Franchisees should be mindful of Tax deadlines
Carl Reader, Dennis & Turnbull Ltd
Franchisees should by now be aware that their Self Assessment Tax Return is due for filing by 31 January of each year, through online filing. The deadline for this is fast approaching and it is essential that this deadline is met to avoid penalties and surcharges.
Sarah Walker of HM Revenue and Customs (HMRC) said: “If you haven’t yet sent in your 2008-09 tax return, you need to start thinking about it now.”
You can file your tax return online at http://www.hmrc.gov.uk, or if you have an accountant they should be able to deal with this for you and ensure that the return is submitted correctly and in time.
Carl Reader is the head of franchising at franchise accountants Dennis & Turnbull, a leading firm of accountants in the franchise industry.
The above information is provided as general advice and no liability is accepted by the author, Dennis & Turnbull or Select Your Franchise in respect of individuals or businesses acting on the above. Independent advice should be sought in all circumstances.
Tags: carl reader, finance, franchise, franchise business, franchisee, taxation
Franchisees warned of VAT changes
Carl Reader, Dennis & Turnbull Ltd
Most franchisees who are VAT registered should have received a letter from HM Revenue & Customs in relation to online filing. As of 1 April 2010, franchisees and franchisors with an net taxable turnover of £100,000 or more will need to file their VAT returns online and pay their VAT electronically. Any franchise businesses registering for VAT on or after 1 April 2010 will also have to file their return online and pay electronically, whatever their turnover.
Stephen Banyard of HMRC said: “Filing VAT returns online has a number of benefits: it’s secure, convenient, does arithmetical checks and calculations, and provides firms with an immediate online acknowledgement that their online return has been safely received.
“So, if your turnover is £100,000 or more, and you’re not already filing your VAT return online, sign-up now for VAT online services – that way, you’ll avoid a last-minute rush, and be able to enjoy the benefits of online filing sooner rather than later.”
Further help in relation to this is available on the HMRC website
Carl Reader is the head of franchising at franchise accountants Dennis & Turnbull, a leading firm of accountants in the franchise industry.
The above information is provided as general advice and no liability is accepted by the author, Dennis & Turnbull or Select Your Franchise in respect of individuals or businesses acting on the above. Independent advice should be sought in all circumstances.
Tags: carl reader, franchise, franchisee, franchisees, VAT changes
Franchisee profile
Nick Strong - Franchise recruitment advisor
When considering setting up in business for yourself it is vital that you choose a route that is a suited to your skills and interests. You must also be sure that the market of interest is timeless and not a fad.
Many people contemplating going into business for the first time are looking closely at franchising. Why is this and how can you tell if franchise business is right for you?
Below is an outline of who and who is not cut out to run a franchise business.
Business format franchise profile definition. A business format franchise will comprise of the following elements, It will be-
A proven business system
Replicable
Supported nationally and locally
Governed by contract
Owned and protected intellectual property, logos that make the system valued
Ideal franchisee profile. The brand owner is called the franchisor. The local operative is called the franchisee or franchise owner. Every successful franchise owner will have at least the following attributes. They will be -
Able to follow and replicate the proven system
Enthusiastic about the system
Enthusiastic when serving customers
Good with people
Have their family’s backing from the start
Able to raise sufficient capital to buy and run their chosen franchise business
Bad franchisee profile. Not everyone is cut out for being a franchisee. Avoid franchising if you -
Do not have your family’s backing
Have insufficient money to set up your chosen system
Do not like following other peoples ideas and systems
Have difficulty in organising your time and priorities
Franchise research – to research franchises for sale in the UK visit www.SelectYourFranchise.com.
Tags: franchise owner, franchisee, franchisor, nick strong
