Tourism and hospitality - Blog

    • 28 Mar 2017
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    Which are the most valuable hotel brands?

    To brand or to remain independent? To rebrand or stay with the devil you know? Is 25% brand delivery good, bad or average? What is the role of the hotel brand in a world of OTAs and AirB2B? The industry's finance and strategy executives, and their advisors, are wrestling with these questions; they always have done, and the importance of answering the questions only grows. In this recently published analysis, some...
    • 21 Mar 2017
    • 490 views
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    BREXIT - Does this mean the death of TOMS ?

    The Tour Operator Margin Scheme (TOMS) was introduced in 1988, as a simplification for EU vendors of travel. VAT is payable on the margin and not on the full selling price and therefore there is no VAT recovery by the vendor on travel costs. The margin VAT is payable in the member state of establishment. Not everyone would agree that TOMS is simple, as it has become unnecessarily complicated, but the simplification is...
    • 7 Mar 2017
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    Value Added Tax is coming to the GCC – it is not as “taxing” as it seems

    Whilst businesses and regulators eagerly await the complete legislation that enacts Value Added Tax (VAT) across the Gulf Cooperation Council (GCC), I would like to share my views on the different discussions I have come across. As always, I shall keep it brief as I am not one for long articles, due to my inherent fear that the point I’d like to make could get lost in an ocean of words. In addition, as the law...
    • 6 Mar 2017
    • 610 views
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    National Minimum Wage - and the salaried worker

    Many a worker – and many an employer – would think that an employee who received an annual salary would be categorised as a salaried worker. Surprisingly, when it comes to the workings of the National Minimum Wage Act, that isn’t always the case. For NMW purposes, HMRC – who ‘police’ the workings of the NMW – contend that the legislation requires that, for someone to be in a...
    • 27 Feb 2017
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    Mazars UK Hospitality and Leisure survey results 2016

    For the fifth year running, Mazars surveyed a cross section of finance directors, HR directors and owner-managers in the hotel, bar and restaurant and tourism sectors to gauge their views on the events of the past 12 months and the challenges that lie ahead. Key findings include: The impact of Brexit on business performance and the recruitment and retention of EU nationals in particular is a major concern Increasing...
    • 20 Feb 2017
    • 615 views
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    End of credit and debit surcharges by retailers

    For the UK outbound travel industry the onward charging of credit and debit card charges to consumers has been a moving piece of legislation since the implementation of "The Consumer Rights (Payment Surcharges) Regulations 2012. The latest advice published by the Government on this issue was published by BIS in August 2015. The guidance has changed repeatedly and markedly since inception in 2012 and has progressively...
    • 20 Feb 2017
    • 601 views
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    ATOL Consultation on PTD - Government publishes its response

    Currently one of the hottest topics in the travel industry, in relation to regulation is the implementation of the new Package Travel Directive. This has been bubbling for a few years now and has generated differing opinions as to practically how it will work in the UK. However, on 28 October 2016, the Department for Transport (“DfT”) launched the first government consultation on implementation of the new...
    • 13 Feb 2017
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    2017 gets off to a good start for tourism

    The UK has seen a 14% increase in arrival numbers in January resulting in retail sales growth of 43% in the month. Encouragingly the increase comes from a range of nationalities including Brazilians and Chinese but also for the first time in a while Russians. Further encouragement comes from the current outlook for the next three months which suggests that the UK will see gains in arrival numbers over and above those...
    • 7 Feb 2017
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    WEBINAR: Challenges in Growth in Tourism and Hospitality - focus on the Far East

    The Tourism and Hospitality Special Interest Group at the ICAEW, is always working hard to bring you the latest industry Insight. Zayd Maniar, Committee member, is pleased to welcome Robert Hecker for this season’s webinar . Robert shall share his insight via a webinar on what those tasked with Finance are facing as challenges. More importantly, he will share his wisdom on how to cope with these challenges....
    • 6 Feb 2017
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    Hotels in London recorded a 2.6% decline in profit per room in 2016 in spite of a 0.5% increase in RevPAR,

    The devil is in the detail as always but what it looks like is further sectorial profit shift from hotels to OTAs. From a hoteliers point of view, if ever RevPAR was a KPI (and I have argued in the past that it was never the pure goal that many suggested) those days are waning because of the different costs of acquisition of occupancy. There is a real role for CFOs and Financial Controllers to refocus their business to...
    • 2 Feb 2017
    • 559 views
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    Are you renewing your insurance soon? Some changes to watch out for.

    As well as the general market conditions, claims experience and more forms to fill in for your insurance renewal then if you are renewing insurances now then look out for 2 changes : Firstly , Insurance Premium Tax (IPT) has increased from an original 2.5% back in 1994 to a steady 6% up to 2015 but more recently this increased to 9.5% (November 2015) and then 10% (October 2016). A further increase to 12% is planned...
    • 10 Jan 2017
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    Is your organisation ready for the next major incident?

    The webinar we hosted on how to management can mitigate (it is important to note that we are always, unable to eliminate) the risk and more importantly, the impact of a major incident. New Year’s Eve on 31 December 2015 in Dubai, saw some “Fire Works”, which were not planned for. Namely, the Address Downtown Dubai went up in flames, just a few hours before the spectacular fireworks of Burj Khalifa...
    • 5 Jan 2017
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    Weak cyber security equals big risks for the hotel industry

    Cyber security has long been a top concern for the private sector and government agencies, but fast-growing hotel businesses are now realising the importance that cyber security plays in their operations. Cyber-attacks have far-reaching consequences for organisations that stretch beyond financial, reputational and legal ramifications. These include negative media coverage, regulatory fines (for failing to comply with...
    • 22 Dec 2016
    • 1910 views
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    Restless time for the holiday park sector

    Seems as if the consolidation and rationalisation that we have seen in the global hotel sector in particular in 2016 is spreading. Recently holiday park group Park Holidays has been bought by a private equity firm in a £362m deal, just days after rival Parkdean Resorts revealed it was to be bought for £1.35bn. And at the same time smaller perhaps under-capitalised and perhaps under managed businesses,...
    • 1 Dec 2016
    • 680 views
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    Overseas Leisure Tourist Numbers Fall

    Like you perhaps, I was surprised to see the data published by British Hospitality Association (BHA) Travel Monitor which shows that the number of leisure tourists have dropped by almost 400,000 in the first nine months of the year. In September the number of outbound tourists rose 10.1 per cent, compared to the same month last year, confounding post-Brexit devaluation expectations. Inbound visitors in September were...
    • 16 Nov 2016
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    The impact of Brexit on the Exchange rate

    We have all read a lot in the press and are already feeling the pinch of the falling pound. Whilst this is wonderful news for us in the export sector, inflation will be a key factor of consideration. Whilst British produce is amongst the finest in the world, we rely significantly on imported food. Though consumers are expected to place greater emphasis on British products, the average supermarket basket is expected...
    • 16 Nov 2016
    • 870 views
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    British tourism suffers post-Brexit slump

    http://www.independent.co.uk/travel/news-and-advice/brexit-tourism-slump-london-hotel-rooms-empty-travel-european-union-business-leisure-a7417206.html
    • 10 Nov 2016
    • 1341 views
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    Rates and revaluations – are we all budgeting for big increases in 2017 ?

    The first Rating Revaluation or seven years will come into effect on 1 April 2017, and despite several years of recession and financial hardship for many businesses, Rateable Values (RVs) for the many properties in the tourism and hospitality sector are set to rise. Some help to phase in the impact may be available, following an announcement that the non-domestic rating multiplier may be reduced, with possible transitional...
    • 9 Nov 2016
    • 1005 views
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    Mazars' Hospitality and Leisure sector survey 2016 : Your views on Brexit, the economy & the future landscape of the sector

    We would like to invite you to take part in our annual survey of leading firms in the hospitality and leisure industry. Last year we surveyed a cross section of finance directors, HR directors and owner-managers in the hotel, bar and restaurant, and tourism sectors. They told us that their key challenges were: increasing costs; the economy; and competition. It's been a busy year for the industry. The...
    • 7 Nov 2016
    • 1083 views
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    ATOL reform: modernising consumer protection

    This document identifies the key changes that the Government is considering making to ATOL; read and speak now…..
    • 31 Oct 2016
    • 810 views
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    Can Virtual Reality play a part in Tourism and Hospitality Marketing

    With the development of Virtual Reality (VR) technologies, is now the time to invest in it's use in the marketing of Tourism and Hospitality products? The attached article looks at VR in a number of different business sectors including travel, but the ability to 'put people in the thick of the action' could be what delineates your business from the competitors. High end tour operators could use VR to sell...
    • 30 Sep 2016
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    Do you know how to ensure that your UK workforce is legal?

    Immigration has been a hot topic in the UK for quite some time now and there is rarely a day when the subject does not appear in the media. This is particularly so with the refugee crisis across Europe and the perceived influx of migrants from the EU into the UK. Even if EU reforms lead to a restriction on EU migrants having access to benefits in the UK, it is questionable whether the numbers of EU migrants heading...
    • 29 Sep 2016
    • 1395 views
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    ICAEW Brexit Polls speak - It's time to get a move on!

    It has been 3 months since we voted out, and Theresa May is under pressure now to get things moving. Not only from the Press today, but also from ICAEW members. Discussions at various levels of the ICAEW including our latest online polls, have all resonated the same sentiments - It's time to get a move on. What would be the final impact of Brexit on our Economy? This is anyone's educated guess, though some...
    • 28 Sep 2016
    • 1581 views
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    Alton Towers operator Merlin fined £5m over Smiler crash

    We should all take note of this. The fine was mitigated by a third because Merlin pleaded guilty. This avoidable incident happened because Merlin failed to put in place systems that allowed their engineers to work safely on the ride while it was running. They seem to have learnt the lesson. Now the rest of the industry needs to too. Smiler crash: Alton Towers operator Merlin fined £5m
    • 17 Aug 2016
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    Brexit and the travel industry

    When we awoke on Friday 24 th June 2016 it appears the world, at least for the UK and businesses operating here, had changed, the people had spoken and decided they wanted to leave the EU. So what are the consequences for the travel and aviation businesses future? As yet, nothing has changed; we are still members of the EU and will continue to be until we have negotiated our exit. The rules allow for negotiations over...