Hospitality, Tourism & Leisure

In one of the most challenging times facing the hospitality, tourism and leisure industry, it has become crucial to build resilience and adapt your business strategy. Businesses are tackling these challenges in three different modes, survival, maintain or opportunist. For all clients within this sector, we have worked with them to ensure they are making the most of their chosen strategy, so no accounting or tax saving opportunities are missed.

Led by company director Mike Johnston, our team of trusted advisors will gain a thorough understanding of your business so you can view us as an extension of your internal team. We have been able to identify several areas of improvement for our clients within this sector, as well as supporting them in building on their strengths. This has enabled them to cope with changes in business demand as well as identify new ways to reap rewards.

Specific areas that we have found particularly helpful for this industry include business development, strategy planning, raising finance for projects and expansion, cash flow analysis and making use of capital allowances.

Hospitality, Tourism & Leisure Key Services

Compliance Services

Our highly experienced team can work as an extension to your business to deliver a proactive and efficient service for these fundamental everyday accounting services.

Compliance Services

Tax Planning

Our specialist tax planning team can provide proactive advice, considering your financial position in the round to ensure all tax implications are considered. Forward thinking is key to maximising tax efficiency.

Tax Planning

Succession Planning

By creating a succession plan, you can ensure you have considered all the financial and legal implications, choosing the right successor for the business.

Succession Planning

Hospitality, Tourism & Leisure Accountancy FAQs

How can I protect my hospitality business from future challenges?

The Hospitality, Tourism & Leisure sector was one of the hardest hit by the Coronavirus pandemic. This period of uncertainty has highlighted the importance of building resilience, protecting against future challenges such as managing the ongoing impact of Brexit and labour shortages.

Depending on your business position, you may be looking to take advantage of new opportunities, maintain your current position or simply survive any future challenges. Our team of trusted advisors will work to gain a deep understanding of your business, helping you to build a business strategy that builds on your strengths and mitigates risk. We can also help to identify any business or tax saving opportunities, such as our work helping Kelso Racecourse to make a significant Research & Development tax relief claim.

How does succession planning work for hospitality, tourism & leisure businesses?

This will completely depend on your business circumstances. For example, for a family run hotel or restaurant looking to pass the business onto the next generation, we can work through the process with everyone involved to find a balance that suits the whole family. Often this may require an approach that is unequal but fair, particularly if family members are seeking different levels of involvement in the business.

Alternatively, for larger business owners looking to retire or sell the business on, a corporate succession plan may be more appropriate. By considering all the financial and tax implications in the round, we can help you to identify a successor that is right for the business, maximising its value and safeguarding it for the future.

Whichever approach to succession you require, early planning is key to ensure that the process runs as smoothly as possible. Our succession experts can guide you through the process to find the right solution for your business.

What's the benefit of outsourcing my bookkeeping?

Running a business in the Hospitality, Tourism & Leisure industry tends to be fast-paced, time consuming work. By outsourcing your everyday accountancy, you can ease some of that pressure on your time. Not only that, but you can gain some peace of mind knowing that everything has been handled accurately and efficiently by an expert.

If you’re running a small business, we also offer a range of Small Business Packages designed to cover all your accountancy needs in a cost-effective manner.

Speak to a Tax Expert

Hospitality, Tourism & Leisure Tax Advisors

Mike Johnston

We have a dedicated team led by company Director, Mike Johnston, that can assist with both tax planning and claiming reliefs in relation to hospitality, tourism & leisure.

Mike has worked with DHCO since 1998 and has an extensive knowledge about tax planning across many different industries. Read more about Mike’s experience.

Contact Mike

“Our accountant, Sheryl Macaulay, is a great person to bounce business ideas around with. While providing us with standard accountancy services, Sheryl’s business advice is always very helpful and welcomed.”

– Peter Moralee Senior

Breamish Valley Cottages

Accountancy Tip

One of the lessons learned from Covid-19 is the importance of business resilience, particularly in Hospitality, Tourism & Leisure. Developing a watertight strategy that maximises tax efficiency will help to ensure future stability.

Hospitality Insights

Hospitality & Tourism Insights

Changes to Hospitality and Tourism VAT in the wake of Covid-19

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Case Study – Kelso Racecourse

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