Accountants for personal trainers
The amount of money you are able to keep depends upon the tax you pay. If the tax planning is not properly done, then there’s a considerable loss in savings.Tax can be confusing,so in this article, we clear some of the frequently asked questions regarding Tax Filing for Professional Trainers.Contact us now
How do I start with Tax filing?
If you are a self-employed personal trainer then you should start by registering with HMRC. In most cases, this can be done online by visiting the Gov website. Once, you have completed the initial registration, you will receive a unique tax reference number. Please ensure to keep this number safe,since this number is important and will be needed in future for filing your Self Assessment Tax Returns.
What are the filing dates for personal trainers?
Self employed Personal Trainers are expected to pay their tax under the Self Assessment scheme which means that a Personal Tax Return has to be submitted by 31st January of every year detailing about your income tax, the trading income and Class 4 & Class 2 dues of National Insurance.You should also make a payment for the NI and tax dues. This tax return of yours submitted by 31st January will cover the previous year’s tax.
To say, for example: Your tax return which is due on 31 January 2018 will detail your trading income between the time period of 6th April 2016 till 5th April 2017.
What are the allowable expenses?
Some element of cost is involved in setting up a business, so here we will discuss whether these expenses offer any tax relief before you start investing on the equipments required for your gym space. The following expenses are typically allowed for tax relief for self-employed personal Trainers.
● Training Equipment:
Items like Skipping ropes, boxing gloves and weighing scales used for training sessions are fully allowable for tax relief. So, it is best practice to keep all the receipts of the purchase.
● Computer and Printer:
The computers and printers you use to manage your bookings or manage the social media marketing or to take printouts of the brochures or leaflets are allowable for tax relief either in full or partial amounts of the purchase.So, keep the receipts of purchase.
If you have spent some money in building a website,hosting a domain then all of these expenses come under allowable expenses.
Other allowable expenses include Phone and Internet,Branded clothing, Travel, Miles covered in car,Gym Rent,Insurance, House Rent,Bank charges and accounting.
What type of accountancy services will personal trainers need?
Our accountants will be able to help you with the following services.One or many of them apply depending upon whether you are self-employed or belong to a limited company:
● Advice on Establishments of the business structure.
● Service on startup expense checklists
● Selection of accounting software and providing appropriate training.
● Invoicing,Bookkeeping and Payroll services
● Analysis and Preparation of Financial Statements
● Strategies for Tax Planning.
Choosing an online accountant:
Hiring an accountant for personal Trainers has never been so easy.you can do this with just a click of a button. You can choose an accountant from a location different from where you are currently staying or someone who lives closeby. Once chosen, you can be in touch with GM accountants through various platforms like Phone/email/social
Choosing the right Accountants in London:
There are multiple ways in which you can do this. Either via a recommendation from a colleague or an online comparison. Make sure the accountant has one or more of the following certified qualifications like AAT, CIPFA, CIMA,ICAEW or ICAS,ACCA. If the salary for the accountant meets your limits, then you can hire the accountant.Contact us now