Resources for hospitality industry tax preparation

poundsandcoins
USALI in the UK: resources for hospitality managers

Albert Einstein said, “The hardest thing in the world to understand is income tax.” So it is no wonder that tax time usually brings a spate of enquiries to the Institute about the Uniform System of Accounts for the Lodging Industry (11th revised edition) and its application in the hospitality industry.

Whilst the Institute isn’t qualified to provide tax advice, we can direct members to resources that can provide reputable guidance. The following are some examples of the enquiries we receive about the USALI and resources that can provide clarification

What is the basis for the USALI and why is an American system used in the UK?

arena4finance‘s Debra Adams MIH gives a good overview of the development of the USALI and discusses the changes between editions 10 and 11 in this brief article.

What are the differences between the 10th and 11th editions?

To understand the changes that were made to the 11th edition we refer members to an article from HFTP’s Tanya Venegas in the USA, summarising the changes to the latest edition of the USALI made effective January 1, 2015.

We’re a UK hospitality business; where can we find an explanation that outlines how the 11th edition’s changes affect us?

Howard Field FIH discusses the modifications the 10th edition in a HOSPA document (June 2014) and explains what those changes mean to UK accountants and hospitality businesses HERE.

Where can I get a copy of the USALI?

The USALI is available to purchase in an ebook format from the American Hotel & Lodging Association (AHLA) in the USA. The 11th edition has taken into account the globalised nature of the system’s use. Alternatively, try Amazon.co.uk.

We hope you find these resources helpful in understanding the USALI’s most recent incarnation, the 11th edition, which aims to strengthen the quality of internal reporting and improve consistency in an industry that increasingly operates across borders.

 

 

 

Advertisements

Author: Institute of Hospitality

Established in 1938, the Institute is the international professional membership body for managers and aspiring managers who work or study in the hospitality, leisure and tourism industries. We help more than 10,000 hospitality professionals in 100 countries grow their knowledge, professional profile and expertise offering a wide range of high quality membership services such as targeted and regular industry networking events, hospitality qualifications and extensive online quality resources such as free management guides, Hospitality magazine, webinars, ebooks and ejournals. To learn more about our many member benefits, view our website or email membership@instituteofhospitality.org