Accountants for the Health & Fitness industry
Helping you to keep your business fit
At CRM, one of our specialisms is working with clients within the health and fitness sector. Looking at ways to make the numbers work and to allow our clients to keep more of what they earn.
Have you considered the following?
Common business deductions for client in the health and fitness section:
- Continuing professional development
- Professional memberships
- Use of home if maintain records there
- Promotional expenses
- Liability insurance
- Exercise equipment
- Car/fuel costs
- Mobile phone costs
- Clothing (NB this must be branded with the business’ logo to be deductible)
- Accountancy fees
Some of our key tips:
- Keep a clear and tidy diary – This will help to ensure that you only account for income for sessions actually completed.
- Keep a box of business receipts – This may seem obvious but it will help to ensure that you account for all expenses incurred, including the little ones that may otherwise be forgotten.
- Prepare books on a monthly basis – Links to the point above in that it should help to ensure that the little expenses are included. All these little items can significantly add up and help to reduce your tax bill.
- Keep a mileage log – This will help to ensure that the maximum deduction is made in relation to travelling between clients.
So, why use CRM?
- We understand your sector.
- Trained to handle financial aspects of business.
- Keeps up to date with the tax laws.
- Typically, people who use accountants claim more deductions when using an accountants.
If you would like to discuss any of the above in more detail then please do not hesitate to contact us on 01865 379272