Are you the individual who spends most of the day routine wearing those Wimbledon whites, hit graceful shots, and aims to pass and inculcate tennis skills to the new generation and adults? This explains you have chosen your career as a self-employed tennis coach which is more like strategy, analysis, and pattern to pass your fine skills among the people of the next generation. When you are working and offering your services as a freelancer usually comes with a lot of responsibilities and tax for a tennis coach is one prominent responsibility.
You might not like it but you will have to dig in some win-win moves that can further help you to be compliant and tax efficient towards the journey of success. It does not matter whether you are associated with self-employment or working as a limited company, you will have to focus on the tax responsibilities yourself. It is to ensure the self-employed tennis coaches that the income stream is declared to HMRC through the self-assessment tax returns so that accurate tax bills are sent to them. Further, we will delve into the points of discussion involving the tax implications for a tennis coach and the allowable expenses.
What are the Implications of Tax for a Tennis Coach?
As a self-employed tennis coach, you must have an idea of how serious it is to deal with the tax liabilities that come with your role. The first and prior need is to declare your income to HMRC prior to receiving the accurate taxed amount in your tax bills. This action must be completed before the deadline ideally. 31st of January is considered to be the deadline for doing the tax returns. The amount of tax that you owe to HMRC must be paid by this date.
What are the Allowable Common Business Expenses of a Tennis Coach?
Some of the common business expenses of a tennis coach are listed and explained below.
1- Types of Equipment and Workwear
When the equipment and the workwear are purely used for the purpose of business, the rackets and the tennis shoes can come under the business expenses. It is a common thing among tennis coaches that they work for multiple clubs. Many of them offer their services in private houses and for this, they will have to visit multiple locations as well. The mileage covered can be a part of the business expenses as well.
2- Training and Courses
CPD training and other relevant courses for freshers are also a part of the business expenses that can be deducted from the income so that the tax is implicated in the profit amount only.
Equipment insurance and personal liability insurance are also considered ok generally in this regard.
4- Travel and Mileage
People often find it confusing to be calculative about mileage and travel expenses. The most claimable form in this scenario is business travel. However, according to the uniqueness of your case, your tax advisor can guide you better on whether you can claim the travel expenses for a particular travel case or not. You need to keep a track of the relevant shreds of evidence so that you can provide them when required by HMRC. Also, maintain the details of the player that was taking your services of coaching.
5- Marketing Material
Anything that comes under the category of marketing material just like the case marketing material leaflets, business cards, and tennis gear is considered ok to be part of the business expenses.
6- Court Fees
There is no doubt that court practice time is always charged. The time you spent there for coaching is also paid. There might be a difference in the payment pattern. You might be paying on a weekly, monthly, and yearly basis. You are required to maintain a record of these details because this can be a deductible business expense. This will further help to make a living.
The Bottom Line
Now that we have gathered a fair amount of information about the implications of tax for a tennis coach, we can bring the discussion towards wrapping up. The tax for the tennis coach is dealt with by HMRC in a similar way as it is for other self-employed individuals, however, the tennis coach will have to be considered the business expenses as well. We hope these few minutes of reading will help you to develop a better understanding.
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Disclaimer: All the information provided in this article on the implications of tax for a tennis coach, including all the texts and graphics, is general in nature. It does not intend to disregard any of the professional advice.