Supplier Corner
September 2009
Does the prospect of managing your accounts…inspire you…or terrify you?
PRB first got involved with the Network Marketing industry over 25 years ago and since that time it has acted for several thousand Distributors throughout the UK. The firm has developed its services to the industry over the years and attended many industry events to keep abreast of developments. PRB are also a supplier member to the UK DSA.
Chris Whitley-Jones has been dealing with Network Marketing clients for the past 25 years. His firm, PRB Martin Pollins LLP (“PRB”), Chartered Accountants, have developed a fixed price accounting service specifically for Network Marketing Distributors to eliminate the compliance worries of starting out in business. The service is called the Helpline Service which helps to keep accounting costs to a minimum, and incorporates a customised bookkeeping system called ‘Add-Up Accounting’ which comes in either hard-copy or spreadsheet format.
‘Add-Up Accounting’ clearly sets out the various tax deductible costs that arise in running a Network Marketing business and is structured in such a way as to minimise tax liabilities. Armed with the guidance provided, Distributors will be able to keep their books and records in good order and complete the skeleton of their annual accounts for PRB to review.
Distributors also need to register as self-employed with HM Revenue & Customs. This needs to be done within 3 months of commencing to trade and late registration can attract a fine of £100. PRB can provide the necessary guidance to assist in the registration process.
Many people register with Network Marketing companies in order to buy products for themselves at wholesale price. In this case, there is no need to register as self employed, or to file a tax return with HM Revenue & Customs. The reason for this is that such people are not seeking to make a profit from purchasing such products, rather they are customers.
Many Distributors don’t know that the costs of running a Network Marketing business can be offset against other income sources, such as employment income. This offset can be used to either generate a tax refund from HM Revenue and Customs or reduce existing tax liabilities.
After completing a review of the accounts, PRB are then able to complete the necessary tax calculations and Self-Assessment Tax Returns so that they can be sent to HM Revenue & Customs to agree the tax position for each year. In the event of any queries from HM Revenue & Customs, PRB are ideally placed to deal with any such queries due to their detailed knowledge of the industry.
As part of the Helpline Service, PRB operates a telephone helpline service for distributors which covers all aspects of running a multi level marketing business in the current business environment. Client Distributors can ring up and ask whatever questions they wish without the fear of the clock ticking and an unexpected bill arriving on the doormat.
Chris Whitley-Jones also runs accountancy and tax training sessions in the UK for local and national groups which cover the following topics:
- Startingtarting in Business
- Bookkeeping
- Year End Accounts
- Self Assessment
- VAT
- Nationalational Insurance
- The Helpline Service
He is happy to provide such trainings free of charge and to customise each presentation for his audience. Chris is also keen to expand his services into Europe, and would be delighted to receive enquiries from readers of Direct Selling News Europe.
PRB are one of the longest serving firms of accountants to specialise in the Network Marketing sector, and are looking forward to further developing their services to the industry. For more information please visit http://www.prbmp.com or email Chris Whitley-Jones at
