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39 than expected financial impact . It may , however , be too early to say what the true long-term impact will be of the new legislation .
What changes in government legislation would you like to see to help improve your business ? The most sought after change is a reduction in VAT . The sector has long argued the case for reduced VAT , however , to date , the government has been less than willing to oblige . With the exchange rate making the UK attractive for foreign tourists , it is unlikely we will see a reduced VAT rate for a number of years .
Other changes include slowing down National Minimum Wage annual increases , more favourable reliefs on business rates and more support for hiring overseas staff .
What do you consider to be the greatest difficulty in recruiting top quality staff ? The majority ( 53 %) consider the greatest difficulty in recruiting top staff to be the quality of the candidate . The introduction of the Apprenticeship Levy in May 2017 should help increase both the quantity and quality of apprenticeships in the UK and therefore close the gap between the skills an employer expects and the attributes of the candidate .
The Recruitment & Employment Confederation notes this skills shortage is one of the key reasons for the above average staff turnover in the industry . At 20 % per year this is significantly higher than the average of 13 % for other industries , costing the sector £ 274m annually .
Which part of the business cycle is your company currently on ? The trend towards growth - organically or through acquisition - is continuing to rise with 72 % of respondents in this part of the business cycle . Half claim to be in an organic growth stage .
In a period of minimal economic growth and record low interest rates , we consider this to be a dangerous time for businesses to rely on organic growth alone as new competitors are entering the market with a different offering to the norm .
The number of respondents looking at
re-focusing their business remains below the 20 % mark .
METHODOLOGY Mazars surveyed a cross section of finance directors , HR directors and ownermanagers in the hotel , bar and restaurant and tourism sectors to gauge their views on the events of the past 12 months and the challenges that lie ahead .
For a full version of the report , visit Mazars website .
ABOUT MAZARS Mazars is an integrated international firm with a presence in 79 countries with a vision to make a real difference to clients by providing high calibre accountancy , audit , tax and other advisory services . Mazars has an extensive international and UK client base which demands exceptional technical depth and commercial awareness and a particular understanding of the specific dynamics of hospitality and leisure businesses .
April 2017 www . hotelowner . co . uk