Welcome to our accounting firm’s blog, where we provide valuable insights and guidance to franchisees. In this post, we will discuss essential tax considerations for franchise businesses. Understanding the tax obligations and opportunities specific to the franchising industry is crucial for maximising profits and ensuring compliance with HM Revenue and Customs (HMRC) regulations. Let’s dive into the world of franchise taxes in the UK.
Franchise Business Structure and Tax Implications:
Franchise businesses can operate as various legal entities, such as sole traders, partnerships, or limited companies. Each structure has distinct tax implications, including income tax, National Insurance contributions, and Corporation Tax. We will help you explore the pros and cons of different business structures and highlight their respective tax obligations.
