The current outlook for the travel industry

With the travel industry recovering from the Covid pandemic and travellers facing new challenges, such as high inflation, increasing interest rates and high energy bills, there is a general uncertainty as to their appetite for travel.

Whilst the ‘cost-of-living’ crisis is putting pressure on travellers’ finances, many do still want to travel, with all-inclusive breaks being the preferred choice, providing the much-needed escape from the challenges of everyday life.

The Civil Aviation Authority (CAA) and the ATOL Reporting Accountants’ (ARA) scheme

The CAA developed the ARA scheme to help improve the standard of ATOL reporting and to provide assurance that any financial information submitted to it is accurate. It designed the scheme to ensure accountants are sufficiently knowledgeable about the travel industry as well as the specific requirements of the ARA scheme.

What is the ARA scheme?

The ARA scheme was set up by the CAA and the Institute of Chartered Accountants in England and Wales (ICAEW) under agreement to ensure competent ATOL Reporting, and accountants are required to be a designated ARA to provide ATOL reporting.

How can we assist?

As a Licenced Practice, travel industry clients can be assured that the standards required by the CAA will be met. Our team, led by Partner, Luke Metson, have undertaken the relevant training required by the CAA, and will ensure that continuing professional development meets the requirements of the CAA and the ICAEW.

Further information

For more information on services provided by CBW, part of Gravita, for businesses in the travel industry, please contact Luke Metson.