Leisure, Hospitality and Hotel Accounting
With offices in Dorset, a county visited by around half a million tourists every year, it's no wonder we've gained such experience as hospitality accountants.
We have experience as accountants for restaurants, bars, hotels, marinas, holiday let landlords and event organising companies across the region.
Whichever section of the tourism and travel industry your business operates in, Andrews & Palmer can provide hands-on support, advice on achieving growth and insight into the health of the industry across the region.
Knowing how to manage restaurant accounts effectively requires an understanding of stock control processes, electronic point of sale (EPOS) systems and careful management of cashflow.
Our management accounting and business advice service provides reliable profit and loss reports and help with realistic gross profit (GP) calculations, ensuring that your business is sustainable in the long run.
That's all the more important if your restaurant, pub or bar is in a location with highly seasonal trade.
Our budgeting and forecasting services give you the power to plan around the ebb and flow of business throughout the year.
We can also relieve the pressure of taking on seasonal staff through our payroll service, handling registration of starters and leavers, pay calculations and payslips.
As specialist hotel accountants, we understand the unique challenges in the sector, from boutique to bed-and-breakfast via the largest hotels.
Whether it's calculating and managing occupancy rates and room charges, or handling particularly complex payroll setups, we can help.
We're also aware of the need for hotels to be constantly overhauled to keep them fresh, ensure compliance with the latest public safety regulations and maintain the best possible room rates.
We can advise on securing finance for refurbishment or maintenance projects and on claiming valuable capital allowances where they apply.
Accounting for tour and travel businesses
Experienced travel accountants know how complex this field can be with international tax law to contend with, as well as aspects of UK legislation unique to the sector.
We can help you navigate the tour operators margin scheme (TOMS) for VAT, for example, and guide you through financial reporting to sector regulators such as ABTA.
Holiday let accounting
There are thousands of holiday flats and cottages across the south and south west of England, all of them subject to complicated government regulations.
Andrews & Palmer can provide clarity around whether your property qualifies as a furnished holiday let (FHL) and is thus eligible for capital allowances and other benefits, such as capital gains tax relief when you sell.
As part of our personal tax planning services, we're also able to help with calculations around whether FHL or long-term let would be more profitable for you.
Visitor attraction accounting
Historic buildings, private museums, visitor centres based in areas of natural beauty and leisure parks offer special accounting challenges.
In the case of those operating as charities, it's vital to comply with the reporting standards of regulatory bodies, in line with the charities SORP.
For private visitor attractions, not only are there all the usual challenges of the tourism and hospitality industry – cashflow, payroll, VAT – but also a need for robust growth and succession planning.
In addition, in our experience, visitor attractions often fail to claim capital allowances to which they might be entitled, missing out on valuable tax relief. If you've invested in the installation of drainage, electrical, lighting or security structures, for example, and didn't claim capital allowances, you might be missing out.
Get in touch for a free consultation on how our accountancy services for travel, tourism and hospitality could help your business.