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UK tourism figures

UK tourism figuresAlthough thoughts are now very much geared toward the summer season the UK tourism industry has had some good news. VisitBritain’s statistics suggests last December was one of the best on record for the UK tourism accommodation industry.

An extra 400,000 people enjoyed a stay with a UK accommodation provider when compared with the year before. (10.8 million domestic overnight trips in 2017 vs 10.4 million made in 2016). Those additional visits boosted overall spend by 3% to a staggering £1.7 billion.

Here’s a lowdown of some of the key figures from their latest report.

Defying winter weather and supporting staycations

Whilst it seems a distant memory with spring blossoming, December was characterised by strong winds and cool temperatures. Storm Caroline and Dylan brought with them gale-force gusts and widespread frosts.  However, this didn’t dampen overall tourism performance, with domestic overnight trips made throughout England increasing by 6% from December 2016.

There are strong indicators that the UK ‘staycation’ is still booming. Domestic trips and travel were up across the last quarter of the year. The weak pound against other currencies across the globe and continued uncertainty surrounding Brexit are both said to have potentially contributed to those looking a little closer to home.

Higher visitor numbers bring greater spending power

With bed nights up a whopping 12% year on year, it’s unsurprising that guest spend has also increased. In real-terms it’s up by around £50 million (that’s £70,000 every hour). This further highlights tourism’s importance to associated trades such as hospitality. This increase in spend is realised across the year, with spending 3% higher than across 2016 (up to £23.7 billion).

The age of those travelling

The greatest increase across the past year has been in trips taken by 25 – 34 year olds (up by 7%) and those that are 55 years and over (up by 3%).  As these two markets are very different in terms of potential needs, taste and requirements from a holiday home, it’s positive for the market and variety within it as a whole.

The biggest winners

When looking at the specific areas that benefited from higher bed nights and stays during December the biggest winners were the North West (up by 14%) and Yorkshire & Humber (up by 15%).  The North East also so a gain of 7% when compared to 2016 figures.

For full information on the latest trends and figures from Visit Britain please click on this link – PDF format: VisitBritain December 2017 Detailed Report 

Boshers offer specialist holiday home insurance to owners across the UK. For information on how specialist insurance can help protect your holiday home business, call us on 01237 429444

Here is another Tax Guide written by renowned property tax expert Carl Bayley and published by respected Taxation advisors, Tax-Cafe.co.uk. 

Holiday Home Insurance Specialists, Boshers Ltd have negotiated a 30% discount off the purchase price of £24.95 + £1.95 P&P for our clients and friends. For discount code details and information on how to purchase a copy click this link: Furnished Holiday Lets – Emergency Tax Guide – 30% Discount 
Tom Entwistle of www.landlordzone.co.uk recently published the following review: “Given Carl’s extensive knowledge of UK property taxation rules, this guide is about as good as it gets in regard Furnished Holiday Lettings taxation, coming up to the major changes in the law after 6 April 2010.

Despite the many uncertainties as to the exact situation after 6th April, as we are still waiting on detailed guidelines from HMRC, Carl gives some very relevant insights into the future and some valuable pointers as to what you can do in the short-term, if you are in the Holiday Lettings business.

Carl starts by comprehensively recapping the rules as they stand today; examining each of the main tax reliefs available until 5th April next, in turn.

One by one he considers what action landlords can take in the short-term to maximise the reliefs they can claim before the abolition of the current regime.

Having considered the short term, Carl goes on to consider the potential future landscape after 6th April next. Using lots of practical examples the guide is easy to follow for the layman and professional alike.

Interestingly, chapter 8 considers a possible “work-a-round” in the form of a Trading Status alternative to Holiday Lettings Businesses, similar to that of guest houses and hotels.

Chapter 9 considers the issues around adopting property as holiday lets in the time left, and Chapter 10 looks at the temporary extension of the Furnished Holiday Lettings regime to the European Economic Area (EEA).

This tax guide is a must for any landlord with Holiday lets.”

Buy your copy of Furnished Holiday Lets – Emergency Tax Guide – by Carl Bayley BSc ACA at a 30% Discount here.