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What About Those Taxes...

Balancing the booksWhen you start your new franchise, you'll find that there are certain accounting and tax responsibilities that follow. Whether you're an accounting whiz or not, you will need to find a way to figure out what kind of taxes your new business owes, and whether or not you need to register for VAT.

This may get even more complicated for franchisees when the basic tax threshold is raised later this year. There will be an increase in personal allowances, enabling all basic-rate tax payers to earn £600 more this year before they have to pay taxes on their income.

If your franchise has employees, then you as the employer must ensure that your employees' September pay packet shows the difference, because these changes are backdated. This may get confusing or difficult for some of the small business owners and franchisees that do the payroll themselves.

Check out Business Link's helpful guide on Taxes, returns and payroll. This may help walk you through some of your responsibilities. Also check with your accountant to see if he/she can help walk you through the tax changes.

If you're still unsure of what to do, look at Franchise Direct's directory of franchise consultants that. There's a list of banks and consultancies that can provide financial assistance that might be of help to you, whether you are borrowing money or seeking accounting, taxation and business advice.

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