Top 5 Tax Tips For Network Marketers – Tutorial



Top 5 Tax Tips For Network Marketers – Tutorial
http://www.network-marketing.uk.com/
How To Run Your Network Marketing Business In The Most Tax Efficient Way

Registering your network marketing business with HMRC sounds more complicated than it is. It’s an easy process.

To find out more, watch this video which shows top 5 tax tips to help you run your UK network marketing business in the most tax efficient way.

Hi, I’m Chris Whitley-Jones and I’m the managing partner at PRB Accountants in Haywards Heath, Sussex.

Here are my top 5 tax tips to help you run your Network Marketing business in the most tax efficient way.

1. Register your business with HMRC as soon as you start to trade.

Registering your business sounds more complicated than it is – these days, it is an easy process and can be done online via the HMRC website.

If you don’t register for self-assessment, HM Revenue & Customs can levy very heavy fines so it’s important to do this.

Anyone who says to you “don’t bother to register until you are making a profit” doesn’t know what they are talking about.

You need to register as soon as you start to trade.

2. Claim all expenses to which you are entitled.

As someone running their own business, you are entitled to claim for a wide range of business expenses.

Businesses pay tax on their profits, and being able to claim for certain business-related expenses like petrol and office equipment will save you considerable amounts of money.

You may even be able to claim for a proportion of rent or mortgage interest and some of your household bills if you work from home.

We can advise on the sort of expenses that you can claim for.

3. Keep a business mileage log.

If you use your own car for business purposes, the business mileage deduction is a great way to save money.

If they enquire, HMRC will want to see proof of your mileage claims, in a consistent and easily presented way.

A simple Excel spreadsheet will suffice or the use of our PRBookkeeping software will enable you to keep the records that you require.

4. Get your tax return done as early as possible.

Every year, the deadline for filing your tax return is 31st January, don’t leave it until the last minute!

Set yourselves reminders around November/December time to ensure you leave enough time.

If your tax return is not received by 31st January, HMRC will apply penalties.

If you are not sure what a tax return involves give us a call and we can talk you through it.

5. If you are making profits, set aside money to pay tax on a regular basis.

Congratulations if you are running a profitable business – but before you spend it all, err on the side of caution and set some money aside on a regular basis.

That way, you can slowly build up your tax funds and not be left to panic.

If you need advice on how much to set aside, give us a call to discuss.

If we can assist your Network Marketing business with accounting and tax advice, please call us on 01444 458252 or email network-marketing@prbmp.com.

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Top 5 Tax Tips For Network Marketers – Tutorial

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