Tourism and hospitality - Blog

    • 11 Jul 2017
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    How to vote in the tourism and hospitality forum

    You may be aware that we recently launched the ICAEW Tourism and Hospitality voting forum. If you have experienced difficulty accessing or voting in this forum then please see below a step by step guide in how to ensure that your vote is counted! In order to log vote in the Tourism and Hospitality forum you would need to visit: https://ion.icaew.com/tourismandhospitality/f/tourism-and-hospitality---forum Once here...
    • 29 Jun 2017
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    Football - continuing to grow in value - but what's the impact on the rest of us?

    Football is still growing in value as a leisure activity which drives domestic, in-bound and out-bound visits - and the UK continues to punch above its weight in this area. The recent report "Football Clubs‘ Valuation: The European Elite 2017" explores what's happening. Media rights in particular are allowing the most valuable businesses to defy the economic fundamentals which affect most other sectors...
    • 14 Jun 2017
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    Tourism and Hospitality voting forum!

    In order to ensure that you continue to receive up to date content we are pleased to announce that we have launched a voting forum exclusively for members of the Tourism and Hospitality special interest group. By launching this forum it will allow members to vote for topics they would like to read about or indeed contribute their own suggestions and articles. All subsequent articles will then feature in a future newsletter...
    • 10 Jun 2017
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    3 events that have shaped the hotel industry over the past 10 years

    The past is rarely a good guide to the future but it is sure is better than no guide. This HotStats analysis is definitely worth a few minutes of your time if you or your clients have any involvement in the UK and European hotel industry. The attached analyses RevPAR and other KPI delving deep into the hotel profit and loss statement to investigate how the hotel market has evolved. The performance of hotels across Europe...
    • 19 May 2017
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    Is the Tourism Industry ready for serving the largest market in travel?

    Is a question that came to mind, whilst I was discussing summer travel plans with my niece, arguably my best insight into the world of Millennials. With holidays around the corner, I asked her how she planned to travel whilst away from University. She stared at me strangely, as if I was not up to date, with the latest trends and set about explaining how technology made planning an entire trip possible, over a Tall Soy...
    • 27 Apr 2017
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    Apprenticeship Levy opens more doors to the profession

    The Apprenticeship Levy has been introduced as part of a Government drive to train 3 million new apprentices by 2020. An apprenticeship is a viable option for school leavers to progress into working life and at ICAEW, we want to make sure that those entering the profession are aware of the different routes available to them so they can choose the one that suits them best. In order to create as many opportunities as possible...
    • 24 Apr 2017
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    Tips, Service Charges, Troncs and Government consultations – An accountancy view

    It is a peculiarity that has been remarked upon previously that there are some service sectors where people expect to pay a tip and others where they don’t. Thus you will typically give a tip to a taxi or even a coach driver – but never to a train driver. In a hotel you might tip the bellboy for carrying your luggage – but you would never think to tip the shop assistant who sold you that luggage. In...
    • 23 Apr 2017
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    There are opportunities to reduce the impact of a reduction in the supply of EU migrant workers

    If there is to be a major cut in the number of workers allowed to enter from the EU, last month's KPMG report commissioned by BHA strongly suggests that parts of hospitality and tourism face major problems in recruitment. BHA say it wants to avoid there being any cliff edge and is seeking to make the Government aware that in the medium to long term the industry will still need considerable numbers of EU workers. BHA...
    • 19 Apr 2017
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    New Package Travel Regulations (PTR) - Part 2

    Following on from my blog last week there is some further detail that is covered in the New PTR Directive that needs to be understood. The first is what is the new Linked Travel Arrangement ("LTA") ? "What is excluded from the Directive ? What about the surrounding insolvency provisions ? Linked Travel Arrangements LTA means a combination of at least two different types of travel services for the purpose...
    • 4 Apr 2017
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    New Package Travel Regulations (PTR) - Are you Ready ?

    On 25 November 2015 the New Package Travel Directive (PTR) (2015/2302/EU) was adopted, bringing it up to date with developments in the very dynamic outbound travel market. The New Directive entered into force on 31 December 2015 and EU Member States have to transpose it by 01/01/2018 and it will be applicable from 01/07/2018. The old PTR had become outdated by the onset of new technology and customer preferences. If you...
    • 4 Apr 2017
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    New Package Travel Regulations (PTR) - Are you Ready ?

    On 25 November 2015 the New Package Travel Directive (PTR) (2015/2302/EU) was adopted, bringing it up to date with developments in the very dynamic outbound travel market. The New Directive entered into force on 31 December 2015 and EU Member States have to transpose it by 01/01/2018 and it will be applicable from 01/07/2018. The old PTR had become outdated by the onset of new technology and customer preferences. If you...
    • 1 Apr 2017
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    IFRS 15 – Do Hotel Operators have an obligation to perform?

    IFRS 15 (Revenue from Contracts with Customers) applies to an annual reporting period beginning on or after 1 January 2018. In my opinion, there are two key considerations to make when hotel operators when drafting or updating contracts with customers. The first is to identify the performance obligations in the contract, as these would determine when revenue can be recognised. Management contracts typically are for...
    • 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
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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
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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
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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
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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
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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
    • 2755 views
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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...