Sports & Leisure

Turnover of Top 15 UK gym chains rises 8% in a year to £1.6bn

The turnover of the Top 15 UK gym chains increased 8% last year to £1.61bn, up from £1.49bn in the previous year*, says accountants and business advisors, Moore.
Moore’s research suggests that spending on gyms is far exceeding that of other parts of the leisure industry such as pubs and bars – bucking the current weakness in consumer spending. Consumer spending on recreation and culture activities as a whole has increased by just 3.8% over the last year**.
 

VAT chargeable on all non-refundable deposits

HMRC has confirmed a new policy that VAT will remain due on a deposit, even if the customer does not use the goods or services for which it was paid – this comes into effect from March 1 2019. This change will affect the hospitality industry significantly (but it will also apply to other businesses), which will soon be unable to recover VAT charged on cancelations or ‘no show’ charges.
 

VAT chargeable on all non-refundable deposits

HMRC has confirmed a new policy that VAT will remain due on a deposit, even if the customer does not use the goods or services for which it was paid – this comes into effect from March 1 2019. This change will affect the hospitality industry significantly (but it will also apply to other businesses), which will soon be unable to recover VAT charged on cancelations or ‘no show’ charges.
 

VAT chargeable on all non-refundable deposits

HMRC has confirmed a new policy that VAT will remain due on a deposit, even if the customer does not use the goods or services for which it was paid – this comes into effect from March 1 2019. This change will affect the hospitality industry significantly (but it will also apply to other businesses), which will soon be unable to recover VAT charged on cancelations or ‘no show’ charges.