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Are you a gym owner or a personal trainer? We have a thriving fitness and wellbeing industry in the UK, with many thousands of gyms and fitness instructors helping more than ten million members gain a healthier lifestyle.
If you're part of the fitness industry, you want to focus on aspects such as your clients, schedules, fitness programs, methods and techniques. Like most people, you don't want to waste time dealing with taxes and accounts!
Auditox Accountancy will take these tasks off your hands for a small monthly fee, leaving you to channel your energy into what you love doing best.
In fact, you could ask: why do I need an accountant at all?
The answer to both of these questions is simple...
Your first priority is to run your business efficiently and professionally, keeping the paying customers happy and the money coming in. An accountant will handle the financial management side of your business, so you can be sure that everything is in order.
And with Auditox accountants for gyms and fitness instructors, you get someone who knows your chosen industry inside and out. Why does this matter? Well, having inside knowledge of everything related to the fitness industry gives them an advantage - they understand the specific challenges that personal trainers and gym owners face and will offer excellent advice that other accountants wouldn't be able to provide.
So, what can you expect from your dedicated Auditox Accountants for gyms?
Here's a rundown of some of the services we offer.
Self-employed personal trainers and fitness professionals currently have to complete a self-assessment tax return each financial year to allow HMRC to calculate their tax bill.
This is rarely a straightforward job, causing stress for millions of self-employed people across the UK.
A dedicated accountant from Auditox will complete and submit your self-assessment return for you within the given deadlines, immediately removing the burden and freeing up more of your valuable time.
Auditox Accountancy is proud of its record in providing guidance on all aspects of tax, and this lies at the heart of our flexible accountancy services.
You can rely on us for the following:
Limited companies must submit a tax return each year (year end accounts), and thousands of them manage to do this themselves adequately.
However, it's always advisable to get a professional to do this, as it has to be prepared accurately and submitted on time.
They also need to submit financial statements to Companies House, and these have to be accurate and on time.
Few fitness professionals enjoy any of these tasks - and why would they? They're trying to run a gym or fitness business! Not many of them relish the thought of handling financial records and accounting.
Auditox will make all of these problems disappear by taking them on for you.
Corporation tax is levied on profits and gains from assets like land, shares, sale of property, etc., if your company is based in the UK, but includes any income from overseas. This can be a headache to figure out, often leading to confusion,
Our comprehensive accounting services include dealing with all of these aspects, so you don't have to!
It's essential to adhere to all tax regulations, or you could face penalties and fines. While you might not be aware of all the rules, this isn't a valid reason, according to HMRC. Meeting deadlines is also important! Submitting a return even one day late will result in a fine.
We will ensure that you remain compliant in all matters relating to tax and will liaise with HMRC on your behalf, dealing with all phone calls and correspondence.
Please note - HMRC can investigate any taxpayer at any time, even if they are fully compliant. This can be a stressful and trying experience, and we will be by your side should this happen to you or your business. Past experience has shown that these investigations are concluded rapidly when a professional accounting company like Auditox is involved.
The government announced an initiative called Making Tax Digital a while ago, in an effort to make the system more efficient. This means that all tax returns and financial records, reports and statements will have to be submitted online, using compatible software in the very near future (some industry sectors are already doing this).
Although some deadlines were extended due to the situation caused by the COVID-19 pandemic, all businesses (including sole traders) will be expected to migrate onto this system.
Many thousands of people are still unaware of this or haven't taken any steps towards planning for the transition. Sadly, this will inevitably result in financial penalties for many of them if they are not prepared for the change.
We will ensure that you have compatible software ready for MTD when it happens and that all your financial information or tax returns are processed and submitted on time via this method.
We offer sound advice on minimising tax for all of our clients in the leisure sector by analysing their financial position and implementing a few careful changes. We ensure that you meet your taxation obligations, but your tax bill will be reduced to as low a figure as possible. This is known as tax efficiency, and our highly-trained accountants for gyms are experts in this field.
This is always a tricky area, and it's important to get it right. Do you know if you can claim training equipment, like skipping ropes and boxing gloves? What about things like travel to and from the gym or client's homes? Then there are your overheads to think about, like heating, lighting, water, maintenance, repairs, etc.
Your Auditox accountant knows exactly what you can list as allowable expenses and what's not included. Once again, you don't have to worry about it!
When you're running a fitness business, you often rely on subscriptions from clients to pay your wages. Whether it's a limited company or you're a sole trader, this income isn't always easy to keep track of, as it can fluctuate over time.
It's too easy to slip into negative cash flow by allowing expenditure to exceed your income, and this is sometimes due to the timing of transactions.
We will help you manage cash flow and keep it under control, maintaining a positive position at all times.
Our bookkeeping services are designed with gym owners and personal trainers in mind. We understand the nuances of therapy-related income and expenses, ensuring accurate and organised records from a self-assessment tax return to intricate taxation aspects.
Utilising the latest accounting software, gym owners and personal trainers can easily upload receipts, track expenses, and view financial summaries at their convenience.
Our team ensures that all transactions are reconciled monthly, providing gym owners and personal trainers with up-to-date insights and peace of mind.
If you employ a small number of staff, you may be able to handle your payroll manually, although it is much easier to have an automated system.
Auditox offers a payroll bureau service that does the job seamlessly for you - yet again, you don't have the hassle of dealing with this!
What plans do you have for growing your client base or planning for potential expansion? It's fine if you like things the way they are, but you need a strategy for the future, or you risk stagnation.
And you can bet that your competitors aren't sitting back and relaxing!
Our expert accountants for gyms and fitness businesses will investigate your yearly assets and help you plan for the future. They will identify costs and propose tailored solutions for any challenges you encounter along the way. They'll also offer advice on mergers and acquisitions, relocating to better premises, advertising opportunities, investments, etc.
You might prefer to remain as a sole trader if you are a fitness instructor or gym owner, but in some cases, there are advantages to registering as a limited company or becoming a partnership.
Much depends on your financial capability and the size of your business, so you're experienced accountant from Auditox will advise you on the best business structure to suit your needs, both for now and in the future.
We are here for personal trainers, fitness instructors, gym owners, yoga instructors - you name it, if you're in the fitness industry, we can help you!
You've seen some of the ways in which we can help, but why not give us a call to see what other services we can offer? Our team is standing by to give you all the information you need.
We'll have a friendly chat about your accounting needs and propose solutions based on your specific circumstances.
We pride ourselves on providing affordable accounting services for sole traders and businesses of all sizes. Also, we understand the complex needs of personal trainers and fitness instructors, so you can be sure that we'll apply our expertise to offer the very best advice and support.
Call Auditox today - we'll leave you to focus on getting your clients fit and healthy, while we get your accounts in excellent shape.
In the UK, an accountant can help gyms improve profitability by ensuring they take advantage of all available tax reliefs and deductions, such as capital allowances on gym equipment. They can also provide insights into financial performance, identifying areas for cost savings, and offering strategic advice on pricing and membership structures.
Many UK-based accountancy firms offer bookkeeping services tailored to the specific needs of gyms. This includes tracking daily transactions, managing membership fees, and ensuring accurate financial records, which are crucial for VAT returns and other tax obligations.
In the UK, inventory accounting for gym merchandise can be managed using the First In, First Out (FIFO) or Last In, First Out (LIFO) methods. An accountant can help gyms choose the most appropriate method, ensuring accurate valuation of inventory and compliance with UK accounting standards.
In the UK, gym equipment is considered a fixed asset and is subject to depreciation. Accountants typically use the reducing balance method for gym equipment, given its nature of losing value more rapidly in the initial years. It's essential to accurately calculate depreciation to claim capital allowances and reduce taxable profits.
In the UK, an accountant can help gyms improve profitability by ensuring they take advantage of all available tax reliefs and deductions, such as capital allowances on gym equipment. They can also provide insights into financial performance, identifying areas for cost savings, and offering strategic advice on pricing and membership structures.
Many UK-based accountancy firms offer bookkeeping services tailored to the specific needs of gyms. This includes tracking daily transactions, managing membership fees, and ensuring accurate financial records, which are crucial for VAT returns and other tax obligations.
In the UK, inventory accounting for gym merchandise can be managed using the First In, First Out (FIFO) or Last In, First Out (LIFO) methods. An accountant can help gyms choose the most appropriate method, ensuring accurate valuation of inventory and compliance with UK accounting standards.
In the UK, gym equipment is considered a fixed asset and is subject to depreciation. Accountants typically use the reducing balance method for gym equipment, given its nature of losing value more rapidly in the initial years. It's essential to accurately calculate depreciation to claim capital allowances and reduce taxable profits.