Accountants specialising in the fitness industry
As your accountant we understand the importance of minimising tax, providing guidance, meeting deadlines and freeing up your time to run your business. We have chosen to specialise as accountants for personal trainers and fitness instructors. This means we understand the challenges specific to your industry enabling us to offer you a bespoke service and utilise similar client experiences for your benefit.
We work with both self-employed personal trainers and fitness instructors and those who operate as a limited company.
Self-employed/sole traders
We work with you to prepare your self-employed business accounts and tax return. Through understanding your business we review and advise on ways to optimise your tax position and ensure you meet all of your filing and payment deadlines. The benefits of working with us are:
- Knowing that your return will be completed correctly
- Guidance on tax deductible expenses to optimise your tax positions
- Support all year around for business and tax queries
- Self employed help sheet to summarise the key things you need to know
Limited companies
Limited companies are required to file statutory financial statements at Companies House, as well as a corporation tax return with HMRC. We carry out this complex process for you to ensure you meet all of your obligations whilst ensuring tax efficiencies. The benefits of working with us are:
- Piece of mind that your company accounts and corporation tax return will be completed accurately
- Guidance on tax deductible expenses to optimise the company tax position
- Tax planning to ensure extraction of profit from the company is optimal for you as a business owner
- Clear timelines for submission and payment deadlines to avoid interest and penalties
- Support all year around for business and tax queries, not just at year end
- Limited company help sheet to summarise the key things you need to know
- Completion of documentation required to remain compliant with the Companies Act
- Completion of bookkeeping and quarterly VAT returns to free up your time
- Monthly and annual payroll submissions to HMRC
Emily, being a personal trainer herself understands the challenge of balancing multiple client needs, locations, payment methods and advances in the industry. This gives us insight into how your business operates and areas where we as your accountants can add value.
What expenses can I claim as a personal trainer or fitness instructor?
- Rent costs for studio or use of gym to train clients
- Training equipment e.g. tapes and bandages, exercise balls and mats, exercise bands, massage balls, boxing gloves, skipping rope, stopwatches, massage oil, hot and cold packs, supports and braces, gloves, hand sanitiser, paper towels and disinfectant
- Travel costs if not to your permanent place of work
- Training costs to enhance your existing offering
- Advertising and Marketing costs
- Subscriptions such as Zoom and Calendar booking systems
- Legal and financial costs e.g. accountants and public liability insurance
- Website costs
- Printing costs
- Postage and packaging costs
How else we can support your personal training business?
- Pricing strategy - understanding your cost base to make sure you are charging the right amount - e.g. looking at rent costs/location/how much time client takes up
- Budgeting for your tax bill - guidance on how much money to save to pay your tax bill at the end of the year
- Genuine interest and passion for your business
- Help improve your business strategy by understanding the barriers to growing a personal training business
Xero cloud based accounting
Xero is leading cloud accounting software. As Xero partners we are able to offer client discounts, software training and advice on apps for personal trainers. These apps integrate with Xero e.g. Paypal, Hubdoc and MindBody.
The Collective
The Collective is a community of creative and wellness professionals who share resources, generate ideas and collaborate. Members of the collective include; carefully selected specialist partners, our clients and guest experts. As facilitators of the collective we use clients challenges, specialist partner knowledge and expert experience to generate content for our members.
Our key accounting services for personal trainers and fitness instructors
Bookkeeping
Keeping on top of your business records can be time consuming and confusing. The Orenda Collective can maintain accurate and timely financial data for you that you will have access to all year round.
Payroll
Payroll is not straightforward and requires information to be submitted to HMRC on a monthly basis. Let us take care of this for you to ensure you meet submission deadlines and avoid penalties.
VAT
Businesses with sales exceeding £85,000 in a 12 month rolling period must charge Value Added Tax (VAT) and complete quarterly VAT returns. We can advise on VAT issues as well as taking on the whole process for you.
Company Secretarial
When running a company you must keep up to date with legislation that may affect your business or its directors. We are here to provide our clients with up-to-date support and guidance.
