This article was updated on January 10th, 2018
This page provides information on which information to enter into the MalgraBooks Consultant Business Accounts template for completing your Tax Return.
This guidance requires the below items:
- MalgraBooks Consultant Business Accounts Book or the Consultant Accounts Print-At-Home Template Booklet
- Monthly Plan For Success page (Group Attendance)
(Currently found in ‘Planning for Success > Personal Plan for Success > Group attendance’ in OurWorld.
Completing the Monthly Overview
At the back of your Consultant Business Accounts guide, you will find a number of tables to log your business income and expenditure – with an overall table at the end to prepare your final Self Employed Tax Return.
The expenses sheet is split into several categories, and from your PFS Monthly summary, you can complete a number of these easily, using the overall totals at the end of the month. An example is shown below for a 5-week ‘Slimming World Month’.
From the example above, this shows the financial record of the group. From here, you can easily obtain the following numbers using the total column at the end:
- Rent: £250
- Slimming World Fees (Nett Fees ‘A’): £633.60
- Slimming World XPW Insurance: £5*
* Important Note – If you have SWOR (Slimming World On Referral) or Gift Vouchers during the month, you cannot use the figure provided in the total sundries box as it may correct out the XPW Insurance Fee with the amount you receive in credit for SWOR or Gift Vouchers. If so, you will need to check your manual weekly group summary to work this figure out.
When added to your Consultant Financial Accounts guide sheet under expenses, it would look like the below example:
Under ‘Stock costs (Books)’, this is where you would list the amount you have spent purchasing Recipe Books and Merchandise from the Slimming World eShop. For example, if you have purchased a copy of the Fakeaways book for £4.65, you would add this amount here.
The remaining sections can be completed from your receipts for other items.
Your Consultant Business Accounts guide has a separate table for Income, which is shown below. This table can be partly completed from the information you’ve found on your PFS Monthly summary.
Your overall business income for the month (sometimes called ‘Turnover’) is the total amount which you can calculate at the bottom of this table.
From the PFS document example listed at the top of this guide, we do not have the ‘Fees taken’ automatically calculated for you, but it can be done by using the below addition, with figures from the ‘Total’ column on your PFS Monthly summary.
Nett Fees A + Retained Earnings + Rent Paid = Total Fees Taken
So from our example, this would be:
633.60 (Nett Fees A) + £518.40 (Retained Earnings) + £250 Rent = £1,402.00
This simple calculation will work out the amount of Fees taken in your group during this calendar month. This number can then be added to the ‘Fees Taken’ section of the Income table.
For your Slimming World Commission (Food/Magazines), you should use the overall Stock Commission figure. From our example PFS document above, this was £50.20. You don’t need to calculate the cost of the product and the income on things such as magazines or HiFi bars as Slimming World classifies you as ‘An Agent’ for these products.
For the Book/Shop sales, this is for the amount you have received for the sale of Recipe Books and Slimming World merchandise (e.g. Tote bags, Umbrella, Magnets, etc). This would be the total amount you received for selling these products, which would usually be the full selling price.
You can then add these figures to the table, our example below has been completed with the figures mentioned in this section.
The other sections are available for you to complete from other sources. The Book/Shop sales may come from your shop records, for example. Under ‘Income from other business activity’, you can use this to include any SWOR or Gift Voucher commission which you may receive.
There may be other times when you receive income. If you arrange a team advertisement for example, purchase stationery for the team, or maybe even sell products to other colleagues (e.g. Group Boards sold to a colleague when leaving).
The total income figure is then the Turnover for the month. You can then transpose this figure to the Annual Summary on pages 50/51 in the back of the guide.