Fitness & Wellbeing Industry

If your career sees you keeping people fighting fit, the chances are the thought of filing your taxes is at the very bottom of your highly active daily schedule – that’s if it’s on there at all!

However, failing to accurately file your business paperwork can slam the brakes on your business. Whether you’re a self-employed personal trainer or yoga instructor, you must let the HMRC know by registering with them and filing a self-assessment each year.

Why Use Dead Simple Accounting?

We’re experts when it comes to accountancy services for the fitness and wellbeing industry. Whether you’re looking to setup as a personal trainer or Zumba instructor, we can get you up and running in no time, so you can focus on keeping your clients fit and healthy. We can also take the stress out of your self-assessment, helping to maximise your profits and reduce the amount of tax you need to pay.

But don’t just take our word for it, there’s a reason why we’re rated 5 stars across Google and Facebook.

What Expenses Can the Fitness & Wellbeing Industry Claim?

Claiming expenses is one of the most important aspects of accounting for fitness and wellbeing experts, as it allows you to recoup some of the money that you’ve invested into your business. Most importantly, you have to be able to prove that anything you claim for is ‘wholly and exclusively’ for the purpose of your business, otherwise your claim may not go through.

There are a number of allowable expenses for personal trainers and fitness instructors, that may give you an idea of what claims you can put through:

  • Training Equipment
    • Essential items such as skipping ropes, stop watches, boxing gloves and balls are all allowable expenses if you’re using them for your business.
  • Training/Educational Materials
    • Both materials used for your clients AND yourself can be classes as an expense. For example if you provide a training course for a client, or if you enlist in a training course for yourself as a personal trainer.
  • Automotive/Travel
    • If you have to travel to meet clients, you can claim back on mileage. Keeping an accurate record of your travel can allow you to claim up to 45p per mile
  • Computer/Printer
    • It’s likely you’re using a computer or laptop extensively, to allow you to keep on top of your bookings and client communications. If so, you can offset the cost of this against your income if you can prove it’s wholly and exclusively for your business. Likewise, if you’re printing anything such as invoices or marketing materials, you can also claim costs for these back.
  • Supplements/Protein Shakes
    • If you provide these items to your clientele you can deduct the costs of everything you buy.
  • Clothing/Uniform
    • Exercise clothing or uniforms for the purpose of your business are all claimable expenses.

In order to claim for these, it’s vital that you keep on top of your paperwork, keeping hold of receipts, contracts and invoices. We appreciate it may be tricky to keep hold of receipts, especially after a sweaty PT session, so consider making digital copies with your phone to help keep everything in order.

Need Some Further Help?

If you have any further questions or would us to help with your tax needs, get in touch with us today.

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