Accountants for Personal Trainers & Fitness Instructors.
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 round 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:
- Peace 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
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
Everything we do is for the benefit of our amazing clients…
I have been really pleased with The Orenda Collective’s help with my tax return, they were very available for all my questions and explained all I needed to know clearly. They are a very personable very professional team, always ready to help. I would highly recommend them (and have done!). Thank you Abbie and team x
Katie Tucker
We are a tech-orientated accounting firm that operates virtually for your convenience and efficiency.
We utilise Zoom for our meetings to provide convenience, flexibility, and efficiency to our clients. By leveraging Zoom, we offer the convenience of joining meetings from anywhere with an internet connection. This flexibility saves time and eliminates the need for travel, allowing for more frequent and productive discussions.
Xero is a leading cloud accounting software and excellent financial management tool; you will have access to real time financial data and performance insights right from your pocket. As Xero partners and certified advisors, we are able to offer expert software training, troubleshooting and advice on software’s that integrate to Xero make your processes automated and efficient.
Dext is the modern, AI focused and simple way to bring all your paperwork together in a standardised, digital format. Whether it’s a receipt, invoice, or a bank statement, upload it conveniently to Dext and avoid manual data entry, piles of paperwork and the dread of locating information for HMRC. Dext also integrates seamlessly with Xero for an integrated cohesive financial process.
We recognise that its often difficult to remember everything, especially in complex areas, and that scrolling through endless emails to find an explanation can be frustrating. That’s why we utilise loom to record on screen videos to talk you through questions, provide guidance and create a library of videos to support you as your business grows.
Our client portal offers secure access to all your financial data, including accounts and tax returns, from anywhere. It’s a convenient hub for sharing information, ensuring transparency and accessibility. With real-time updates and robust security measures, you can collaborate seamlessly with our team, knowing your data is protected.
Our key accounting services for personal trainers and fitness instructors.
Self-employed Accounts & Tax.
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.
Ltd Company Accounts & Tax.
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.
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.
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.
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.
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.
