Travel and Tourism Accountants

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The travel and tourism sector operates under a distinctive regulatory and tax framework.

ATOL, ABTA, the Tour Operators Margin Scheme for VAT, the package travel regulations, the trust account requirements and the international payment flows that travel businesses handle all create a technical environment that needs specialist tax and accountancy advisers.

Our travel and tourism team works with tour operators, travel agents, online travel agents, destination management companies, cruise specialists and the wider travel sector.

From owner-managed businesses through to larger groups, we provide audit, tax, VAT and substantive advisory work tailored to the sector.

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How we deliver travel sector advice

We always begin by taking the time to understand your business model in great detail –the product mix, customer journey, supplier arrangements, payment flows and your financial position are carefully mapped out before substantive advice is given.

From there, our work runs alongside the cycle of the business. Audit and accounts at year end, VAT returns under the Tour Operators Margin Scheme, where applicable, ATOL accountants’ reports for licensed operators, trust account audits where required and the ongoing advisory work all run to the calendar the business operates on.

Our expertise

Audit of travel and tour operator businesses
ATOL accountants’ reports and trust account audits
VAT under the Tour Operators Margin Scheme
Package travel regulations compliance support
International payment flows and FX risk
Corporate tax for the travel sector
Acquisitions, disposals and consolidation transactions
Statutory accounts preparation
Cash flow and going concern analysis
Sector benchmarking and operational review

What you can expect from our VAT team

Three things define our work in the sector:

Sector specialism

TOMS, ATOL, ABTA, trust accounts and the wider sector framework are core specialisms. The people advising you have done the work for other businesses in the same sector.

Practical about the financial reality

Travel is a cash-flow business with significant working capital sensitivity. We work with operators on the financial management that the sector requires, not just on the regulatory compliance.

Engaged with the wider commercial picture

Beyond the audit and tax work, we support sector clients on acquisitions, disposals, restructuring and the strategic decisions that the sector consolidation continues to throw up.

Travel businesses work with us because they want an adviser who understands the sector’s unique regulatory framework and financial dynamics and who can guide them through both the compliance requirements and the commercial decisions that define the business.

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Here is what our clients have to say…

Macalvins have been running the Payroll and Pension Plan for Hayes & Yeading United Football Club for over 10 years.… Read more

Bernard Bitmead

I love the people of macalvins. they are warm and very dependable. and that what matters to me in any… Read more

SUJOY GHOSH

I have been MaCalvins for the past 6 years and I have found them excellent in every department. They manage… Read more

John Gill

I’ve been with MaCalvins since 2013, they are managing my company business accounts and my personal tax returns in a… Read more

Taghreed Altuhafi

Excellent service and understanding of our business needs

Kanesh Rajani

Thank you Macalvins for excellent service over the years

S Hodzic

Why choose Macalvins?

Macalvins is a Top 100 UK accountancy firm and a member of PrimeGlobal, a network of around 300 independent firms across more than 80 countries, which has many members who support the travel and tourism industry in their own jurisdiction.

Having supported the sector for many years, we are well equipped to deliver advice that provides real value to your business.

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Insights

Frequently Asked Questions

Can you handle our ATOL accountants' report?

Yes. We act as ATOL reporting accountants for a number of licensed operators and we are familiar with the CAA’s requirements for the annual accountants’ report, the ATOL Reporting Accountant scheme and the underlying audit work that supports the report. The deadline for the report is set by the CAA and we work to deliver in good time.

How does the Tour Operators Margin Scheme apply to our business?

TOMS applies to businesses that buy in travel services such as accommodation, transport and ancillary services and sell them on as a package in their own name without material alteration. The scheme calculates VAT on the margin between the cost of bought-in services and the selling price rather than on the gross transaction value. The detailed application depends on the business model and we work through it specifically for each client.

We are considering acquiring or merging with another tour operator. Can you advise us?

Yes. Travel sector M&A involves specific considerations around the ATOL position, the customer money handling arrangements, the trust account position and the practical integration of bookings, supplier contracts and forward liabilities. Our corporate finance team handles the deal work with sector specialists in support.

Travel and Tourism