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Network Marketing Blogs
Browse our collection of monthly blogs on all things Network Marketing. In this area, you can find out about industry and company news, top tips to succeed in Network Marketing and read useful guides to ensure your tax and bookkeeping practices are up to date.
What is the difference between Direct Selling and Multi-level Marketing (Network Marketing)?
Direct selling and multi-level marketing (MLM), also known as Network Marketing, are two business models that are often used by companies in the UK, and Worldwide, to sell products or services. Key differences Both models involve selling products directly to consumers, but there are some key...
Do I have to prepare a tax return for my side hustle?
The concept of having a business on the side alongside main employment has been around for decades. So-called side hustles have gained in popularity during the Pandemic and can range from earning a bit of extra cash to replacing the income from full-time employment over time. In an article by...
PRB: THE NETWORK MARKETING ACCOUNTANTS
PRB Accountants are a firm of Chartered Accountants based in Haywards Heath who specialise in the Network Marketing Industry.
Self-Employed Struggling with Tax Obligations
Self-employed tax obligations are the focus of a new HMRC report. Self-employed individuals, like Network Marketers, are having difficulties completing their self-assessment tax returns, according to a new report commissioned by HMRC. A lot of people have trouble with their tax reporting duties...
How do you make money in network marketing?
Despite what the media would have you believe, Network Marketing can be a genuine business opportunity. This blog explores the two revenue streams in Network Marketing, and what will ultimately make you money.
PRB are back to in-person events
Since restrictions have been lifted, the PRB Network Marketing team have been delighted to attend more in-person events with Network Marketing organisations. Chris Whitley-Jones and Cherylin Brooker recently went to an event for nutritional product company Zinzino where they got to meet...
The benefits of becoming a limited company over a sole trader
The majority of Network Marketers choose to operate as a sole trader when they first start out – and there are a couple of good reasons for this: It’s easy to get set up and registered with HMRC It gives you flexibility to utilise losses against other income We’ve previously written an overview of...
Common accountancy terms explained – Network Marketing edition
Running a Network Marketing business brings with it tax and accounting obligations. Regardless of whether you use an accountant to handle your affairs, or whether you manage them yourself, you may come across some unfamiliar terminology. Here, we explain what some of the most commonly used...
Compensation plans in Network Marketing – an overview
If you’re considering pursuing an opportunity in Network Marketing, you will sooner or later come across an organisation’s compensation plan. Compensation plans are essentially the framework according to which you’re going to get paid. As we’ve explored before in a previous blog, income for...
Is it too late to file my self-assessment tax return?
The January deadline has been and gone and if you’re one of the 2.3 million taxpayers who haven’t submitted their 2020/21 tax return as of yet – don’t panic. Extended deadline Earlier on in the year, HMRC announced that they would be waiving late filing penalties for self-assessment tax returns...
5 New Year’s Resolutions every Network Marketer should make
Do you have New Year’s Resolutions? The start of a new year is the ideal time to pause and reflect on what is and isn’t going so well for your Network Marketing business. Whether you’re new to Network Marketing or are an established distributor, it’s always worth considering what you would like to...
Making Tax Digital for Income Tax Self-Assessment – What Network Marketers Need to Know
Making Tax Digital, or MTD for short, may have fallen under the radar since the COVID pandemic hit, but the government’s drive towards digital tax records and digital returns is still pressing ahead, albeit at a slower pace than initially outlined. Here, we look at what changes are coming for the...
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