The rise in the fitness industry has paved the way for those seeking a career in the health world. A popular way, with relatively low start-up costs, is to become a self-employed personal trainer. The first thing you’ll need to do to become a self-employed personal trainer is to register for self-assessment. This is a yearly tax declaration to HMRC to show how much money you have made.
Most self-employed personal trainers work on a cash basis of accounting. This means their income minus outgoings during the tax year become taxable profit. The focus here are the ‘outgoings’. What are they? And can personal trainers get these expensed?
EXPENSES PERSONAL TRAINERS CAN CLAIM
The same business rules, such as claiming expenses, apply to self-employed people as companies. The idea is that any expense used exclusively for the purpose of your trade can be deducted. For self-employed personal trainers this can include (but not limited to):
- Training equipment such as weights, yoga mats, boxing gloves, skipping ropes and stopwatches.
- Any company branded custom made clothing.
- Training courses and subscriptions which improve your skills.
- Some personal trainers use their home as a place to meet clients. We would recommend using HMRC’s simplified expenses. For example, if you work from home 25-50 hours per month, you can claim a flat £10 per month as an allowable expense.
EXPENSES PERSONAL TRAINERS CANNOT CLAIM
- You can’t claim for travel to and from your usual place of work. However, if you move between two locations – like the gym to a client’s home during the day – you can claim.
- A grey area is your gym membership. If you use the same gym to train yourself you need to make a note of the amount of time spent using the gym for work and using the gym personally.
If you’re just starting out on your journey as a personal trainer, get in touch today for help registering and filing your tax return and sorting through your expenses.
However, if you have been working as a personal trainer for some time and would like a competitive quote, please let us know!