The Civil Aviation Authority (CAA) insists that all ATOL licence holders submit returns certified by a qualified accountant. On 1 April 2016, the CAA introduced the ATOL Reporting Accountants Scheme for all ATOL licence holders. The scheme was designed to improve the standards of ATOL reporting. And help guide those submitting reports to ensure they were accurate.
These new rules ensure that any accountants working on the reports have the information and knowledge required regarding the travel industry. In addition, they ensure accountants are familiar with the requirements of the ATOL scheme.
To produce a report, accountants must now be trained by their professional governing body and without this the CAA will not accept a submission. The impact of such a decision – or any non-submission – could have serious consequences for any ATOL license holder.
At Parker Russell, we proud to say we are fully prepared to assist our clients with these reports, having prepared in advance for the new rules. Our team members and advisers are all fully up to speed on the requirements set by the CAA. If you are an ATOL holder and would like to further discuss how these changes will affect your business, please phone Mrs Lili Wu at lw@parkerrussell.co.uk.
