Forever Living !! Want to know how to register and file tax

[gg1234]

Hi

Has anyone done forever living here .I am confused about the registration process .You register as sole traderor company Ltd and if yes do you have to register your company too under any Act.How does it works let me know

Thanks

But Lazy, the woman selling it in my local hospital is busy telling the relatives of patients (and presumably some patients themselves) how 'amazing' Aloe Vera is and how it's going to really help them with their medical ailments. It makes me absolutely mad to see it. That's why I challenged her.

She did eventually take down her home made posters complete with medical diagrams demonstrating how much FL products could help with pregnancy and rheumatism, but the point remains that she is not targeting friends and family. She's targeting people in a hospital. And as far as I can see, a hospital is one of the places on our society where you will find people who are a) vulnerable b) often desperate to be sold some hope.

I wouldn't worry, you're not going to make any money anyway

Some people spend thousands starting their own business or buying a franchise £200 is nothing and if it doenst work they will buy all your products back .... What have you go to loose!?

Pyramid schemes are illegal. A company that has been around for more than three decades doesn't need to trick people in to joining. If it was a pyramid scheme it would have been shut down by now. You can make a lot of money in the business, you can make nothing - it depends on how much work you put in

Forever living is a pyramid scheme in all but name. Read all the threads about it in money section on here and check out the excellent parody page "timeless vie" on Facebook. Brilliant stuff.

Don't waste your money on this company.

foreverliving did you mean to cut and paste crofty or is that standard wording you guys are given to spam message boards with?

I've been in the business only a few months & I've just halved my working week from 60 hours to 30 I'm building an amazing business :)

I dont understand why you have to set up as a LTD company in order to sell that stuff?! With the amount you're likely making, is it really worth the time/hassle/cost of running a LTD?!

My standard question to all FL sellers ....

What proportion of your income comes from sales of products to end users?

If its less than 70% your business model does not stack up

I'm not very good at understanding company accounts but if you check out the company

companycheck.co.uk/search?term=forever+living

Brings up a lot of small forever living limited companies with some very red figures!

Reported

As PP have said - a limited company comes with costs.
I run two myself. The only statutory costs are £13 per year for a return to Companies House.
I also have software to prepare the accounts on - but then, I am an accountant.

If you are not, you are likely to need one to do this for you. Accountants, even small ones, are not charities. So, all things being equal, they would tend to charge around £1000 to do all the work required for a limited company.

This is why, generally, limited companies are not recommended until annual profits are over £20k.

Given that MLM schemes generally struggle to break even for the majority of cases, there really is no point adding to the complexity by trying to run it through a company in my view.

So, I would suggest you start out as a sole trader. This requires registration with HMRC which you can do from their website. The only requirement is that you file accounts each year by 31st January following the previous April.

You do not need a business bank account - but most accountants would advise one in order to keep your business and 'home' life separate.

ZOMBIE THREAD argh