Business World Info

1. Pay VAT on time

Avoid penalties by paying VAT on time. If your VAT return is late, HMRC will make you pay a percentage of the unpaid VAT at the due date. You will not be charged the first time this happens but you a warning will be issued. If it occurs again within the following 12 months, an assessment will be made to determine a surcharge of up to 15%.

2. Charge the appropriate VAT amount

There are different types of tax, therefore you must make sure that you apply the right amount. Charging 17.5 percent, 5 percent, 0 percent or exempt can make a noticeable difference to your profit margins. If you are unsure as to what VAT to charge, seek expert advice from a VAT consultant.

3. Pay VAT online

Paying VAT online means that the due date for the return and payment to arrive at HMRC can be extended by an extra seven calendar days. Continue reading ‘VAT Return Tips For Your Business – 10 Ways to Save Money and Time on VAT Returns’ »

One of the advantages of franchise is that it already has an established business model, which will greatly help you run the business. You can always ask for technical assistance, in terms of financing, market plans and site selection. Every franchise has management and product training, so they will prepare you before you start. They will also help you a lot with advertising.

There are also some disadvantages: you will not have full control over how the business is run. You will have to pay for things like advertising that may not be essential to you. It will also be required to have things on your inventory that may not suit your location, and if you have a terrific idea, you will not be able to try it, because of the strictly controlled business model.

You can opt for two main forms of franchising: product name franchising and business format franchising. The latter is more restrictive in terms of how you run the business, but the franchisor will also help you more. Continue reading ‘The Risks of Buying a Franchise’ »