Here at The Showbiz Accountant we work with many sports professionals and understand your income streams and allowable expenses. You may not be aware that as a professional sports player you can claim a ‘sports player tax refund’ on your expenses. This can bring complexities so why not let us take away any tax burden, see our Q & A below for more information on how we can help you.
There are a range of expenses that you can claim. For instance, if you drive your own vehicle for training and competing then it’s likely that you’re due a tax refund. The following list shows what you can get professional sports tax relief on:
Wherever you are based or competing, we can look after all aspects of your financial affairs with offices both sides of the Atlantic. We will cover everything including general business advice and tax compliance right through to tax advice and wealth protection.
There could be an exception to this if your club has paid mileage but, essentially yes, you can still claim. Rather than spending valuable time worrying about what you can or can’t claim, we’ll help you to take account of all expenses that can be claimed, from membership and subscription fees through to mileage costs when using your own vehicle.
This will be dependent on a number of factors such as mileage from your home ground or whether you use public transport, it could also include the time spent at training. We can help by allocating your own dedicated accountant who will work tirelessly, using expertise to guide you through any complexities that may arise.
We understand that you may have a range of income streams from full or part-time work, coaching others, or through sponsorship and advertising. We’ll ensure that you only pay the tax you owe, regardless of where you’re competing or how often. We can also minimise the tax you pay even though the UK has a Double Taxation Agreement with many countries.
Self-Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Our experts will determine the correct tax to be deducted at source to maximise your earnings, whether you’re employed or self-employed. Ensuring that you pay any tax twice yearly via self-assessment we will always advise you of all tax-deductible expenses.
Don’t worry, if you are owed any money from the taxman, we’ll ensure you get it back! We’ll help you keep as much money as possible from all your hard work.
There are some things to be mindful of such as opting for ‘simplified expenses’. Under the new cash basis, this means you won’t be able to set off any losses against other income. However, we can ensure this doesn’t limit your expense claims and even if you don’t think you have any ‘fixed assets’ we’ll ensure that any deductions from your taxable income will be made.
We can help you make a claim using information about your income and expenses. Details of any benefits such as health insurance will also be needed to enable us to take into account all allowable expenses.
At present, claims can only go back 4 years so don’t waste any more time in finding out what you could be owed. We are incredibly flexible and can quickly get your tax requirements underway. Let us help you to keep the maximum amount possible from your earnings.
HMRC aim to process refunds within 12 weeks, we will monitor this for you and liaise with HMRC on your behalf leaving you valuable time to do what you do best – WIN!
To find out more about how The Showbiz Accountant could help your business, call Keith Rennie (Managing Partner) in the UK on: 0203 384 2224. Feel free to schedule a call or email a question.
Managing Director
We are expert accountants specialising in entertainment finance, ensuring creatives stay focused on their craft while we manage their taxes and financial needs.
