Looking for business orientated accountants for your Hotel, B&B or Holiday Lets?
Why choose city mill as your hospitality accountant?
Expert Hospitality Accounting Services
Managing a hospitality business, whether a Furnished Holiday Let (FHL), Bed & Breakfast, or hotel, offers both excitement and significant rewards. However, handling the financial aspects—such as tax compliance, bookkeeping, and accounting—can be overwhelming. If you're involved in the hospitality industry and need expert guidance, our dedicated team of accountants is here to support you.
Specialised Support for FHLs, B&Bs, and Hotels
At City Mill, we specialise in providing comprehensive accounting services tailored to FHLs, B&Bs, hotels, and other hospitality businesses. Our goal is to simplify financial management and ensure compliance, allowing you to focus on delivering exceptional guest experiences and growing your business. Whether you're managing bookings through platforms like Airbnb and Booking.com, coordinating staff, or maintaining your property, our expertise in hospitality accounting ensures your financial operations are streamlined and aligned with all regulatory requirements.
Maximising Your Hospitality Business’s Potential
Our aim is to optimise your financial processes, ensure compliance, and help you maximise the returns on your hospitality business. Whether you're navigating tax reliefs, managing financial aspects of operations, or seeking advice on platform-related challenges, our specialised accounting services are designed to keep your financial operations efficient and aligned with industry standards.
Tailored Financial Solutions for the Hospitality Sector
We understand the unique challenges of the hospitality market, from increased competition and evolving tax regulations to managing bookings and handling commission fees from platforms like Airbnb. Our services include expert tax preparation for hospitality businesses, accurate bookkeeping for FHLs, B&Bs, and hotels, and customised financial reporting. By partnering with us, you can reduce stress, enhance financial management, and maximise your business’s potential in the competitive hospitality market.
Accounting for Hospitality Businesses
Running a successful hospitality business, whether it's a Furnished Holiday Letting (FHL), B&B, or hotel, requires precise financial management. Our accounting services are tailored specifically for the unique needs of the hospitality sector. We handle everything from bookkeeping and financial reporting to managing cash flow, allowing you to focus on providing exceptional guest experiences and optimising your property’s performance on platforms like Airbnb, Booking.com, Vrbo, and Expedia.
Tax Preparation for Hospitality Businesses
Navigating tax regulations can be complex for hospitality operators. We offer specialised tax preparation services to help you manage VAT, business rates, and income tax efficiently. Our expert team ensures compliance with all relevant tax requirements and optimises your tax position, so you can focus on growing your business and enhancing your guest offering.
Bookkeeping Services
Accurate bookkeeping is essential for tracking the performance of your hospitality business. Our professional bookkeeping services, including cloud-based solutions like Xero, streamline your financial management. Xero allows you to automatically integrate booking platforms such as Airbnb, ensuring that your transactions are seamlessly recorded and updated in real-time. With secure, user-friendly access to your financial data, managing your finances has never been easier, no matter where your bookings come from.
Payroll and Pension Services
Efficient payroll management is crucial if you have a team supporting your hospitality business. Our payroll services ensure that your employees are paid accurately and on time, handling all tax deductions and National Insurance contributions. We also manage pension schemes, including auto-enrolment, to help you meet all legal requirements seamlessly.
Management Accounting and KPI Reporting
Our management accounting services provide detailed financial analysis and performance monitoring tailored to your hospitality business. We help you track Key Performance Indicators (KPIs) relevant to your sector, such as occupancy rates, average daily rates (ADR), and profit margins. This insight helps you make informed decisions and drive your business forward.
Business Consultancy for Hospitality Operators
As your strategic partner, we offer business consultancy services designed for FHLs, B&Bs, and hotels. We work closely with you to understand your business goals and create actionable plans to achieve them. From market analysis to operational improvements, our advice helps you enhance your strategy and stay competitive in the hospitality market.
Tax Efficient Strategies
Maximising tax efficiency is crucial for hospitality businesses. Our tax-efficient accounting services help you reduce your tax liabilities while staying compliant with regulations. We provide guidance on allowable expenses, income structuring, and VAT optimisation, ensuring your business retains more of its earnings.
Accounts and Tax Preparation
Our comprehensive accounting and tax preparation services are tailored to the unique needs of hospitality operators. We handle everything from bookkeeping and financial statement preparation to tax returns and strategic planning, allowing you to focus on scaling your business and improving your guest experience.
Advisory Services
At City Mill, we are more than just accountants—we are your partners in success. We provide strategic advice specifically for hospitality businesses, helping you achieve your short-term and long-term goals. Our advisory services include progress tracking and goal setting to ensure your hospitality business continues to thrive.
about city mill
While we offer the full range of services you’d expect from accountants and tax advisers, including tax returns and accounts preparation, our true expertise lies in realising your business goals. This includes scaling your business, identifying new opportunities, improving profitability, streamlining operations, and enhancing tax efficiency.
Situated in Whiteley, Hampshire, with convenient access along the M27 to Southampton and Portsmouth, as well as to Winchester via the M3, our location in the Solent area facilitates easy reach. However, our reach extends far beyond geographical boundaries. Serving clients throughout the UK, our organisational structure is designed to foster long-term partnerships, irrespective of location.
We can't wait to hear about your hotel or Airbnb
Ready to take your hospitality business to the next level? Contact City Mill to see how we can help you save time, stay compliant, and grow your business.