Whether you call it network marketing, MLM (multi-level marketing) or direct selling, there are now reportedly over 425,000 direct sellers in the country who contribute £2 billion to the UK economy (source: DSA website).
From health and fitness supplements to cosmetics, candles, Tupperware and utility services, network marketing organisations are now widely represented in the UK and internationally and are here to stay.
Who are PRB?
PRB Accountants are a firm of Chartered Accountants based in Haywards Heath who specialise in the Network Marketing Industry.
They have acted for distributors and consultants in the industry for over 40 years and are continuing to expand this side of the business.
Over the years they have acted for literally thousands of distributors and as a result, have a detailed knowledge of the industry.
They have attended many functions over the years to gain an insight into how the industry works and their managing partner, Chris Whitley-Jones, has run many training sessions on accountancy and tax-related topics that are specific to the industry.
Focus
As Network marketing specialists, the focus at PRB is to ensure that every distributor legitimately pays as little tax as possible and, in many cases, there are opportunities to obtain tax refunds from HM Revenue & Customs.
There are also substantial fines that can be levied where distributors do not register their business with HM Revenue & Customs, so it is important for distributors to be aware of the process.
What they offer
To help distributors to keep on top of their accounting, PRB have developed 3 versions of their “Helpline Service” to make bookkeeping as easy as possible:
- Standard Service – a spreadsheet solution
- PRBookkeeping – a bespoke network marketing cloud-based software solution
- Premium Service – distributors can send PRB all their receipts and PRB will prepare everything from the records provided.
PRB’s aim is to demystify the whole accounting/ bookkeeping/ self-assessment process for distributors so that they can focus on growing their businesses.
If you would like to find out more information about PRB’s Network Marketing solutions, visit their website or give them a call on 01444 458252.