Wednesday, 8 April 2009

Nothing is certain but death and ...


My copy of the JD Wetherspoon plc interim accounts arrived today and, for once, I have taken time to read the Chairman's report.

While interest rate swaps and accounts "marked to market" is part of a previous life for me there is something from the report that is worth sharing on this blog.

"In the six months ended 25 January 2009, the Company made profit after tax of £17.3 million, yet taxes generated were £190 million (this includes VAT (£79 million); Excise Duty (£53 million); PAYE and National Insurance (£30 million; property taxes (£18 million) and corporation tax (£10 million)."

"On an annualised basis, this equates to the Company making £50,000 after-tax profit per pub while generating tax of about £530,000 per pub......"

"...Even the closure of one small pub results in a far greater loss of revenue to the Government than it does to the publican or pub-owner"

Hopefully the Chancellor is taking notice of his reducing tax revenues (not all, of course, from the pub trade) and will do something to relieve the ever increasing burden to give pubs and beer drinkers a fairer chance.

Don't hold your breath though.

Nice story about Axe the Tax's Mr Pinty and his friends here.


Jack Custard said...

Don't hold your breath?

Tell that to Tanya Streeter!

John Paul Adams said...

Interesting that the profit made averages out to about £1000 a week per pub, hardly a vast profit.

Makes me wonder why they reduced the price of a pint of real ale about four weeks ago by 20p and then increased it two weeks later by 10p. Why not drop it 10p in the first place? Why drop it at all if they are not making much money?

Confusing times.