Michael Lashmar

Good to speak to Alex Daniel from The Independent about the results from our latest RSM Hotels Tracker.   Despite UK hotels charging higher room rates when compared to pre-pandemic levels, they’re seeing little of this making its way through to the bottom line. Ongoing cost pressures, the latest being the increase in national minimum wage, are chipping away at their operating profits. For some hoteliers, the fierce competition for hotel staff over the last couple of years has meant they are already paying above minimum wage. However, a rise in NMW has had a knock-on impact as it ripples through the rest of the workforce as higher paid staff demand similar percentage increases.   Read more of my commentary below >>>   RSM UK Consumer Markets HQ | Saxon Moseley | Jacqui Baker | Robyn Duffy | Hannah McCarthy   https://lnkd.in/e2CNKvNk

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A sector definitely going through considerable change.

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📉 Hospitality Business Owners: Feeling the pressure of business debts? With 50 pubs shutting their doors every month across England and Wales, many in the hospitality trade are facing immense financial difficulties. If your business is struggling with debt, you're not alone. We offer a free, no-obligation consultation to help you understand your options and take steps to protect your business. Whether you're looking to restructure, find financial relief, or explore alternative strategies, we’re here to support you through these tough times. Don't wait until it's too late—reach out for a conversation today. Read more about the decline in the hospitality sector: https://lnkd.in/eeaHhsFW #BusinessDebt #HospitalityIndustry #FinancialSupport #BusinessRescue #FreeConsultation #PubTrade #BusinessAdvice

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📉 Positive news for the hospitality sector! 📉 It’s great to see that hospitality insolvencies are finally showing signs of easing, with figures dropping to their lowest levels since January. 🎉 While the challenges aren’t over, it's clear some businesses are finding ways to adapt and thrive. 💪 At Streets Steele, we know how crucial it is to stay on top of your numbers during times like these. Whether it's keeping a close eye on cash flow 💰 or planning for future growth 📈, having the right financial support can make all the difference. We specialise in providing Virtual Finance Office services for hospitality businesses 🍴, acting as your full finance department so you can focus on what you do best – running your business! 🏨👨‍🍳 👉 If you're in the hospitality industry and need a proactive, approachable team to help you navigate your finances, let's chat! 🚀 #Hospitality #Accounting #CashFlow #FinancialPlanning #VirtualFinanceOffice #VFO #Xero #StreetsSteele #BusinessGrowth #HospitalitySupport #Bristol

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Good to discuss our latest hotel tracker data with the Financial Times, as featured in their article: Premier Inn owner hit by falling demand for UK budget hotels (ft.com)   As cost-of-living pressures ease, we're seeing a notable shift in hotel preferences. The latest RSM Hotels Tracker indicates rising occupancy rates for luxury and mid-market hotels, while budget options are declining.   In August, luxury hotel occupancy increased from 73% to 76%, and mid-market from 80% to 82%. In contrast, budget hotels dropped from 83% to 80%. This reflects a renewed consumer confidence, with travellers prioritizing premium experiences and higher average room rates—luxury now averaging £380.30.   As we celebrate a strong summer, let’s hope the upcoming Budget doesn’t hinder this positive momentum.   #RSMInsights #UKEconomy #Hotels RSM UK | Saxon Moseley | Jacqui Baker | Lisa Alty | Hannah McCarthy | Robyn Duffy

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Tomorrow is Friday and there’s just 13 days to go until the Allocation of Tips Act comes into force across the UK hospitality sector. It will affect EVERY operator and if you’re not ready it could be very, very unlucky for your business. Struggling with what to do? Stay tuned and over the next 12 days we’ll remind you of the basic steps you will need to take to avoid this Friday being 13 days from the risk of an Employment Tribunal. In the meantime, you might just want to avoid walking under those ladders. #tronc #fairtips

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HMRC: A Comedy of Errors, PAYE Edition 🎭💼 Just when you think you’ve cracked the HMRC code, they remind you that you’re merely a guest in their kingdom of numbers and confusion. 📊🤔 We were reviewing a client's PAYE submissions (everything spot-on) but the government gateway had other plans... figures didn’t match! Off we went on a "quick" journey to HMRC. 🚶‍♂️💨 Their answer? Sometimes HMRC has a glitch that reassigns part of an FPS submission to another month. 🤷‍♂️🎲 It’s like tax roulette - you never know where your payroll might land! So, next time your PAYE looks off, don’t panic. Sometimes HMRC just likes to play hopscotch with your numbers. 😅📅 Cheers to them for keeping things... interesting! 👏👏

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WMT Troncmaster Services, a part of Moore Kingston Smith, is the UK’s original and leading provider of tronc advice, support and management services. So why do more than 1,000 hospitality businesses employing over 65,000 staff use our services? 👉 team of skilled professionals working for you & your team 👉 team receive their money through payroll - always on time and shown on same payslip as wages helping staff prove their income 👉 regulated to provide reassurance and standards 👉 we don’t insist you put your team’s tips in our bank account so we can make money on it And finally…. 👉 we’ve never ever charged a hospitality worker to receive their tips and never would. We believe that sets us apart from others in the same space. Have a read of this article to see the problems some others seem to have…. 👇 https://lnkd.in/eeAKNefF #fairtips #fairtipping #tronc #troncmaster #troncbox

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Most likely the real reason behind this policy is not tax gain for the Treasury, but Labour's core philosophy of "Taxing the rich." Not sure if anyone has worked out the sums of: - how much VAT income will the government get from VAT on school fees, vs - how much more will state schools need to spend to cater for extra pupils who would have gone to private schools but now opt for state schools instead We can assume state schools will get a bigger budget to recruit more teachers. However it will impact teacher-to-pupil ratio to start off with and no doubt more stress to teachers. On top of that, improving school environment and facilities will take time. Labour's "socially correct" idea of levelling the playing field for poorer pupils will not succeed as there will be greater competition for grammar schools and 11 plus (and hence post code properties).

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#Budget2024 #Hospitality #BusinessRates #Deloitte Having been on a cliff edge, the extension of Retail, Hospitality and Leisure rates relief is a lifeline to pubs, hotels, cafés and shops across the country.   This targeted relief will save a medium sized retail property with a rateable value of £45k, around £9k from their business rates bill. The announcement that the extension aims to support the transition to permanently lower tax rates for these businesses from 2026-27 also provides them with much needed long-term certainty. Meanwhile, larger businesses in these sectors that occupy multiple properties may be disappointed that the cap on relief was not increased.

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The new tips rules have been put back to 1 October 2024... this provides more time for the hospitality sector to be prepared - there are a number of issues for operators to consider. This is a link for further support guidance with this.

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Family business owner interested in diversifying into the holiday rentals market? Read this first! The cost of holiday accommodation in the UK has skyrocketed in recent months, and the continued uncertainty around the tax treatment of holiday lets has not helped, causing many landlords to exit the market. This means that holidays in the UK have become unaffordable to many families following the cost of living crisis, and families are often finding it is now cheaper to holiday abroad than in the UK. Jackie Hall explains further below. https://lnkd.in/eSfgviAE #familybusinessinsights #familybusiness #RSM #holiday David Hawley Andy Capes Gary Heynes Adam King Nicola Clough Angela Keery Chris Etherington

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From the fresh catch in Cornwall to the delectable delights of Devon, the South West is a haven for culinary delights and diverse experiences. But behind every thriving hospitality business lies the challenge of managing accounts, cash flow, and tax efficiently – often a daunting task for those already working long hours. Enter Dunkley’s. We understand the unique challenges of the hospitality industry and are here to lighten the load. Our tailored services, from annual financial statements to payroll management and strategic tax planning, are designed to fuel your business growth while you focus on what you do best: serving unforgettable experiences. Contact us to learn how we can support your journey to success! #hospitalityexperts #accountants #audit #bookkeeping #charteredaccountants #accountantsuk #accountantsyoucantrust #taxaccountants #taxes #smallbusinessaccountants #accountingadvice #bristolaccountant

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Our latest Hotels Tracker shows occupancy in March increased to 73.8% in the UK and 76.3% in London; up from 72.1% and 73.9% respectively in March 2023. Occupancy rates have mostly returned to pre-pandemic rates, after falling dramatically to 33.5% (UK) and 30% (London) in March 2020 when the country was first put into lockdown. Average daily rates (ADR) of occupied rooms were flat in the UK at £130.54 and RevPAR of UK hotels increased from £93.92 to £96.37 year-on year in March but fell slightly from £143.31 to £142.75 for London hotels. Gross operating profits (GOP) of UK hotels reached 31.4% in March and 35.8% in London, largely in line with the same month last year. There are reasons to be optimistic, particularly as UK hotels have almost made a full recovery since Covid and the first lockdown in March 2020 which had a devastating impact on the sector. Looking ahead, as the warmer days start to make an appearance and consumers’ finances continue to improve, helped by another National Insurance cut and a reduction in energy bills, we could be due a healthy uptick in the UK staycations market. Read our insights below 👇 . #rsminsights #hotels #tourism RSM UK Consumer Markets HQ | Saxon Moseley | Paul Newman | Jacqui Baker | Robyn Duffy

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HEY YOU 🫵🏽 Is buying a business your next career move? If so, then this testimonial video is for you. At Onboard we make this process as seamless as possible with your lending, accounting and insurance in one place. Having these three key aspects covered under one roof is why so many purchasers choose us to support them throughout this journey. Choose your narrative for 2025 and get in touch with the team. 👊🏽 ONBOARD Lending, Accounting & Insurance #Onboard Gus Evans Ash Mitchell Bradley Tonkin Josephine Ackerman

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