R&D tax relief changes
Read our article detailing the latest updates to R&D tax reliefs in the UK, as well as an overview of previously announced changes.
Hospitality
Price Bailey works closely with clients from across the hospitality sector, and have long standing relationships with hotels, bars, restaurants and pubs. We understand the nuances and challenges of the industry and provide specific expertise tailored to your business. Even in the most challenging or complicated business circumstances, you can be confident that our financial, tax, and strategic advice is always appropriate and effective.
Industry outlook…
Since the pandemic, many hospitality businesses have been impacted – with some companies faring better than others in recovering. In Q1 of FY 2025, hospitality revenue reached £146bn, this being a 9% increase on pre-pandemic levels, highlighting the industry’s resilience and recovery.
By staying ahead of market trends and consumer behaviours, our team of industry experts can provide the right advice when it matters…
Supporting you through challenges…
Other challenges the industry has seen include inflation impacting consumer spending habits, as well as regional variation in consumer spending, costs and economic conditions.
With 14 offices across the UK and internationally, we have a deep understanding of these complexities. Our extensive network allows us to provide tailored solutions that address the unique financial and operational challenges faced by businesses in different regions. By leveraging our local expertise and global perspective, we help our clients navigate these challenges and achieve sustainable growth.
The hospitality sector employed around 2.5 million people in 2023, accounting for about 7.1% of total UK employment (according to statistics from the ONS). With favourable conditions, hospitality could increase its economic contribution by £29 billion and create 500,000 new jobs by 2027.
Evidently, the opportunities available to those in the industry are vast and we remain hopeful this will continue.
Other services we can provide include:
- pragmatic and commercial audit and accounting services
- a fully outsourced payroll function, including administration and pension responsibilities
- VAT guidance
- guidance on different types of funding including, private equity funding and lending
- creating a strategic plan
- a range of fully inclusive company secretarial services
- a partly or fully outsourced credit control service tailored to your needs
- understanding what your company valuation is now, what it could be in the future and how to get there
- accurate and efficient annual accounts and tax returns
- adaptable and tailored support regarding employment and pensions
No matter the challenges you are facing, we understand them. Our specialist teams can help you to overcome these challenges, with advice that is tailored to your organisation.
Why choose Price Bailey?
We deeply value the hard work that goes into running a hospitality business—the long hours, the discipline, and the dedication required for success. By taking care of the financial details and planning, we allow our clients to focus on managing their business, growth, and innovation. Our support is customised to individual needs of our clients, providing guidance on both routine operations and strategic matters.
Price Bailey’s services are tailored to your exact industry needs
This is an exciting and resilient industry, and we can support you in overcoming challenges and reaching your goals. Whether you need traditional compliance work, advice on the latest tax regulations and how they impact you, or a strategy and plan on how to grow your hospitality business, our broad range of services will ensure your needs are met.
Even in the most challenging or complicated business circumstances, you can be confident that our financial, tax, and strategic advice is always appropriate and effective.
Hotel industry accountants
As accountants offering services to the hotel industry, we can play a crucial role in ensuring the financial health and efficiency of your hotel operations. Managing a wide range of tasks including budgeting, financial reporting, payroll, expanding your property portfolio, and tax compliance.
Our industry expertise are essential for navigating the complex financial landscape of the hospitality sector.
Why should you work with an accountancy firm with experience in the industry?
Those in the hospitality industry have unique requirements and needs. With our experience and advice, we can support your hospitality business all year round.
How do we typically work with our clients?
Our aim is to the work with the individuals that underpin your business from beginning to end, supporting you on the journey. We act as a one-stop shop, for your accounting and taxation needs and can be flexible as to you requirements, being as involved as you want us to be.
We can help
Contact us today to find out more about how we can help you
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