keeps multiple bank accounts to manage cashflow: main, profit, VAT, and tax accounts.
- He also formed a group ('Hoop H-O and Hands Off Air Pubs') to share that many cannot even pay their VAT.
