Retail Franchise

As accountants and business advisers to over 100 franchisees in a range of sectors from property through to retail, Morris Crocker have gained a wealth of experience in providing practical help and support to franchise businesses.

For a free initial meeting to discuss how we can help you contact us online or call us on T: 023 9248 4356T: 023 9248 4356


Subscribe Now

 

Our client first came to us after finding an online retail franchise opportunity which involved sourcing products from Asia and selling to other global markets.

Investment appraisal

As with any business it’s important to assess whether the venture is going to be financially possible to set up as well as maintain profitability once active. We assessed the business plan alongside the client to establish exactly what would be required of them in terms of the initial investment and then looked at the profit margins and sales activity required to achieve a reasonable level of profitability.

Incorporation and accountancy setup

We incorporated the business and registered them for VAT to ensure tax paid on franchise license fees, stock and business-related costs were reclaimable from the start. The client was provided with online accounting software along with initial training to help keep track of costs and reduce time in bookkeeping.

Management accounting and bookkeeping

After 6 months the business was actively trading and consistently increasing the number of product lines on offer. With more transactions occurring regularly the bookkeeping became more involved so the client decided to outsource the process to our dedicated in-house franchise accounting team who also produced monthly management accounts to give them a clearer picture of their financial position.

Financial reporting

As part of a franchise, the business had to produce accounts not only for Companies House and HMRC but also for the franchisor.  We ensured that all regulatory and statutory requirements were met while fulfilling their reporting obligations to the franchisor.

Tax planning

Our tax specialists have a wealth of experience in tax planning and were well placed to ensure that the client paid the minimal and correct amount of tax.  This involved looking at existing businesses owned by the client to see if there were any available losses that could be offset against profits and come up with a workable plan.  In addition, we were also able to advise on the personal tax planning opportunities to the client as well as looking at issues such as Capital Gain tax and Inheritance tax.

Request a Quote

Name:
Company:
Email Address:
Contact Number:
Service interested in:

Nature of your business:
Enquiry:

Yes I would like to be kept updated as I do not want to miss out on receiving small business newsletters, advice guides and details of events from Morris Crocker. I understand I will have the opportunity to opt out of receiving emails every time I hear from Morris Crocker.

Please confirm you are human:
 


REF: MC/RQ/1.1

We have removed the client's name from this case study to protect their identity. 

What our clients say...

I am a GP partner working in London. I have used Morris Crocker to produce my partnership and personal accounts for a number of years.The team at Morris Crocker are superb. Friendly, efficient and very knowledgeable. They have a very experienced team who have a huge amount of knowledge for NHS GP practices. As well as preparing my accounts and tax returns they provide additional services such as financial management. They have helped me on a number of business matters such as capital gains, budgets and forecasts. Pete and his team make things straightforward and easy to understand. They also helped us streamline the day to day bookkeeping by use of IT and have always been on hand for support and advice any time. I would not hesitate to recommend them as accountants especially to GPs. In the current NHS you need the best accountant that you can find who know what they are talking about. You will find that in the team at MC.  

Latest news...

30/10/2018

Budget 2018 - Summary of Annoucements

Few expected Chancellor Phillip Hammond would spring any surprises in yesterday's Budget, but in the end that was not the case.  Under pressure to support No. 10's 'end of austerity" message, bolstered by

READ MORE

Newsletter Sign Up

Sign up to keep in touch to receive our latest news and industry updates.



Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.



REF: MC/NL/1.0