Following the Government’s Spring Statement in March, Chancellor Rachel Reeves announced the Government’s Spending Review yesterday in parliament. Chancellor Reeves focus was set upon investment to further encourage the economic growth as outlined by the OBR forecast in the Spring Review, with an emphasis placed on ‘energy security’ — a pertinent point for the Government…
By Luke Photi, White Hart Associates Practice Manager and Head of MTD New rules to prevent companies participating in illegal activities are set to impact anyone involved in running a business. All company directors, Persons with Significant Control (PSCs) and other key individuals will need to have their identities verified as part of a…
Chancellor Rachel Reeves delivered her Spring Statement to parliament against a backdrop of a fall in CPI inflation (down to 2.8% in February) and progressive fiscal progress as forecasted by the OBR (The Office for Budget Responsibility). Upon closer inspection though the economic growth predicted will be in the longer term as the growth percentage…
By Luke Photi, White Hart Associates Practice Manager and Head of MTD The government’s plans to digitise the tax system are set to have a big impact on sole traders, self-employed businesses and landlords in the UK and overseas. We assess what the changes mean for them. Her Majesty’s Revenue and Customs (HMRC) is rolling…
Following the publishing of our 25/26 Tax Planning Document, Nikki Spoor, Travel, Audit and Tax Director at White Hart Associates comments on some of the changes that are coming and what you can do to soften the blow of the recent Autumn Budget. The autumn budget delivered by Chancellor Rachel Reeves contained a raft…
2024 heralded a new Government’s Budget, following which there were immediate tax changes alongside frozen tax thresholds — this made the tax landscape ever more complex to navigate in some senses. However, there are still three key months remaining in which to review your finances and consolidate your planning ahead of the tax year end…
Our regulatory advisory team at WHA were delighted to assist Andrew Oldfield, Liam Race and Chris Plummer at Leger Shearings Group in relation to increasing their stake in the business to become majority shareholders. The business is in an exciting growth phase and already the UK’s largest escorted coach tours operator. We have a…
WHA was pleased to support Piper and Cool Japan Fund with their joint investment in Inside Travel Group (ITG) by way of facilitating the necessary regulatory approvals and undertaking regulatory due diligence. ITG is a multi-award winning and fast-growing global tour operator that is a leading Asia-focused ‘cultural adventure’ brand, and this new investment provides…
Ahead of much apprehension, Chancellor Rachel Reeves delivered the new Labour Government’s Autumn Budget today, which was focused on the government’s long-term goal of stabilising the country’s economy by boosting economic growth whilst reducing a reliance on borrowing. The Chancellor assured the plan was not to squeeze the average workers’ pay, and there were no…
By Nikki Spoor, Travel, Audit and Tax Director, White Hart Associates A little-known change to the rules on when you can claim tax credits for research and development (R&D) could lead to companies missing out on substantial sums of money. Any firm making an R&D claim for the first time used to have 24 months…
WHA was pleased to support Soho Square Capital with obtaining the necessary travel regulatory approvals for their private equity investment into Newmarket Holidays. We will be excited to see the future plans of the excellent Newmarket Holidays management team, enhanced by additional Soho Square Capital appointments to the executive board, and seeing the business…
WHA was pleased to support eSky Group with their acquisition of the iconic travel brand, Thomas Cook, by way of facilitating the necessary regulatory approvals. Thomas Cook successfully reinvented itself as an OTA in 2020 and the acquisition by eSky, owner of a leading travel platform in Central and Eastern Europe, provides Thomas Cook with…
By Nikki Spoor, White Hart Associates Travel, Audit and Tax Director The new Labour government launches its much-anticipated autumn budget on October 30th. A rise in income tax, National Insurance or VAT have already been ruled out, so how will the government raise finances? Here we look at the possibilities. Capital Gains Tax (CGT)…
White Hart Associates were privileged to sponsor the “Best Small Company” category at the 2024 Best Workplaces in Travel awards. These unique awards are designed to celebrate the very best workplace engagement in the travel industry, with the performance of each travel company enrolled measured by it’s employees. During her presentation to the attendees, Nikki Spoor,…
Congratulations to the WHA seven-a-side football team for winning the MSC Cup at Stamford Bridge yesterday, to be crowned “the best football team in the travel industry”! WHA were expertly led by White Hart Associates partner Mark Caldicott and starred MVP Joseph Stevens. A big shout out to Antonio Paradiso and the MSC Cruises team…
WHA were delighted to be instructed to advise on the structural, tax and regulatory clearance aspects of the investment by Inteletravel UK into Major Travel, who have become part of the growing Inteletravel UK group. Major Travel has been established since 1984. Inteletravel UK’s investment provides Major with exciting opportunities to grow its business…
WHA was pleased to support Mobeus Equity Partners LLP with their £15.2m investment in long-haul escorted tours specialist, Distant Journeys, by way of facilitating the necessary regulatory approvals. Distant Journeys is an award-winning tour operator that is renowned for its exceptional customer service and unforgettable travel experiences. The investment from Mobeus, which already has extensive…
It was a pleasure assisting Holidays Extras in their acquisition of Future Generation Services (FGS), a top-notch self-service technology specialist. Simon Hagger, Leigh Wood and Oliver Ashford are a professional and vibrant team and we enjoyed working with them every step of the way! Here at WHA Corporate Finance, we’re all about tailoring solutions…
WHA was pleased to support Risk Capital Partners with their investment in specialist tour operator, Simpson Travel, by way of regulatory due diligence and facilitating the necessary regulatory approvals. Simpson Travel is a highly respected tour operator that is renowned for its exceptional customer service and product offering. The investment from Risk Capital Partners,…
Amidst much anticipation Chancellor Jeremy Hunt delivered the Government’s Budget ahead of next year’s likely general election. Speculation that the Chancellor would include some significant announcements proved correct. Citing the positive progress the Government has made, the Chancellor announced that the UK economy is beginning to turn a corner — lower inflation levels being the…
We are close to the end of a year that has been much more stable both politically and economically than the last. Inflation is coming under control, although challenges remain for many. Although we are heading towards a new calendar year, the tax year continues. You will still have three key months in which to…
WHA was very pleased to support Halsbury Travel Group (‘Halsbury’) with their strategic acquisition of Ski and Educational specialist, IBT Travel (‘IBT’), helping to facilitate the required regulatory approvals. Halsbury is a leading school tour operator and the strategic acquisition of IBT provides exciting opportunities for the new enlarged Group, including an expanded product…
Under the possibility of a potential election date next year, Chancellor Jeremy Hunt delivered his Autumn Statement, a key note achievement of which was the continuing falling rate of inflation based on the latest forecasts from the Office for Budget Responsibility. Against the background of a seemingly recovering UK economy, the Chancellor delivered a “no…
Chris Photi, Head of Travel and Leisure at WHA has had an article published in Travel Weekly, which analyses how the new Abta bonding rules should benefit it’s members, revised after a backlash from the industry over toughened bond requirements. Please click the link below to view this article: New Abta bonding rules should…
WHA were delighted to receive the Silver Award for AITO Business Partner of the Year at yesterday’s AITO AGM. It is a professional delight for us to be a business partner of a Trade Association like AITO who really puts its member’s first and specifically looks after and has real SME representation. While WHA have…
UK likely to avoid recession amidst announcement of tax reliefs The Chancellor of the Exchequer presented his Spring Budget to Parliament today. In doing so, it seemed he was not only hoping to shake off the unpredictability of his predecessors, but to establish stability — and indeed growth — within the UK economy.…
Last chance to maximise reliefs and allowances As the tax year draws to a close, the WHA Tax Team would like to take the opportunity to remind you of tax reliefs and allowances that you could possibly optimise before the deadline of 5 April 2023. To help you decide what you can claim for…
Last remaining few weeks to boost your State Pension by paying for any missing National Insurance years As you may be aware, the importance for everyone to check their National Insurance contributions record has arisen due to impending changes on what years contributions can be purchased by 5 April 2023. Essentially, it is highly recommended…
Chris Photi, Head of Travel and Leisure at WHA has had an article published in Travel Weekly, which assesses some of The CAA’s proposals in the recent consultation part 2. Please click the link below to view this article: Atol reform plans ‘lack consistency’, warns leading industry figure Should you have any questions relating…
Amidst the backdrop of an economy in recession and struggling with the consequences of record inflation levels, Chancellor Jeremy Hunt delivered his Autumn Statement today. Clarifying the Government’s economic focus after the confusion following the Mini Budget U-turns, the Chancellor championed the Government’s three economic priorities; stability, growth and public services. In practical terms, Chancellor…
Newly appointed Chancellor of the Exchequer, Jeremy Hunt made an emergency statement in an attempt to calm the financial markets. Just three weeks after the mini-Budget was announced, vast swathes of its policies have now been redacted by the new Chancellor. Tax cuts scrapped includes the promised cut in the basic rate of income tax;…
The Growth Plan – Dramatic Changes On 14 October, Chancellor Kwasi Kwarteng was displaced as Chancellor of the Exchequer amid intense speculation that Prime Minister Liz Truss is about to renounce key parts of the economic plan as stipulated in the Mini Budget announced last month. Today’s events mark further U-turns announced by the Government;…
Kwasi Kwarteng was appointed Chancellor of the Exchequer on 6 September 2022 amidst a turbulent time for the Conservative Government, and within the wider context of financial hardship for many individuals and businesses. Chancellor Kwarteng’s first task was to deliver a mini-budget — effectively an emergency budget — which could drive forward the manifesto pledges…
Rishi Sunak, the former Chancellor announced in May of this year a range of measures to help reduce the impact of the anticipated “October 2022 Ofgem utility price cap increase”. The announcement followed an earlier assistance package revealed in February, ahead of the April 2022 Ofgem price cap increase from £1,277 to £1,971. Sunak’s measures,…
By Becky O’Flynn, MTD Manager at White Hart Associates HM Revenue & Customs have published guidance on the introduction of the new penalty regime which will be effective from January 2023. The changes were deferred from April 2022 to grant HM Revenue & Customs more time to make the necessary system changes. Essentially, these…
By Jake Cohen, Finance and Regulatory Analyst at White Hart Associates Travel businesses do not want mandatory bonds or the forced segregation of customer monies as part of a new-look Air Travel Organiser’s Licence (ATOL) scheme. These are two of the key findings from the Civil Aviation Authority’s (CAA’s) long-awaited summary of responses from…
By Chris Photi, Head of Travel and Leisure at White Hart Associates Well done Lucy Huxley, Ian Taylor and the TW Group team on an excellent TW Spring Travel Forum at the Google building yesterday. It was a thoughtful series of sessions and thank you for allowing me to give a financial outlook overview to…
The Chancellor’s Spring Statement was delivered amidst dire social and economic circumstances. Living costs continue to increase at an alarming rate; the levels of inflation escalating to the highest in 30 years within an economy struggling to find its feet after the Coronavirus pandemic. Events played out on an international level will also have consequences…
Today the Chancellor Rishi Sunak delivered a Spring Statement amidst rising inflation and a struggling economy trying to recover from a pandemic. If you are trying to decipher how it impacts upon you and your business, rest assured our Spring Statement Summary will be with you tomorrow morning. In the meantime, here are the key…
HM Revenue and Customs have just announced that they are waiving late filing penalties and late payment penalties for Self-Assessment taxpayers for a unique one-month period only. These reprieves are a temporary departure from previous years’ 5% late payment penalty fee, which was charged on any unpaid tax that was still outstanding as of 3rd…
Chancellor Rishi Sunak has announced additional financial support for the hospitality and leisure industry; pledging an additional £1 billion for businesses negatively impacted. Indeed, the Chancellor directly addressed the difficulties endured by the hospitality and leisure industry by acknowledging how negatively impacted these ventures were during the COVID-19 pandemic, extending to recent times with the…
The Prime Minister, Boris Johnson, has announced that the Government will revert to ‘Plan B’ in response to the rise in cases of the Omicron coronavirus variant. This plan introduces updated guidelines, and includes new restrictions for both businesses and individuals. There has been some confusion around the interpretation of the ‘Plan B’ regulations, but…
In the midst of headliners and fevered speculation, Chancellor Rishi Sunak finally delivered his Autumn Budget on 27th October 2021. The Chancellor made clear that this was a Budget to herald a new age of optimism, and would be the foundation stone of a recovering economy emerging stronger than ever after a turbulent 18-months. Embedded…
On Wednesday 27th October, all eyes will be on Chancellor Rishi Sunak, as he delivers his Autumn Budget. However, in an unusual move HM Treasury has released a number of funding announcements in advance of The Budget Speech. Critics have stated that the announcements are simply a ‘political PR exercise’, designed to soften the blow…
By Chris Photi – Head of Travel & Leisure at WHA It’s time for a holistic approach to financial protection that involves all parties dealing with customers’ funds. In our response to the Civil Aviation Authority’s request for consultation on the Air Travel Organiser’s Licence (ATOL) scheme, we have argued strongly for this change.…
Background Commencing 1st July 2021, the process for completing right to work checks on EU, EEA, and Swiss citizens has changed. As an employer, you will no longer be able to accept EU passports or ID cards as valid proof of the right to work. Going forward, all EEA nationals will be required to…
HMRC have recently announced a change to their IT back office systems. This change will affect VAT businesses that are not signed up to Making Tax Digital (MTD) for VAT, but also a small number of businesses who already are signed up. HMRC plan to decommission the VAT mainframe in 2022. As part of this…
As agents we have been informed that HMRC have recently sent an email to a number of established self-employed traders on 26 February 2021, asking them to prove that they are still trading, before they can claim the next two SEISS (Self-Employment Income Support Scheme) grants. Please note, as your taxation agents we would not…
Against the backdrop of a successful vaccine programme and the proposed forthcoming easing of restrictions, Chancellor Rishi Sunak delivered his Budget to an attentive nation. This Budget was prepared with the promise of ‘…support for people and businesses and families through the remaining stages of this crisis, but also to provide a long term recovery…
The Chancellor Rishi Sunak delivered the 2021 Budget this afternoon. His speech outlined his promise to continue to support of the economy, taxpayers and businesses during the remaining months of the pandemic. But the Chancellor also set out a long term recovery plan to “balance the books” after unprecedented support. The Chancellor stated that “our…
By Chris Photi, Head of Travel and Leisure at White Hart Associates An important new announcement in Germany could lead to UK businesses being forced to pay Value Added Tax (VAT) when supplying travel services in Europe. You may remember our blog from December, explaining that under a new UK version of the Tour…
At the outset of the COVID-19 crisis, one of the first support measures put in place by the Government was to grant businesses the option of deferring VAT payments for liabilities due between 20 March 2020 and 30 June 2020. We know many of our clients utilised this HM Revenue & Customs reprieve, and as…
By Nikki Spoor, Travel, Audit and Tax Director at White Hart Associates Overview A new VAT rule to combat fraud in the UK construction industry is eventually being introduced on March 1st and the estimated 150,000 small and medium sized businesses in the sector must prepare for major changes. The Construction Industry Scheme (CIS)…
The Government has imposed a third national lockdown in England, which is a severe hit for many businesses in what has proved to be an extremely difficult period. Under the restrictions outlined at Prime Minister Boris Johnson’s announcement all non-essential retail, hospitality and personal care services must close—or remain closed—until at least the middle of…
Chancellor Rishi Sunak has announced further measures to the Government’s financial support schemes, continuing the Government’s commitment to “plan to help the UK economy to recover and protect livelihoods across the country.” Extended support systems include extensions to the following schemes: Furlough Scheme The Government has lengthened the furlough scheme to be in place until…
By Chris Photi, Head of Travel and Leisure at White Hart Associates With all the focus on the terrible impact of the pandemic, it’s easy to forget that the transition period for the UK’s exit from the EU will end shortly and there will be changes from January 1st. For the travel industry, that means…
HM Revenue & Customs (‘HMRC’) are preparing self-employed individuals for an available third Self-Employment Income Support Scheme (‘SEISS’) grant. HMRC have recently published additional claim guidance, inclusive of the newly implemented criteria. Claimants must meet HMRC’s stringent application specifications, including the ability to outline the negative impact the COVID-19 pandemic has had on their business…
By Chris Photi, Head of Travel and Leisure at White Hart Associates It has become clear during this crisis that the current regulatory framework isn’t fit for purpose on so many levels. Before the pandemic there were questions about how long it could last. Now it’s on its last legs. The Air Travel Trust Fund…
We have been informed that over 24,000 self-employed traders who have claimed a self-employed income support (SEISS) grant have been contacted by HMRC to see if they are still trading. A small minority of Sole-traders (around 1% of all who have claimed SEISS) in the the first or second SEISS grants by 30 September 2020…
The team at White Hart Associates would like to reassure you that during this second national lockdown we remain fully functional and our services are operating as per usual. We remain available to support you and your business, as we have done all throughout this ongoing COVID-19 pandemic. Of course, we are adhering to the…
The Chancellor Rishi Sunak has announced a further extension to his Governments Furlough Scheme. Mr Sunak said his Government had to make “rapid adjustments” to the economic response to Covid-19 pandemic. This is shown by the way the Government has changed its Winter COVID-19 Support package four times since his initial announcement The Chancellor stated: “Given…
On 31 October 2020, as Boris Johnson was announcing an initial 4 week national lockdown, the Chancellor was already making plans to change and extend support measures for businesses and individuals’ during this difficult period. A number of our clients have asked us to clarify the announcements, which come just days after Rishi Sunak himself…
As mentioned in our previous blog entry, the Chancellor has provided some amendments to the initial Job Support Scheme (‘JSS’) announced on 24th September 2020. This is in line with the regional reported increases in COVID-19 infections across the UK and is a responsive measure to the adoption of the recently implemented three tiered restrictions.…
As part of the new incentives to financially aid those negatively impacted due to the ongoing COVID-19 pandemic, the Chancellor released details of newly implemented schemes to ease the financial burden of decreased demand and restricted trading in this difficult economic period. Therefore, please find outlined below details relating to the Self-Employment Income Support Scheme…
31st October 2020 was originally the milestone date when the Government planned to cease to support businesses, including the end of the furlough scheme. However, in recent weeks the Government has extended the support schemes in place, inclusive of announcing a replacement to the furlough scheme; namely the Job Support Scheme. The Chancellor unveiling additional…
Today, Chancellor Rishi Sunak highlighted the Government’s Winter Economy Plan to support businesses during the coming six-months against a backdrop of a second wave of coronavirus (COVID-19). The Chancellor highlighted that the furlough scheme would definitely end in its current form at the end of October 2020. However, new measures were outlined that will be…
By Chris Photi, Head of Travel and Leisure at White Hart Associates This next six weeks is a watershed period for travel businesses. I’m usually an optimistic person, but there’s no sugar-coating the fact that we are entering a desperately difficult time for the industry. In September and October, companies face huge issues renewing…
Over the past few weeks and months, the Government have announced a number of additional measures to support both businesses and employers, but also to reduce the number of redundancies of employees that have been on Furlough. Also, we wanted to highlight some of the allowances available for employees working from home and to provide…
Are you eligible for second grant? Earlier this year the Government announced arrangements for the self-employed to potentially receive a grant to help mitigate the financial effects of COVID-19. The scheme allowed the self-employed, if eligible, to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single…
Changes to the furlough scheme offer some respite for employers At the end of last month, nearly 10 million people from over 1 million employers were on the Government’s job retention, or furlough scheme. It has provided a vital lifeline for employees who might otherwise have been made redundant from companies during the recent lockdown…
On 8 July 2020, as highlighted in our previous post, the Chancellor, Rishi Sunak, announced a six-month reduction in the VAT rate on supplies of food and non-alcoholic drinks from restaurants, pubs, bars and cafés. The Chancellor also announced that the same VAT reduction would apply to supplies of accommodation and admission to tourist attractions.…
Today the Chancellor Rishi Sunak, provided a ‘mini summer Budget’, designed to get the country back on track and recover from the worst effects of COVID-19. The initial reaction to the Chancellor’s measures been mixed, some sectors have applauded the changes, but there has been a real lack of support for some badly affected sectors…
By Nikki Spoor, Travel, Audit and Tax Director at White Hart Associates The Government’s Coronavirus Job Retention Scheme is so far estimated to have cost the Treasury around £14bn per month and helped protect millions of jobs in the UK. However, there is a feeling that the furlough scheme, as it is called, is also…
By Chris Photi, Head of Travel and Leisure at White Hart Associates The travel industry has been through the toughest period anyone can remember and unfortunately it is set to get worse before it gets better. The government’s quarantine rules and advice against travel, coupled with the tapering off of the furlough scheme, will put…
A new Discretionary Grants Scheme has become available for those who were not able to access a grant in the first round of financial aid offered from the Government. This new fund will be provided by Local Authorities for businesses financially struggling. It is discretionary, so not definite, but might be worth investigating for your…
Since the Government announced its support of businesses back in March, we have been told by the Chancellor Rishi Sunak to expect some changes as time progressed. This week he has announced changes to the Coronavirus Job Retention Scheme which may have an effect on you, and your business as an employer. Changes From…
Since the start of the lockdown period, the Government have introduced a package of support measures for businesses affected by the Covid-19 outbreak. The Coronavirus Statutory Sick Pay Rebate Scheme was introduced as part of these measures. Since HMRC have also made a number of legislative changes to measures since the Chancellor’s Announcement, we have…
The Government have now finalised the arrangements for the self-employed to potentially receive a grant to help mitigate the financial effects of COVID-19. The scheme will allow the self-employed, if eligible, to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months and capped…
By Christopher Photi – Head of Travel and Leisure at White Hart Associates The Chancellor has provided numerous support measures from the Government to help UK businesses during this unprecedented time. Our dedicated team at WHA wanted to provide a concise list of all of the measures open to you and your business. These Government…
The HMRC Government furlough reclamation portal is now live and open for processing your claim. The active HMRC portal can be accessed here: https://www.gov.uk/guidance/claim-for-wages-through-the-coronavirus-job-retention-scheme In order to process a claim, you will need to provide the following information: 1. Your Government Gateway ID and password. 2. Your employer PAYE reference number. 3. The number of…
By Chris Photi, Head of Travel & Leisure at White Hart Associates In late 2018 HMRC issued Revenue and Customs Brief 13 (2018) outlining HMRC’s VAT policy on retained payments and deposits, seeking to collect VAT from businesses on retained deposits when customers do not take up supplies. Prior to implementation on 1 March…
Activation Announcement – CJRS Portal The Government have made an important update for companies that have furloughed staff. Essentially, the HMRC planned online portal for claiming employee salaries will become active on 20th April 2020. HMRC have stipulated that you will need to provide the following to make a claim: The bank account number and…
By Nikki Spoor, Travel, Audit & Tax Director at White Hart Associates Chancellor of the Exchequer Rishi Sunak was lauded when he announced unprecedented measures to help save businesses during the current virus pandemic. The Government revealed it will, for three months, pay a grant of 80% of the salary of staff who are kept…
Over the past week, the Chancellor and the Government have been outlining the steps to support businesses during this unprecedented time for the UK and world economy. We have received several enquiries from our clients who are self-employed asking how they will be supported during this difficult period. So far, the offer of support from…
What is it exactly? You will probably recognise the term ‘furloughed worker’, which is essentially what the Scheme actually does. CJRS is a support option becoming available to any business who operates a PAYE scheme and has been introduced to reduce redundancies due to the economic downturn caused by the COVID-19 crisis. A furloughed worker…
At this uncertain time, White Hart Associates would like to reassure you that our office is still operational and is still very much here to support you at this difficult time. Our staff are working from home but are contactable via their email addresses. We are working through a great deal of enquires on a daily…
When the Chancellor Rishi Sunak was appointed into his position in February, little did he know that not only would he be delivering a budget amidst the start of Coronavirus Pandemic, but also that he would have to deliver immediate changes to support a country that faced an economic crisis like no other. Many felt…
WHA’s Nicolar Spoor posted the enclosed Blog Entry on the ICAEW’s Travel, Tourisim & Hospitality forum: The CAA announced yesterday they are standing firm on September Atol renewal deadline, despite the extra work that has been created in this renewal process with the newly launched Atol portal. In excess of 200 Atol holders have still…
UK Package Travel Regulations (PTRs) which came into force in July brought mutual recognition of consumer financial-protection regimes across the EU, in line with Europe’s Package Travel Directive. It meant UK-based travel businesses could sell EU-wide under UK protection rules and businesses based elsewhere in the EU could sell into the UK under the rules…
Philip Hammond has delivered his third Budget as Chancellor, announcing proudly that “austerity was coming to an end.” Many are sceptical of a budget which was billed by the Chancellor as helping hard working families, supporting our vital NHS, tackling our failing transport system and ensuring that multi-national tech giants pay their way. This is…
Outlined are some of the key changes from today’s Budget and also our professional view as to how it will affect you and your business:- National Living Wage will increase to £8.21 From April 2019 the National Living Wage will increase from £7.83 an hour to £8.21. This will benefit around 2.4 million workers,…
On Monday 30 July 2018, WHA and MHA will again go ahead-to-head in a charity cricket match in memory of fellow accountancy professional and good friend Andrew Burnham. Once again we are hosting an afternoon of cricket and fun at Old Deer Park Richmond. All proceeds from the day will go to charity Just A Drop.…
WHA’s HQ has been situated in Mortlake, SW14 for almost 20 years. For a number of reasons we have decided to move to a brand new office situated in the beautiful location of Richmond Upon Thames. Therefore from 1 April 2018 our new permanent address will be: 2nd Floor Nucleus House 2 Lower Mortlake Road…
The Chancellor Philip Hammond delivered his Autumn Budget speech yesterday. His delivery focused on preparing the UK for a future after Brexit and for changes in technology that will affect government, businesses and individual taxpayers. Enclosed is a copy of WHA’s Autumn Budget Summary, outlining how the changes may affect you and your business. WHA…
This afternoon, the Chancellor Philip Hammond delivered his Autumn Budget speech, which from the outset focused on preparing the UK not only for the future with regards Brexit, but also the brave new technological world that will shape and change the lives of UK taxpayers and businesses. The information found within the Treasury’s budget report…
The Chancellor Philip Hammond announced the changes in his Autumn Budget earlier today. Enclosed are a list of key announcements from today’s budget and when the changes will take place:- With immediate effect: new announcements From 22 November 2017, Stamp Duty Land Tax (SDLT) abolished for first time buyers on homes costing up to £300,000;…
WHA’s Nikki Spoor has posted another entry to the ICAEW Travel, Tourism & Hospitality community:- HMRC have announced that from January 2018 they will be unable to take payment for tax via credit card. In a blog I wrote 8 months ago I outlined the changes and the implementation date being January 2018. These changes…
The article below was posted on the ICAEW Travel, Tourism & Hospitality Community by WHA’s Nikki Spoor:- The new ATOL bill is passing through Parliament at a rate of knots. The committee stage, report stage and third reading were all due to take place in July 2017 and if the pace continues it will become…
On 31 July 2017 White Hart Associates and MHA MacIntyre Hudson went head to head in a Twenty-Twenty charity cricket match in support of The Royal Marsden. The Royal Marsden is a world-leading cancer centre that supported our good friend and fellow professional Andrew Burnham as be bravely battled leukaemia. Sadly Andrew lost his courageous battle…
Making Tax Digital has been shrouded in uncertainty since its inception. The goal posts have already been moved a few times, but this latest announcement has potential moved the whole pitch! HMRC’s original plan would have made Small entities and sole traders to start quarterly reporting from April 2017, but those below the VAT threshold…
On 6th June 2017, due to the inclement UK weather we had to cancel our annual charity cricket match with MacIntyre Hudson. We are delighted to provide the new date of Monday 31 July 2017. We are proud to play in a charity cricket match in memory of fellow accountancy professional and good friend Andrew…
Once again ABTA Lifeline hosted its annual charity clay pigeon shoot, this time in a slightly different setting to the last: The Royal Berkshire Shooting School. After navigating the country roads, the travel industry, donning their best ‘countryside attire’, gathered for a spot of breakfast and a dose of caffeine before the games began. Trudie…
Back in February of this year, our friend and fellow industry accountant Andrew Burnham lost his brave battle against leukaemia. At this very sad time, we certainly remember once of the nicest professionals in the industry and we look back on the happy times spent together. In Andrew’s memory White Hart Associates and MHA MacIntyre…
Since the concept of MTD was introduced to the public back in March 2015, there has been a cloud of controversy as to how and when the biggest tax overhaul of a generation will take place. Since then both the former and current Chancellor have announced varying implementation dates, the latest being April 2018 for…
On 4 April 2017, Nikki Spoor, head of audit and compliance at WHA posted this blog entry for the ICAEW Travel & Hospitality Group . On 25 November 2015 the New Package Travel Directive (PTR) (2015/2302/EU) was adopted, bringing it up to date with developments in the very dynamic outbound travel market. The New Directive entered into…
Enclosed is a blog entry that was posted onto the ICAEW Tourism and hospitality Group, which covers potential legislative changes to TOM’s once the country exits the EU:- The Tour Operator Margin Scheme (TOMS) was introduced in 1988, as a simplification for EU vendors of travel. VAT is payable on the margin and not on…
In his last ever Spring Budget, Chancellor Philip Hammond promised that his government would ensure the country had enough “fuel in the tank to go the distance” during the Brexit process. Other than “breaking” the Tory manifesto not to increase VAT, Income Tax or NI, the budget was not full of too many headline announcements.…
On 8th March 2017, Chancellor Philip Hammond delivered the last ever Spring Budget. Shortly, our tax team at WHA will publish their full spring budget report, but in the meantime enclosed is a summary of the major announcements and changes:- From April 2017: new announcements Package of measures to give some relief to those small…
On 20 February 2017, Nikki Spoor, head of audit and compliance at WHA posted this blog entry for the ICAEW Travel & Hospitality Group:- For the UK outbound travel industry the onward charging of credit and debit card charges to consumers has been a moving piece of legislation since the implementation of “The Consumer…
Currently one of the hottest topics in the travel industry, in relation to regulation is the implementation of the new Package Travel Directive. This has been bubbling for a few years now and has generated differing opinions as to practically how it will work in the UK. However, on 28 October 2016, the Department for Transport…
Travlaw’s Big Tent Event is fast becoming a core event in the travel calendar, with industry professionals meeting to network and discuss important industry topics and future developments. WHA had the privilege of once again sponsoring this excellent industry event. Celebrating 10 years, The Big Tent Event 2017 drew its largest audience yet, where attendees enjoyed…
Since its inception in 2002, thousands of small VAT registered businesses have been enrolled and utilising the Flat Rate Scheme to report to HMRC. Originally designed to simplify the VAT calculation and remove the burden of reconciling VAT on both sales and purchases, the scheme has proved popular for qualifying businesses with a VAT turnover…
Since the days of Gordon Brown, there have been two showpiece performances by the Chancellor in the Commons each year: the March Budget, concentrating on tax, and the Autumn Statement, concentrating on spending. The new Chancellor, Philip Hammond, finished his first one with a significant cut – he thinks there should only be one…
Today, Chancellor Philip Hammond delivered his first Autumn Budget. With the shadow of Brexit causing uncertainty for the UK economy’s growth, Mr Hammond has made a number of changes in an effort to reduce debt and increase growth. Here are some of the main changes as announced today:- Effective immediately • From 23 November 2016…
“Careful, considered and targeted” are the words uttered by the new Chancellor Philip Hammond, when questioned about potential fiscal boosts in the autumn statement. Therefore, it’s safe to say we shouldn’t expect any major positive changes come next Wednesday. Over the past 3 years, previous Chancellor George Osborne’s target was to reduce the UK’s deficit,…
Nikki is currently on the advisory committee of the ICAEW Tourism and Hospitality Group. As a part of a series of interviews, Nikki recently discussed her career opportunities and development with Gareth Jones of Mazars. Nikki’s accountancy career took a less obvious route than one might expect; a three month temp job unanticipatedly led to…
WHA were proud to once again co-sponsor, organise and play in the annual ABTA Travel Convention industry football match. A team of industry business professionals made up two teams, one representing WHA and the other TTC (Travel Trade Consultancy). The Travel Convention football match is part of the build up to the convention itself. This…
The Yas Viceroy in Abu Dhabi plays host to plenty of glamourous events, therefore it made the perfect backdrop for ABTA to host its annual Travel Convention. Hundreds of delegates from the UK Travel Industry gathered to spend the 8th – 10th October listening, debating and networking through some of the most important current and upcoming…
WHA Head of Travel and Leisure Chris Photi was featured and mentioned in this weeks Travel Trade Gazette. Chris was invited onto a specialist panel who were interviewed at an event organised by TTG and sponsored by Feefo. The lively debate was centred around the theme “the high cost of Lowcostholidays Collapse” and explored the implications of…
At the start of September, industry charity ABTA Lifeline announced the travel industry “tributes” chosen for this year’s Gunger Games. All Leisure Travel Group chief Roger Allard, Cosmos Tours & Cruises’ Giles Hawke, TTG Media’s Managing Editor Daniel Pearce and our very own, head of travel and leisure, Chris Photi went toe to toe in…
On Wednesday 7 September 2016 WHA co-sponsored, with Duff and Phelps, the Travel Weekly Business Breakfast Meeting, held at the Google Offices in Central London. Over 100 industry executives filled the auditorium to hear a lively panel debate regarding an on-going Travel Industry “Hot Topic”, Mergers and Acquisitions. To start proceedings, Bernd Fauser of Google…
On Wednesday 29 June 2016, White Hart Associates played MHA MacIntyre Hudson in their annual charity cricket match, all in support of the leading cancer research charity The Royal Marsden. The Charity Cricket Teams We were all expecting a glorious sunny day, but in true British style, rain threatened play. At the Oval, England called off…
On 23 June 2016, Britain was on the receiving end of a political “Storm Surge”. Britain’s Sea of humanity, its people, surged in their millions voting to leave the EU permanently. For many the unthinkable has happened; a “Brexit”, causing immediate economic turmoil, the fall of the British Pound to a three decade low and…
From 30 June 2016, relevant companies will be required to file a Persons of Significant Control (PSC) register to Companies House. The register must have been maintained from 6 April 2016 for pre-existing companies and comes as part of the new Register of People with Significant Control Regulations 2016. Who does this apply to? UK…
You may or may not be aware that Companies House is changing its Annual Return policy. An Annual Return is delivered, unsurprisingly on an “annual” basis, within 28 days of the anniversary of the company’s incorporation. An Annual Return includes the following information:- details of the directors and company secretary, if it has one what…
Head of Travel and Leisure Chris Photi was honoured with entry to the prestigious 2016 British Travel & Hospitality Hall of Fame, at a ceremony held at London’s Dorchester Hotel on 25th April 2016. The event was presented by Travel Weekly and was hosted by newscaster and presenter Katie Derham. The British Travel & Hospitality…
We know as a business owner you are working to many deadlines set by H.M Revenue & Customs. At WHA we pro-actively provide reminders to our clients as and when reports and payments are due. But for an overall picture of all the key dates relevant to you, please find enclosed a complete list from the…
White Hart Associates and MHA MacIntyre Hudson are once again hosting an afternoon of cricket and fun in the splendid surroundings of Old Deer Park, Richmond all in support of the leading cancer research charity The Royal Marsden Cancer Charity. Please feel free to attend watch two teams of industry professionals playing a charitable, and…
We are sure you will be aware of the Annual Tax on Enveloped Dwellings (ATED) legislation which was introduced on 1 April 2012. What you may not be aware of however is the intricacies of the reporting rules which may mean you need to act prior to the end of April 2016. As a brief…
When George Osborne addressed the nation from Westminster yesterday, he hailed his Big Budget as a “Sweetener” for Small Businesses. No, we are not referring to his surprise introduction of a new “Sugar Tax”, but to the fact that the Chancellor’s proposed plan is to tax big business and assist SME’s. Whether you agree with…
The buzz-phrases used by Chancellor George Osborne included “act now, not pay later” and “A Budget for the next generation”. To a degree he wasn’t wrong, with the introduction of a new Sugar tax to tackle childhood obesity and the re-branding of UK schools as “Academy’s “, but did he deal with the big issues…
You may or may not have watched or listened to Chancellor George Osborne’s 2016 Budget today, but as a business owner or tax payer you will certainly be affected by the changes announced. We know there is a lot to take in, including when the changes will occur. So WHA have compiled a Blog post to…
You may have read in the travel press or on social media that on 1 March 2016 the CAA issued a series of new financial assessments for Standard and Small Business ATOL holders. All of the new changes are highlighted in the CAA’s guidance note: – “ATOL Policy and Regulations 2016/01 – Criteria for an…
Chancellor George Osborne has stated in recent days that the “storm clouds” are gathering, and we should all expect a difficult few years with slower growth and potential global economic turmoil. When an actual storm is approaching, those who prosper are the ones who make preparations, and protect their homes and assets from the oncoming…
WHA’s Head of Travel & Leisure Chris Photi had the privilege to attend a Just A Drop charity function held a Number 10 Downing Street. This special evening was hosted by Samantha Cameron, who charmed everyone in attendance. Just a Drop is a charitable organization which helps to provide clean water and sanitation in poor…
WHA were headline sponsors for the latest Travel Weekly Executive Dinner, held at the Dorchester Hotel on 28 January 2016. The event was attended by a number of leading Travel Industry representatives. Richard Jackson, the CAA’s former group director for consumer protection was the guest speaker for the evening. Enclosed is an article in this…
As highlighted on the WHA blog forum yesterday, enclosed is a copy of the article from Travel Weekly announcing Chris Photi’s induction into The British Travel & Hospitality Hall of Fame. Other inductees include Manfredi Lefebvre of Silversea Cruises and Peter Stephens of Lotus Group. WHA are very proud of our own “Travel Titan” and…
Hot off the press from this week’s Travel Weekly, WHA are delighted to announce that Head of Travel and Leisure Chris Photi has been given the Travel Industry’s highest honour, by being inducted into the British Travel and Hospitality Hall of Fame. It is truly unique for an industry to so acknowledge an adviser with such…
As highlighted in our summer budget back in July 2015, the government announced its intention to introduce a new National Living Wage. Chancellor George Osborne clearly stated that the new legislation was designed to assist a move “from a low wage, high tax, high welfare society to a higher wage, lower tax, lower welfare society.”…
WHA were again mentioned in this week’s issue of Travel Weekly. In an article that outlined the main talking points from Travlaw’s Big Tent Event, Chris Photi, who was the moderator for the panel of Travel Experts, spoke regarding what effect terror attacks have on the Travel Industry. Enclosed is an article and direct quotes…
The 2016 Travel Industry calendar got off to a great start this year at Kings Place Gallery, Kings Cross, home of the 9th annual Big Tent Event hosted by Travlaw LLP. Individuals from every corner of the industry came together to listen to some of the leading experts in our field. White Hart’s own Chris…
As leading Travel Industry Accountants, WHA has a lot to say about current and future hot topics that effect businesses within this sector. WHA’s Chris Photi was quoted twice in this week’s Travel Weekly. Speaking at the Hill Dickinson Travel Law Seminar, Chris gave his expert opinion on the new Package Travel Directive (PTD) and…
You may already be aware that UK companies are about to experience fundamental changes to the framework of their financial reporting. UK Generally Accepted Accounting Practice (GAAP) has undergone a significant overhaul and the current Financial Reporting Standard for Smaller Entities (FRSSE) is to be withdrawn. A new standard – FRS102 – will take its…
On 10th December 2015, renowned law firm within the Travel industry, Fieldfisher, invited WHA’s Chris Photi and Nikki Spoor to present at their Travel Breakfast Briefing. The purpose of the event was to inform the attendees, all of whom operate within the industry, about the latest issues and topics that will have an effect on…
The WHA team and a number of guests attended this year’s British Travel Awards. The BTAs is an independent organisation which awards the top travel companies who provide the best products and services in the leisure and travel industry throughout the year. The BTA’s are also the only Travel Industry Award’s that are voted for by…
Leading up to yesterday’s Autumn Statement, rumours were spreading like wildfire as to what Mr Osborne had planned for taxpayers, employers, entrepreneurs and pensioners. Would he make huge reforms to the pension structure? Would the start date for the controversial “Dividend Tax” be brought forward? As it happened, the Chancellor focused more on public spending. …
All eyes were on Chancellor George Osborne as he delivered his first Autumn Statement and Spending Review. Here are the main points from today’s speech:- Effective immediately These measures come into effect for loans provided, assets acquired or transactions performed on and after 25 November 2015: Relieving measure for charities connected to close companies. Where…
You will have no doubt heard about the new changes to the taxation of dividends that were announced by the Chancellor in his recent July budget. These will apply from April 2016, so we have decided to summarise the changes, the taxation implications and possible planning measures and considerations going forward. Up until now, the…
This year’s theme of Abta’s Travel Convention was “risk and resilience” which, as Abta’s chairman Noel Josephides highlighted, was apt for this year’s hosts Greece given its government and its people would have to continue to show such attributes as it battles its current economic issues. The backdrop for this year’s convention was truly stunning.…
WHA were pleased to co-sponsor Travel Weekly’s Breakfast Briefing on Mergers & Acquisitions. These are always excellent events, but the lively debate engendered by the quality panel on such a hot topic really made this event stand out. For highlights and pictures please see the enclosed TW link article For a more detailed summary of…
Over the past few years, many mediums that we use on a daily basis have “gone digital”. From television to radio, adding the word “digital” immediately conveys the thought of an upgrade. During the recent Budget, Chancellor George Osbourne announced plans for HMRC to implement a “Digital Tax Account” for individuals and SMEs. Accountants across…
The Chancellor, George Osborne started his budget speech yesterday by saying “This is a big budget for a country with big ambitions”. There is no doubt that the government wants growth to continue, cementing this fact by stating that their aim is to eradicate the UK’s deficit by 2020. But was the Chancellor’s budget a…
It was built up as a “Budget where the Chancellor could make an impression”, and Mr Osborne certainly did just that! He started his speech by saying he had prepared a “one nation Budget”, but unfortunately its contents has split the opinion of the nation. One thing everyone can agree on is that the current…
It’s been 20 years since the Conservative Party delivered its last Budget, but will it be one to remember? Will Chancellor George Osborne use the fact that the government is now here to stay for another 4 years to stamp his authority on how the Government will run the country? What can you expect from…
White Hart Associates and MHA MacIntyre Hudson are hosting an afternoon of fun and games in the beautiful surroundings of Old Deer Park, Richmond all in support of the excellent Travel Industry Charity ABTA Lifeline. Feel free to come along and watch two teams of industry professionals playing a hard fought but charitable game of…
This is a WHA article that recently appeared in ABTA’s frequent newsletter, ABTA today, which provides important and relevant information to all of its members:- FINANCIAL REPORTING STANDARD 102 (“FRS 102”) The purpose of this guidance note is to advise Companies on the changes in accounting and reporting required by the mandatory adoption of FRS…
You will most certainly be waking up to various headlines about Chancellor’s George Osborne’s pre-election Budget. With just under 50 days to go before the election, media views vary from “a positive budget for a Britain walking tall”, to “a negative Budget that neglected public services such as the NHS”. Whatever the view, the pre-election…
This is especially true if the government in power loses the election and the chancellor with the red lunchbox has to give it back. It’s much like the promises made on an employment CV, you can only fulfil them if you get the job! Will areas of the coalition government’s budget prove a fruitless exercise…
One of the most common questions I receive from our clients is “Shall I purchase a car through my business”? My response is always: Look at the facts, count the costs and study the Tax implications. This is because successive governments have increased taxation on cars and fuel, which has made it very expensive to…
For many, retirement brings a whole new chapter to their life. For others it can be something they only start to think about when the time arrives. But all of us, regardless of our age and background should take note of the new state pension rules, as taking steps now can ensure we do not…
VAT legislation never seems to stand still, so as a business owner this means keeping up to date with the latest changes. You may have read something online or in the press referring to the VAT “Moss” Scheme? Moss stands for the “Mini One Stop Shop” and could affect your business if you supply any…
WHA are pleased that Nikki Spoor, head of audit and regulation, will sit on a special ICAEW advisory committee as an expert on outbound travel and tourism. Enclosed below is an article published in Travel Weekly for the week commencing 11 December 2014:- For all the latest news from the travel industry please visit www.travelweekly.co.uk…
The Chancellor of the Exchequer George Osborne gave his annual Autumn Statement to Parliament on 3 December 2014. Some of its contents made the headlines and gave rise to debate, but what do the changes mean for you and your business? Enclosed is a Autumn Statement review which highlights all of the proposed changes:- WHA…
Chancellor George Osborne released details from his Autumn Statement today. Some of the legislation changes were expected but others were more surprising. Also some changes were put into swift immediate action. Our detailed Autumn Statement Report will follow shortly but enclosed are some of the main changes:- Effective immediately: Major reform of Stamp Duty Land…
The acquisition of Monarch by private equity firm Greybull will be the fore runner to a number of substantial travel acquisitions by private equity firms. Chris Lee, Head of Travel at Barclays, wrote an article in the travel press this week highlighting that most travel M&A activity was emanating from private equity with little happening…
A ruling at a recent Employment Tribunal Appeal case could lead to claims by hundreds of thousands of workers who do overtime.The ruling is the latest development in a case concerning the inclusion of other elements of pay in the overall calculation of holiday pay, such as sales commissions. In the past many employers have…
The internet has since its inception delivered many new words for our everyday personal and business vocabulary. Terms such Email, Social Media, E-Commerce, Firewalls, Spamming and Blogging have now become familiar to all of us. 10 years ago “The Cloud” was something in the sky that would bring rain or shade from the sun. But…
There have been significant changes relating to EMI options and other employee share ownership arrangements (approved and unapproved) which have taken effect since 6 April 2014 even though the 2014 Finance Act which will implement them did not become law until 17 July 2014. The changes have been both technical and administrative and are reviewed…
Auto Enrolment – Are You Ready? You may have been aware of the government’s “We’re all in” advertising campaign, which refers to reforms to workplace pensions.In the past you may have thought that this only relates to larger firms with typically over 250 employees. This has been the case since October 2012, but its coming…
On the 25 of June 2014, WHA’s Nikki Spoor acted as a moderator and interviewed Diane Bouzebiba, the Managing Director of Amadeus UK and Ireland, at an event hosted by the Association of Women Travel Executives. For further information about this event, please visit the enclosed link for an article by Lucy Huxley written for…
Richmond Cricket Club, Old Deer Park, was the location of the annual “Travel Industry Cricket Match” between White Hart Associates (WHA) and MacIntyre Hudson. Many of the great and the good of the industry were there, either to participate or just to take in the atmosphere. And whilst WHA won a closely contested game by…
ABTA Travel Law Seminar 7-8 May 2014 ABTA’s annual Travel Law Seminar was attended and enjoyed by a number of its members, representatives and travel industry professionals this week. Its aim was to provide professional assistance to its members helping them to become compliant when it comes to key areas of taxation, employment law,…
The sad demise of On Holiday Group last week came as not unexpected to many travel insiders who know they have been trying to find a buyer or raise finance for some time. More broadly it has thrown the spotlight on the future of bed banks and perhaps focuses attention on the viability of the…
It may be hard to believe now, but the worldwide web did not exist 25 years ago, especially now that the internet is integral to the way we run our finances and businesses. Over the past 5 years, H M Revenue & Customs and Companies House have, to their credit created an online infrastructure so…
White Hart Associates Head of Travel, Chris Photi, participated in last week’s Barclays Travel Forum in London to discuss key issues relating to the Travel Industry. The Forum, attended by over 350 people, is currently in its eighth year and is perceived by the Travel Industry as one of the key events of its’ type…
WHA partners Mark Caldicott and Nikki Spoor provided professional assistance at the recent AWTE Boardroom Ready seminar held on 21 March 2013. Mark Caldicott gave an informative review of the chancellor’s budget, which was followed by a presentation by Nikki Spoor. ask tiava . This presentation included a detailed instruction as to how read and…
Last week the BBC Radio 4’s Money Box programme rapped the travel industry over “excessive” credit and debit card charges. The Department for Business Innovation & Skills (“BIS”) issued guidance on the Consumer Protection (Payment Surcharges) Regulations 2012 in March 2013. This guidance quite clearly refers to the prohibition of excessive payment surcharges, but clearly…
So, how to sum up yesterday’s Budget? If we were to use the plays of William Shakespeare as our guide, the Tories will no doubt hope it will be a case of “All’s Well that Ends Well”. Labour on the other hand would say it was “A Comedy of Errors”. In truth, it was probably…
The WHA team would like to congratulate WHA partner Nikki Spoor on winning the AWTE Business Impact Award 2012. The award is presented to a female in the travel industry who has shown great innovation in her role and by doing so has made an impact on the industry. We are very proud to have…
A team of industry ‘players’, led by WHA partner Mark Caldicott, toasted success recently in the annual challenge football match at the ABTA Travel Convention in Turkey. The WHA team beat a Lowcostbeds team 5-1 to lift the coveted ABTA trophy. I would like to take this opportunity to say a big thank you for…
Attached is a “Tombstone” that appeared in Acquisition International Magazine of a private equity corporate finance transaction, where we acted travel specialist advisors. Acquisition International Magazine
Enclosed is a link to an expert comment made by myself as the WHA travel specialist partner as published in the ABTA Magazine – June 2012. ABTA Magazine June 2012
Please refer to the link below for my initial reaction to the Chancellors speech and budget for 2012:- Travelmole Budget view I also enclose a copy of our 2012 budget summary, which provides more detail into the Chancellor’s budget plans. WHA-Budget-Summary-2012
Please click here for the presentation by WHA’s head of travel Chris Photi at the 2011 Travel Convention:- The Travel Convention Chris Photi
From 2010-2011 H.M Revenue and Customs have dramatically increased the financial penalties for late submission of self assessment returns. These penalties are in addition to the increased penalty regime introduced in April 2009. Annexed is a resume of their new powers and new penalties which do not just relate to late submissions but also to…
When the previous government doubled the annual investment allowance (AIA) from £50,000 to £100,000, the response was widely received in positive manner. It was also a way for the former government to keep our businesses spending to apparently “stimulate growth” within the economy. However, since the coalition government gained power the “goal posts” have subsequently…
Agents must sort out their ‘abysmal’ documentation, and the CAA must be clear who it is protecting, says Chris Photi The Air Travel Trust Fund’s notice yesterday advising travel companies to make sure their Atol documentation is in order was not unexpected. Bluntly, the sales documentation issued by many travel businesses is abysmal. This was…
See below for my initial reaction to the Chancellors speech and budget for 2011:- Budget 2011 Travel Weekly article For a more detailed analysis of the individual taxation changes and implications view a copy of our budget summary below:- WHA-Spring-Budget-2011-Summary
“One small step for man, one giant leap for mankind”? Yesterday’s Atol reform announcement by the aviation minister was little more than a baby step albeit in the right direction. She has gone for a quick fix through secondary legislation with the promise of a review of primary legislation next year. What is proposed? All…
We all knew the ‘Emergency’ Summer Budget was likely to be tough – given the dire state of the public finances the Chancellor believed there was no other option. But what did it mean exactly for businesses, entrepreneurs, employees and families? The attached Budget Summary provides details of the key changes announced and the tables…
Using the analogy of Premiership football when it comes to the CAA and court hearings and appeals, the CAA would be Portsmouth! How many times can you go to court in less than five years and lose? How much tax payers money has been spent in fighting what from the outset always appeared losing causes?…
The court enforced administration order granted today against Eclear (UK) was widely expected. However what ultimately has to come out of the undoubted ensuing enquiry is how such an “aggregator” type company could function unregulated in the UK. The other questions that need to be answered is who is the “Acquirer of Record” (Eclear was…
ABTA’s recent decision to change its “constitution” so as to ensure “supplier members” protect consumers where other failed ABTA agents have received consumer funds but not paid them over to the supplier, seems to have only one inevitable conclusion. Unless ABTA agents commit to solely buy from other ABTA members then this will lead to…
A year into its implementation the ATOL Protection Contribution (“APC”) Scheme has, just as I predicted, proved to be seriously flawed thus the CAA will shortly go to industry consultation with a view to increasing the contribution on 1 October 2009. These consultations are nothing more than a sop to the industry under the guise…
After many months of pronouncements and much posturing the CAA has finally issued proceedings against a travel company under their interpretation of the BERR guidance and what constitutes a package. The unfortunate recipient is the market leader in the online dynamic packaging sector, Travel Republic. Twice ABTA and the CAA have jousted in the courts…
A key aspect in the growth and development of an industry is the quality of the management that it employs and generates from within. The Travel Industry has attracted many worthwhile individuals who through a mix of entrepreneurial flair allied to prudence and sensibly applied corporate governance have created and presided over very successful and…
I think some balance needs to be applied in relation to the recent failure of XL and the near hysterical utterances from the larger agents and consortia over the last two months. It was no secret that XL had been in financial difficulty for many months before its demise. Why then did these organisations not…
For the last month or so everything you have read and heard has screamed “the sky is falling in”. However the underlying feeling I picked up at The Travel Convention was that the industry is remaining positive and proactive despite the turbulent times. In the near thirty years that I have advised the travel industry,…
In the last two weeks the failures of airlines Zoom and Futura and travel companies Pure Flights and Brilliant Weekends has merely highlighted that the credit crunch, cost of fuel and adverse currency movements are biting hard in all sectors of the travel industry. We are “only” in early September. Expect more as the month…
In the last month the chief executives of the travel industry’s two largest operators have been singing from the same hymn sheet. Thomas Cook’s Manny Fontenla-Novoa confirmed to the City that “the summer holiday is a must-have” and that his research reflects that holidays are the last thing people skimp on and they will just…
This year promises to bring with it very difficult and turbulent times for the Travel Industry. If I was managing a travel business I would have major concerns on three fronts – currency exchange, fuel prices and the general downturn in market conditions due to the “sub-prime” fallout. Since Summer 2007 Sterling has dropped 10%…
In the first few weeks on 2007 there has been much conjecture in the National and Travel Press on “consolidation” within the four major travel groups. Will it happen? My opinion is that it will and that it will ultimately benefit the entire travel industry. For some years now I, along with a number of…
When should you consider an exit or the sale of your business? Perhaps it is not high on the list of priorities when you set a new business up but, maybe surprisingly, that is when you should reflect upon a future disposal because it is at this time that you can structure and implement procedures…
2006 was not a vintage year for the Travel Industry. Market conditions were tough resulting in many failures, some high profile, and the state of confusion that now exists over Consumer Protection post the Judicial Review and the unedifying squabbling on interpretations of same is a depressing end to the year. Will 2007 bring an…
Hats off to Mytravel and Thomas Cook for the astonishing merger. As I highlighted last month consolidation was definitely on the cards but I do not think many industry commentators had these two paired. The winners are the Mytravel shareholders whose shares jumped by 40% on Monday morning last week. However this will not be…
Throughout World Travel Market the talk of the town has been tour operators’ liability after the regrettable “Corfu Tragedy”. Some of the main travel consortia and large agencies have indicated that from January they will require UK bed banks to supply overseas holiday accommodation as a principal and not an agent or broker for an…
After months of waiting The Court of Appeal has finally handed down its judgement in the appeal by the CAA of the Judicial Review by ABTA of the CAA’s guidance on the definition of a package. ABTA has once again been successful in its challenge in what should prove to be a landmark decision by…
The demise of the package, component selling, split contracting, unbundling, single products, principal or agency – the ever changing face of the marketplace brings with it related problems. When was the last time you carefully reviewed your terms and conditions, sales documentation, website and advertising to ensure the contractual arrangements with your customers were clear…
I am by nature a very positive and hopefully proactive adviser to my clients. However having a current and varied portfolio of 150+ travel companies whom I advise I cannot help but notice that 2006 continues to bring a steady stream, of very specific and continuing difficulties for the trade as a whole. The year…
