If you’re a personal trainer working as a Sole Trader in the UK, it can be a little confusing when it comes to your Self Assessment with the HMRC and knowing exactly what you can and can’t claim back as expenses. Here are top 4 tax tips to help you with exactly that.
1. Equipment and gear
There is no need for all those dumbbells, kettlebells, and other equipment to weigh down your budget. Let the tax savings do the heavy lifting. For every £350 you spend on equipment and gear, you could save £70 in tax.
2. Development training
Keeping up to date with all new fitness trends and techniques is crucial for being competitive as a personal trainer. Investing £200 in your personal development will not only make you a better trainer, but also save you £40 in tax.
3. Insurance
It’s always important to stay safe and avoid injuries, but sometimes they are just unavoidable, either for you or your client. That’s why you have insurance. In addition to helping you financially when an accident occurs for only £90, it also cuts your yearly expenses by £18 in tax.
4. Music CDs/ Downloads
Music can be a great motivator, but sometimes it can be expensive to get that latest hit song which gets the body moving. No need to settle for old played out songs anymore! By buying £70 worth of the best workout songs, you not only motivate your client, but also save £14 in tax.
So, there you have it. 4 ways to save money every year on your taxes if you’re a UK Sole Trader. And to make keeping track of all your expenses even easier, 1Tap Receipts exports all of the key data from a simple photo of your receipt meaning you’ll never have to type out another receipt again when claiming back expenses.
