Tourism and hospitality - Blog

    • 13 Sep 2017
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    250 days left to comply with General Data Protection Regulations (GDPR)

    Background The 5,500 members of the Tourism and Hospitality Special Interest Group (SIG) of the Institute of Chartered Accountants of England and Wales (ICAEW) were recently surveyed through an online questionnaire to identify topics on which they wished to be advised. GDPR was the highest rated issue. ICAEW requested me as a member of the SIG Committee to write a short case study that might help members and others...
    • 11 Sep 2017
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    Data privacy in the tourism and hospitality sector

    Data privacy in the tourism and hospitality sector Personal data security is becoming increasingly important in the tourism and hospitality sector, but many companies may not be ready to comply with the EU’s tough new data protection laws, which must be implemented by May 2018. All EU businesses that handle data will have to comply with the General Data Protection Regulation (GDPR), which will require investment...
    • 11 Sep 2017
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    European Travel Commission - Quarterly Report - Q2/2017

    Early indicators point at another year of rapid growth for European tourism destinations. Although results are not yet indicative of the full-year performance, they are in line with the healthy trajectory seen earlier this year. Tourism demand from intra-regional markets remains crucial for future growth. However, perceptions of safety and security across Europe will continue to drive displaced travel and is likely to...
    • 9 Sep 2017
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    First half 2017 outbound UK travel to Eurozone remains solid despite Brexit devaluation

    Early indicators point to another year of rapid growth for European tourism destinations. Although results are not yet indicative of the full-year performance, they are in line with the healthy trajectory seen earlier this year. Tourism demand from intra-regional markets remains crucial for future growth. However, perceptions of safety and security across Europe will continue to drive displaced travel and is likely to...
    • 3 Aug 2017
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    How Saudi Arabia is gearing up to become a tourism destination

    The BBC recently reported Saudi Arabia's plan to convert 50 Red Sea islands into luxury tourist resorts. The Kingdom continues to attract pilgrims in droves, who are likely to swell to 30 million (from the current 8 million) by 2030. Little is known about the abundance of heritage sites, despite been registered with the UNESCO, which is intriguing. This of course, sounds promising to those working in the Industry...
    • 2 Aug 2017
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    Why Indian tourists could be the next big thing

    After years of being lauded as being part of the famed BRIC countries, India is starting to demonstrate signs of being on the cusp of realising the grandiose status that was predicted. In June 2017, retail sales to Indian tourists saw gains in sales of 35%, with double-digit gains in all major destination markets. Whilst the UK currently benefits from being the primary destination choice for Indian tourists to Europe...
    • 2 Aug 2017
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    Free Seminar: Staff Issues in the Tourism and Hospitality Sector

    Join the ICAEW Tourism and Hospitality Group, HOSPA and BHA (British Hospitality Association) in this seminar where common issues affecting business within the tourism and hospitality sector will be discussed. EVENT INFORMATION This seminar, chaired by Gareth Jones , Audit and Advisory Partner of Hospitality and Head of Hospitality & Leisure, Mazars, will explore the continued impact of labour issues, service...
    • 31 Jul 2017
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    The elephant in all our rooms in travel and tourism

    Over the past decade Priceline’s pre-tax earnings have grown at a compound annual rate of 42%, faster than Apple, Amazon, Netflix and Alphabet. It also boasts a 96% gross margin. Its share price has risen by more than 50% over the past 12 months, about four times faster than the broader stockmarket. Take FULL account of it in all you decide / recommend Ian
    • 28 Jul 2017
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    Dubai's population surges as tourists outnumber residents by five to one

    A study by UK-based travel firm On The Go Tours reveals that Dubai attracts 15.3 million tourists as compared to its just 2.7 million population, a swell of 459 per cent, third highest after Paris and Kuala Lumpur. This means there are over five tourists for each Dubai resident. Home to the world's tallest tower Burj Khalifa and tallest hotel JW Marriott Marquis, Dubai kicked off 2017 in a high gear as the Dubai...
    • 25 Jul 2017
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    Are Travel and Accommodation Habits Changing in London?

    Is Society’s demand for travel and accommodation changing, particularly in London? Some recent trends are now emerging in UK rail passenger transport: historically volume and revenue from commuting into London followed “central (City) London employment”, with other rail passenger revenue broadly tracking economic growth. Over the last year this appears to have decoupled: despite employment holding...
    • 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
    • 1948 views
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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...