Hospitality & Tourism
The Hospitality and Tourism industry is huge and growing fast worldwide. Visitors travel to new places to spend holidays, conduct business, reconnect with friends and family, etc. These require accommodation along with many other facilities for a comfortable stay. Thus, Tourism and Hospitality are closely interlinked.
The hospitality and tourism sector in the UK is known for its diversity and creativity and presents many growth opportunities. However, it is also challenging, with decreased consumer spending and rising costs affecting many businesses, particularly in the casual dining sector. Additionally, there is growing competition from disruptive companies, leading many businesses to re-evaluate their business models. For example, the hotel industry has undergone significant changes with the emergence of virtual communities, Airbnb, and online travel agents.
Accounting is crucial in tourism and hospitality for tracking finances, managing costs, and ensuring profitability. It helps businesses make informed decisions, comply with tax regulations, and maintain financial stability.
Financial accounting provides insights into a hospitality business’s financial health, allowing effective cost management, budgeting, pricing decisions, and strategic planning.
The Uniform System of Accounts for the Lodging Industry (USALI) is a widely used standard accounting system in the hospitality industry, providing guidelines for financial reporting and analysis.
The responsibility of an accountant includes:
- Bookkeeping and record keeping
- Budgeting and forecasting
- Financial reporting
- Taxation
- Audit
- Cost analysis
- Financial planning and analysis
In the UK, hospitality businesses need to manage various taxes including Value Added Tax (VAT), Corporation Tax, and National Insurance contributions. Proper accounting ensures compliance with tax regulations, accurate reporting, and timely payments.
A tronc is a specialized payment arrangement designed for businesses within the hospitality and leisure industry, including bars, restaurants, hotels, and casinos. It enables these establishments to distribute customer tips, gratuities, and service charges among their staff equitably.
Travel and Tourism Services
In the dynamic world of travel and tourism, managing finances effectively is essential for the success of your business. As a seasoned chartered accountant specialising in providing expert financial services to the travel and tourism industry, we understand the unique challenges and opportunities this sector offers.
We offer specialized advice on audits, tax efficiency, corporate finance, and business consultancy. Our clientele ranges from owner-managed private businesses to large listed companies with international networks.
Specialist advice tailored for travel and tourism businesses includes:
- Industry regulation and compliance
- Flotations, acquisitions, and disposals
- Tax planning and compliance, including advice on the Tour Operators Margin Scheme (TOMS)
Sectors we support
Our team of hospitality accountants is well-equipped to support your business. With extensive experience in the hospitality sector, we have collaborated with a diverse range of clients throughout the UK, ranging from independent operators to national chains, encompassing everything from coffee shops to Michelin Star restaurants. Leveraging our in-depth understanding of the challenges unique to the industry, Lanop boasts a specialized team of advisors ready to assist you.
Whether you are a startup aiming for growth, an established business seeking investment for expansion, or a national chain, we possess the expertise to help your business thrive, giving you a distinct competitive advantage.
Our accountancy services cater to various businesses within the hospitality business, adding significant value to:
- Restaurants & Cafe
- Gyms
- Hotels
- Bars & Pubs
- Community Clubs
- Gaming venues
- Leisure Business
Restaurant Accountants
Our restaurant accountants bring extensive industrial experience to support your business effectively. Recognizing the diversity of the sector, we are committed to assisting your business through any challenges or opportunities it may encounter.
Whether you run a fine dining establishment, a casual diner, or a fast-food eatery, our industry-focused approach and strategic insights uniquely position our local accountants to guide restaurants across the UK. Our experts specialize in restaurant accounting, ensuring that we have the tools and experience to help you achieve your goals regardless of your business’s size and scope.
How We Can Help Your Restaurant
Whether you own a startup or an established business, our chartered accountants can assist you in business growth advice and sourcing financing to handling day-to-day bookkeeping and payroll management, we are skilled at supporting businesses during periods of uncertainty and sustained growth. Our expertise extends to all aspects of hospitality accounting, including restructuring, auditing, valuations, and PAYE.
Our specialized tax department can also guide VAT, capital allowances, and all company and personal taxation areas. Whatever your accounting needs, we are here to help.
Pubs and Bars
As leading Pubs and Bars advisors, we deal as your virtual finance department. We handle everything from financial planning to accounting expertise including bookkeeping and payroll for your business growth. With extensive sector knowledge gained from working with bars, clubs, coffee pubs and bars we offer fruitful advice to make a real difference in our client’s financial growth.
Hotels
With nearly a decade of profound experience in the hotel industry, we stand as pioneers in this field. Our dedicated and enthusiastic partners and staff excel in identifying and implementing actionable insights that significantly impact our clients’ businesses. Taking the time to comprehend the complexities of your business and the individuals steering it, we leverage our expertise to achieve maximum results. we proudly offer specialized Accounting, Business, and Tax Advisory services tailored specifically to the unique needs of the hotel industry.
Cafes
Our team of hospitality accountants specializes in supporting businesses like cafes, bakeries, and similar establishments. Let us handle the complexities of your financial management, allowing you to focus on running your cafe seamlessly.
Accountancy Services for Hospitality and Tourism Sector
Facilitating your day-to-day accounting practices and offering insightful advice on margins, tips, and troncs, we specialize in providing comprehensive support to businesses in the hospitality and tourism sector. Our accounting services for hospitality, tourism, and leisure sectors includes:
- VAT and all company and personal taxation facets
- Advising on business growth and financing new developments/expansion
- Leveraging Annual Investment Allowances to maximize tax relief on capital expenditure
- Conducting business valuations
- Managing Capital Allowances
- Facilitating EIS & SEIS funding
- Providing payroll services tailored for the hospitality sector
- Offering funding solutions, including financial forecasting and cashflow modelling
- Implementing group restructuring and remuneration planning
- Delivering outsourced financial management and payroll services
- Developing retention planning strategies
Meet Our Experts
Our team consists of skilled and experienced accountants and financial advisors. These professionals can assist individuals, entrepreneurs, business partners, and larger ventures with their financial and accountancy acumen.
Hospitality & Tourism
Specific Accounting Services
- Bids & Contracts
- Annual Accounts
- Management Accounts
- Advice on Financial Strategy
- Budgeting
- IR35 rules
- VAT and paye support
- Cash flow and revenue forcasting
- Raising finance
- Pension Advisory
- Profitability & Expense Analysis
- Construction industry scheme (CIS)