We know that our clients in the hotel industry have unique issues to contend with. The industry is highly competitive and we understand that management needs to focus on maximising its brand and offerings rather than worrying about accounts, tax and other compliance. We can help.
Barnes Roffe has a specialist team of hospitality accountants to service its clients in the hotel industry, helping you deliver your best while leaving the detail to us. Our team members know inside out the compliance issues and planning opportunities relevant to the hotel industry.
As well as our hotel/accommodation specialists we also have specialists in the food and drink industry – the teams work closely together to service all our clients in the hospitality sector.
Staff and management
With a large pool of staff working in a diversity of locations and service areas, hotel businesses must ensure that their staff costs are correctly allocated.
It is usually beneficial for hotels to keep their employee pool within a separate company from the main trading business, in order to isolate the employer’s risk from the property and trading. This means the employees’ time needs to be recharged to any relevant trading businesses at the correct rate. We can assist with recharge calculations and time recording, ensuring that your records are accurate and reliable.
Payroll within hospitality businesses can also have additional complications such as the “tronc” arrangement for the distribution of tips etc. We have the knowledge and experience to help you manage these arrangements and ensure correct compliance.
With the upcoming changes to pensions under Auto-Enrolment, hospitality businesses with large numbers of staff have a bigger admin burden than many to shoulder. We are able to advise on all aspects of this arrangement, from scheme set up to integration with your payroll.
Hotel businesses usually own the properties from which they operate. In all sizes of business it is important to consider the structure of your business.
Is your trading risk isolated from your valuable assets such as property? Is your group structured in the most tax efficient manner? Does your business structure allow for an exit strategy? How about inheritance tax or capital gains tax? It’s important to think about the best way to deal with property ownership.
Through our experience within the hotel industry we can help you answer these questions and create a bespoke solution for your particular circumstances.
With the provision of a wide range of different services such as accommodation, event room hire, catering for events, meeting rooms, laundry services, food and drink etc., it is vital to ensure that you are compliant with the relevant VAT legislation.
HMRC will look more closely into businesses where there is a high chance of making errors – make sure you are not going to be penalised with an unexpected bill for under-declared VAT!
Take advantage of our “VAT healthcheck” service to review your current VAT compliance and ensure that you are accounting correctly for your VAT.
Offshore parent companies
If your hotel company has an offshore parent, we have the expertise to deal with the particular issues you may face. Of particular complexity when dealing with international groups are tax rules for example double taxation, transfer pricing rules, or Thin Capitalisation.
We have a number of specialist tax partners across our firm, who have the expertise necessary to deal with these tricky areas and ensure that your business is both satisfying its compliance requirements as well as conducting its affairs in the most tax efficient manner.
Services we offer:
- Management accounts – we can prepare timely management information to help you control your costs and build on your strengths.
- Key Performance Indicators – we will calculate industry relevant KPIs such as RevPAR, ARR, wages % and GOPPAR in our management reporting.
- Payroll – we can outsource your payroll or offer specific advice e.g. on troncs.
- Statutory accounts and corporation tax compliance.
- Statutory audits and non-statutory assurance reports.
- Group structuring.
- Tax planning – including property taxes, CGT, IHT and international tax matters.
- Capital allowance planning – an important area, often overlooked. We can help you make the most of allowances available on items such as plant & machinery and “integral features” within buildings.
- Exit planning.
- VAT advice on specific transactions or general matters.
- VAT healthchecks.
- Auto-enrolment advice.