Leisure
Challenges
The hospitality and leisure industry is undergoing immense growth. This has led to an increase in competition in the region. In a highly competitive and attractive market, it has become difficult to keep up to date with market trends and opportunities. This leaves managers lagging behind the competition especially when they are unable to capitalize on opportunities.
Tastes and trends play a vital role in this sector. With the introduction of social media; pop culture has a considerable influence on the industry. A number of businesses feel what used to work in the industry, no longer does. In a highly evolving market, businesses fail to keep up and lose existing and potential customers.
LEISURECHALLENGES
Businesses deal with a wide range of suppliers and clients. In order to accurately comply with regulations, it is important to be aware of each specific industries tax regulations.
The implementation of technology in this industry has given businesses the opportunity to make their point of sale more accessible to the consumer. However, this alters the tax requirements. For these reasons, tax compliance can be complicated, especially if businesses have no prior experience with VAT.