Hospitality & leisure
The hospitality, tourism and leisure industry has, for a number of years now, proved to be one of the more challenging business sectors. This includes hotels, public houses, restaurants, golf clubs, bed and breakfast establishments, sports clubs and gyms, travel and tour operators etc.
Customer spending with these type of business is described as being discretionary – this means that in hard times customers can decide to spend less in these areas, which makes them particularly sensitive to economic conditions.
There are also specific aspects of these types of businesses that can mean that additional support from your accountant may be extremely beneficial. These include things like:
- Profit budgeting and cash-flow forecasting, especially if there may be major implications arising from the new living wage.
- Preparation of business plans to assist with raising finances
- Particular tax implications of the industry e.g. treatment of gratuities / tronc arrangements, partial exemption for VAT, liability for VAT of sports clubs.
- Dealing with auto-enrolment, especially in view of a relatively high level of staff turnover / seasonal staffing requirements.
- Advice on the benefits or otherwise of incorporation, or alternative business structures.
Morris Owen has many years of experience helping clients in this sector. The services that will be particularly relevant are likely to be:
- Management accounting assistance
- Preparation of annual statutory accounts
- Business and personal tax returns
- Business modelling i.e. cash-flows, forecasts
- Payroll assistance – we can run your weekly and monthly payrolls for you
- Help with tax and VAT planning and compliance
- Business succession planning
- Retirement and pensions planning with our own independent financial advisers
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