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Sunday
Jul182010

Information Concerning VAT Registration Should be Supplied by all Franchisors

As we gradually make our way out of recession towards what will hopefully be a brighter future, I am watching with interest to see how people in general get by during this phase.

For instance some who have lost their jobs may not immediately think of trying to get another position.  I have known several people in this situation to start their own business instead.

Of course there is another possibility open to them as well, and this is taking on a franchise.  For some people, investing in a franchise can be a better decision, because they are buying into a proven business that gives them support rather than leaving them to build the business from the ground up themselves.

Anyone who is seriously considering investing in a franchise needs to ask the franchisor all the questions they have in mind before signing on the dotted line.  They also need to get answers to those questions.  Financial aspects of the business, such as registering for VAT, can seem very complex for people who are new to working for themselves.  Franchisors should therefore be sure to give out all the necessary advice and information in this respect.

This was mentioned in a series of FAQs in the Franchise Magazine recently, and I think it touched on a notable point that not all potential franchisees think about.  If you are investing a significant amount in a business like this, you need to get started on the right foot.

If you are considering investing in a franchise and you want to know how it could affect your current tax situation, contact us here at St Matthew now for expert advice.



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