Are you one of the 1000s of coaches missing out on 1000’s of pounds due to not claiming or processing your business expenses each year?
There is no doubt that to bag a bunch of clients and start growing a coaching business you will have had to invest upfront? Kit, Flyers, Logo design, website etc, etc. Well the good news is that the tax man understands that some expenditure is in the interest of your business and selected expenses can therefore be classed as an “Allowable Expense” and be offset against your income pre-tax.
Below is a list of typical allowable expenses relevant to today’s personal trainer – the very least you should be claiming if you are legible.
- Equipment
- Technology products
- Website costs
- Work Clothing
- Phone and Internet
- Mileage
Equipment
Items such as Weights, Ropes, Bands, any kit basically that you buy that is used for or within your business. To claim this expense you need to keep the receipt and ideally have some form of bookkeeping record in place too.
Hapori Coach is ideal for keeping track of how much you’ve spent on your business as well as tracking your income too.
Technology products
So you have the equipment need and you are wanting to build a business, you’ll likely need technology (Laptop, PC, Tablet,) to keep track of PARQs, Disclaimers, bookings, workout plans, invoices etc. As you’ll probably be using the computer for personal use too, only a proportion of the cost can be offset against your income but again you’ll need to keep hold of the receipt to do this – log it and track it.
As a self-employed individual you also need to issue invoices, thus a proportion of the cost of the printer can be classed as an allowance expense. However, that’s the stone age – don’t get a printer, just get an app that invoices for you and collects payment at the same time (Hapori Coach does this automatically when assigning a programme to a client – we’ve integrated strip for ease too).
Website costs
You may want/need a website to be found online. Having a domain of your own that details your availability, fees and services can not only help secure leads but you can also share customer success stories to impress prospects and draw them into your sales process. The cost of the domain and any fees you incur from build your website can be claimed as an allowance expense, as long as you keep the receipt and log it.
With Hapori Coach you can scratch this off your list. One of the great features of Hapori is being able to brand the app itself – from interface, emails, invoices, reminders, messaging, and to top it all of you also get a library of branded eBooks that you can send to clients and use as lead magnets too.
Work Clothing
This is a grey area which HMRC look into and often demand self-employed professionals to pay the tax back. HMRC often accept branded clothing as an allowable expense. The argument is that if you buy suitable trainers and clothes and they are unbranded, they can be used outside of the business and thus are not an allowance expense.
Phone and Internet
Everyone has a personal mobile phone these days along with broadband access at home, you will however be able to claim a small proportion of these household expenses as you will be using your mobile to secure clients and make bookings and your internet to manage your web traffic and email campaigns. Again, make sure you keep a record of the invoice from your supplier so you are able to collect this allowable expense.
Mileage
As a Personal Trainer you may well be travelling to various locations to meet your clients and deliver your sessions. If you keep a record of the number of miles travelled, you can claim up to 45p per mile travelled.
You will need to record the start and end miles from all relevant journeys. At the year-end your accountant will ask for the mileage and then calculate and include the total expense in your self-assessment return.
By using Hapori Coach you can make your end of year tax return as easy as possible. Just record your expenses in Hapori Coach and make all your sales from the system and bingo at year end press the extract button and send it to your accountant to adjust, as necessary.
As a personal trainer we understand the importance of keeping track and staying organized especially with your finances – with Hapori Coach you are guaranteed this and more! By using Hapori be able to do everything you need in one place – from keeping track of your records, having an online hub, ready made professional contents, we have it all.
Join us today and get a 30-day FREE trial now. What are you waiting for start exploring!
hapori.com
