Perrys Chartered Accountants specialist client sector: hotels and hospitality
One of the advantages of using our audit, accounts and tax services is that we have developed expertise over a wide spectrum of business sectors.
In the hospitality sector, competition is intense, and challenges proliferate. Minimum wage increases, zero-hour contract issues, the need to maintain robust data protection processes and deal with the growth of online booking systems are all factors to consider on top of the day-to-day finances. A high-level of hotel accounting is a crucial weapon in your commercial armoury that will allow you to keep one step ahead of your rivals.
Hotel accounting – what makes it different?
Management of finances in the hospitality sector goes beyond simply overseeing revenue and expenses. Hotel franchises and independent hotels operate in unique circumstances that demand specialist hotel accounting skills.
Hoteliers are subject to very specific taxation and financial reporting issues which affect the business, the profits recorded by the business in the annual accounts and the various taxation issues and liabilities which arise, for example:
- Capital allowances – hotels and B&Bs incur capital expenditure on the property, furniture and furnishings. Detailed knowledge of the ever-changing rules for capital allowances is essential to maximise the taxation relief available in this area
- Income tax and National Insurance – there are specific rules and guidelines in relation to areas common to hoteliers, such as meals and accommodation provided to employees, taxis for employees working late and the provision of uniforms. Falling foul of these rules can result in taxation, penalties and interest
- Financial reporting – there are numerous financial reporting standards which are common to hoteliers which will directly impact on reported profits and results. Detailed knowledge of this area, and utilising the advantageous provisions available to hoteliers, is essential.
Specialist hospitality accountants
Our aim is to limit the impact of external financial influences that affect the smooth operation and profitability of your business, calling on our years of experience in the sector.
We can help you with:
- Accountancy and bookkeeping
- VAT issues
We constantly revise our processes to keep up with relevant updates and to ensure we always use best practice.
Get in contact with one of our helpful team members today.