The travel industry is constantly changing with new regulations being put into place on a regular basis. As finance teams within travel companies you are often key to implementing these changes and ensuring your business is up to date and compliant. It’s vital that you understand the key finance issues that might affect your organisation.
What you need to look out for in 2019:
- Making Tax Digital: Due to be introduced from 1 April 2019. If your business has a turnover about £85,000 you will be affected. HMRC will close its online VAT portal from April and all VAT returns after that businesses must digitally record their VAT transactions and returns through Making Tax Digital software. Are you aware of the changes you need to make?
- Brexit: With the UK due to leave the EU in March, 2019 is promising to be an interesting regulatory year. It’s important that you review the business areas that might be affected. As a finance director do you understand the impact this might have on your organisation and where your responsibilities lie?
- Management of foreign exchange risk: As the GBP is so volatile at the moment, it’s more important than ever that you have a plan in place for managing your foreign exchange.
- Financial trends in the travel industry: Understand the key financial trends and indicators to help you benchmark your business and identify opportunities including consumer, operator, stakeholder and regulator appetite.
- Technical updates: Keep up to date with the latest accounting and tax changes and how they relate to travel companies, plus other updates from travel industry regulators.
If you have any responsibility for finance within your travel company, don’t miss ABTA’s third annual Travel Finance Conference, being held at the offices of KPMG in Canary Wharf. Get all your finance updates in one place in our new two-day format on 26 and 27 February 2019.