Accounting in the Travel Industry
The travel industry is not like any other industry and there are very complex and specialist areas that your accountant needs to understand. There are many threats and constant changes currently facing the travel & tourism industry. With the ongoing threat of terrorism, newly developed technology and the concern of carbon emissions, you find yourself extremely busy without the added need to worry about regulation, compliance and accounting.
Our specialists in the travel industry will be able to help ease the pressure and put your mind at rest. We understand the problems that businesses within the industry face and work closely with owner managers, SME agencies and travel management companies.
We are able to assist with the accounting compliance aspects of your business such as ARA scheme, taxation and statutory accounts. We are also experts in developing businesses through our Business Improvement Programme which is designed to help create a better future for you and your business.
How can we help you?
As well as the usual accounting and compliance services you would expect from your accounts, we can offer you the following additional services:
- Assistance with complex international VAT compliance
- Compliance with The Tour Operators Margin Scheme (TOMS)
- Forecasting for the future to enable you to make key business decisions
- Measure your business against similar businesses in the travel industry
- Monitor cashflow closely, in particular during quieter times
- Completion of ATOL Reporting Accountants (ARA) Scheme
- Succession planning for your business
- Payroll and employment tax
Please contact us on 01865 379272 for your free consultation and no obligation quote so that we can help develop and grow your business.
We understand the challenges and issues facing businesses in the travel industry and look to share our knowledge, experience and expertise with our clients.
As example, here are a couple of articles in relation to the ATOL reporting accountants scheme
Here are two areas that we regularly discuss with our clients in this sector:
The UK tourism industry maybe losing out on tax relief in the form of capital allowances. Capital allowances are a tax relief that can be claimed against certain costs involved in developing and purchasing commercial property. This can be in terms of electrics, drainage and lighting.
Here is a list of some of the integral features that you may be able to claim capital allowances on:
- Lifts and escalators
- Water heating systems
- Air conditioning systems
- Electrical systems- including lighting
Any money that is saved through claiming the capital allowances can be used to help your business develop and grow. Unclaimed capital allowances must be claimed prior to the sale of the commercial property or they will be lost
Annual Investment Allowance (AIA)
Currently the annual investment allowance is £200,000 from 1st January 2016. Any large purchases or renovations should be done in timing with the allowance.
For advice on claiming capital allowances and making the most of the AIA available, please contact the office. Our specialist knowledge and awareness helps provide tailored advice to our clients.
Talk to the team
How will you decide if we are right for you?
Could we help make your numbers work?
We invite you to meet with us and discuss how we can meet your personal requirements.
Watch our YouTube channel, Read our blogs or factsheets and download our 8 step workbook to learn how you can implement the 8 step principles.