Partner Article

Franchises to cash in on DFK tax advice

Franchise businesses will be able to cash in on expert advice at a showcase industry event that could lead to significant tax savings.

Specialists from DFK UK & Ireland will be sharing their expertise of advising some of the biggest franchise operations on the high street at the British & International Franchise Exhibition at Olympia, London.

According to DFK UK & Ireland, franchises could be failing to maximise profits by not fully exploiting tax savings that they may be eligible to claim.

DFK UK & Ireland is part of DFK International, a leading global association of independent accountancy firms and business advisers, and has more than 25 years of experience in the franchise industry.

Experts from DFK UK & Ireland’s member firms in Birmingham, Dublin, Edinburgh, Exeter, Liverpool and Newcastle will be on Stand J120 at the show, which takes place on Friday, March 15 and Saturday, March 16.

DFK UK & Ireland’s firms represent a wide range of well-known franchise operations including McDonalds, Costa Coffee, Sixt Car Rental, Specsavers and Dominos.

Suk Aulak, chairman of DFK UK & Ireland, said the success of a franchise can depend on financial advice and sector knowledge from preparing a business plan, establishing funding and tax planning through to sale valuations.

He said: “There are franchisees and franchisors that are not tapping into the full tax savings that could be available to them through specialist advice which can minimise tax liabilities and maximise profits.

“Through our in-depth sector knowledge we have, for instance, been able to save one retail franchisee £20,000 in tax on a shop fit-out.

“By understanding the needs and issues facing the industry, we can take away the burden of financial reporting and tax planning allowing the franchisee or franchisor more time to concentrate on building their business or network.”

DFK UK & Ireland has over 30 offices covering the UK and Ireland as well as the Channel Islands and as part of a global association, has extensive international coverage for businesses looking to franchise abroad.

Suk Aulak and Tony Elliott, both from member firm Chantrey Vellacott DFK, will be hosting a free round-table discussion on tax implications for international franchises setting up in the UK at the show on March 15 at 12.40pm.

Tony Elliott, tax director at the Birmingham office of Chantrey Vellacott DFK, will also be giving a free seminar on tax saving tips for new franchises at the show on March 15 at 2pm and March 16 at 11am.

Tony said: “New franchise businesses are faced with a minefield of issues with tax and VAT matters often being overlooked. Planning for tax at the earliest opportunity can save significant amounts of money.

“From choosing the right business structures, making the most of tax efficient investment opportunities through to reducing the cost of capital expenditure, they can be guided through the potential pitfalls with expert advice.”

This was posted in Bdaily's Members' News section by Pete Squires .