Horwich Advertiser Issue 637

Page 10 July 2026 AD SALES 01204 478812 BUSINESS TO ADVERTISE CALL 01204 478812 £ LUXURY cruise retailer Panache Cruises has exceeded £50m turnover for the first time after another year of strong growth. The Chorley based business, which was founded in 2020, saw its revenues rise from £34.9m to £50.1m in the 12 months to the end of May 2026. Panache Cruises also generated more than £1mEBITDA and grew its headcount from 72 to 110 in the same period. James Cole, chief executive and founder, said reaching £50mwas a ‘huge milestone’, especially against the backdrop of ongoing conflict in the Middle East. He said: “It’s an outstanding achievement but the progress we’ve made in the last 12 months goes way beyond just record sales figures. “Every business with ambitions to scale sustainably has to be built on fantastic foundations. “Our foundations are the three Cs: colleagues, customers and cruise lines, and that has never changed.” PM+M, the Bury-based chartered account- ancy, business advisory and financial planning group, has enhanced its VAT advisory offering. It has created a ded- icated specialist team designed to help SMEs and growing companies manage increasingly com- plex VAT requirements, stay compliant and identify opportunities to improve business performance. The team will be led by senior managers Andrew Kirkaldy and Lorna Hammond. Andrew Kirkaldy said: “VAT is one of the most com- plex areas of tax and, for many firms, it can quickly become a challenge as they grow, evolve or expand into new markets.” Lorna Hammond added: “VAT is often viewed purely as a compliance require- ment, but with the right advice it can also support better business perfor- mance. From improving cash flow and managing risk to identifying oppor- tunities and navigating change, effective VAT plan- ning can deliver real value.” THE temporary VAT cut for chil- dren’s meals, admissions and family attractions could lead to a summer of disruption for busi- nesses, experts have warned. A reduced VAT rate of five per cent will apply to a range of supplies that are typically subject to the standard 20 per cent rate from June 25 to September 1. The relief is intended to reduce the cost of activities for families during the school holidays, encourage consumer spending across key sectors and provide a short-termboost to affected industries. Businesses affected include restau- rants, cafés and similar establishments supplying children’s meals, cinemas, theatres, concert venues and exhibition CHANCELLOR Rachel Reeves has announced a 10p per mile rise in tax-free mileage rates claimed by people who have to use their own cars for business travel. The move, backdated to April 2026, will see the Approved Mileage Allow- ance Payment (AMAP) rate increase for the first time in 15 years. The rate applied to the first 10,000 business miles travelled by employees per year is going up from 45p to 55p and will be backdated to April 2026. The increased rate will also apply to the simplified expenses regime for the self-employed in 2026-27. It is part of a raft of policies unveiled by the chancellor in the Commons all aimed at tackling the impact of Donald Trump’s war in the Middle East. The chancellor told MPs: “For haul- iers, the government is granting a 12-month road tax holiday for HGVs, saving the typical heavy lorry up to £912. To support farmers and the rail freight industry, I have decided to cut duty on red diesel by over a third until the end of this year.” She said the tax-free mileage rise would benefit everyone who needs to drive for work, “from care workers to plumbers”. Business mileage after 10,000 miles will remain at 25p per mile – except for National Insurance purposes, whichwill be at 55p per mile, rather than the previ- ous 45p per mile, regardless of mileage. There is no change to the rates for motorcycles or bicycles. These will remain at 24p and 20p, respectively. And passenger payments for employ- ees’ car sharing will remain at 5p per passenger per business mile. The government has stated that it will do a review of all rates, which will be set out in a future Budget. Summer VAT cut warning Advice: Andrew Hopkins of Azets Leaders: Andrew Kirkaldy and Lorna Hammond Specialist team offers support Tax-free mileage rates rise spaces and operators of live perfor- mances and shows. Also impacted will be theme parks, amusement parks and fairs, zoos, wildlife parks and aquariums, museums and cultural attractions, soft play centres and indoor/outdoor activity venues. The reduced rate applies spe- cifically to children’s meals mar- keted and priced for children, children’s admission tickets and admission tickets to qualifying family attractions. However, AndrewHopkins, VAT partner at accountancy practice Azets, which has an office in Los- tock, believes that while the meas- ure should be welcomed it will also bring difficulties. He said: “While this presents a timely opportunity to drive con- sumer demand, it also introduces additional complexity for busi- nesses. For many, implement- ing short-term tax changes can place added pressure on already stretched teams. “Although temporary, the change brings significant practical and compliance considerations for businesses that may be disruptive if not managed carefully. “We recognise that short-term policy changes like this can be dif- ficult to implement, particularly for businesses with complex or high-volume transactions. “The government expects busi- nesses to pass on the VAT savings to customers. While not manda- tory, doing so may help attract more families and increase footfall. “With VAT rates shifting from 20 per cent to five per cent and back again over a short period, the practical and compliance implica- tions shouldn’t be underestimated. From pricing and systems to VAT treatment and reporting, careful planning will be essential.” He added: “Businesses will need Panache sails past £50m turnover Ambition: James Cole CEO and founder of Panache Cruises to clearly identify which supplies qualify for the reduced rate and which remain at the standard rate. Accurate classification will be key to avoiding errors and potential compliance risks. “The changemay require updates to pricing structures, ticketingmod- els and accounting systems. Busi- nesses will also need to consider how the reduced rate impacts their pricing strategy and margins.” In January, the company also stepped in to hire eight new col- leagues from dnata Travel Group after it announced plans to close its Travel Republic and Netflights consumer brands. James said the company’s ambi- tious five-year goal was to reach £300m in revenue by 2031. He said: “We think we can do that largely through organic growth but if the right acquisi- tion comes along, we’ll certainly look at it. “We’d only undertake an acqui- sition if the company shared our values and culture. “In addition to our US base, we opened an Australian office in May and plan to expand fur- ther internationally by opening in Canada. “We’ve been included in the Sun- day Times Best Places to Work list and last year a team of 14 of us successfully climbed Mount Kil- imanjaro on the way to raising £88,000 for the brilliant charity, Reuben’s Retreat. That’s what we’re about at Panache Cruises.” James said the company had made a number of key hires over the last 12 months, including its first-ever people and culture direc- tor, Sarah Allen, and Linzi Bird as head of customer experience.