Meet the team - Adam Corless
I’m Adam from CRM. I joined CRM back in July 2012 and have since gained my ACCA qualification.
Within CRM I am involved in providing a number of different services to our clients, such as, accounts preparation, management accounts preparation, preparation of tax returns and payroll.
I am also a specialist within the health and fitness industry. This stems from my keen passion for keeping fit. I regularly attend the gym and am often seen out running. I have competed in a number of duathlons and many races, ranging from 5k up to half marathon distance.
Within the health and fitness industry there are a number of areas which should be considered to ensure that you are minimising your tax liabilities and keeping more of what you earn.
Some common business deductions for clients in the health and fitness sector are as follows:
- Continuing professional development
- Professional memberships
- Use of home (if records are maintained there)
- Liability insurance
- Travel, i.e. mileage and running costs for any vehicles used for business
These are just a few examples of expenses that you may be able to offset against any income you have received, therefore reducing your taxable profits.
So, what are a couple of our key tips?
- Keep a record of all business receipts – This may seem obvious but it will help ensure that you account for all the expenses you have incurred, including those little ones that may otherwise be forgotten.
- Keep a mileage log – This will help ensure that the maximum deduction is made in relation to travelling to and from clients. Small businesses can either claim a proportion of their total vehicle running costs which are business related, or they can claim 45p per mile, up to a total of 10,000 miles in a tax year, and 25p thereafter. Often the 45p per mile claim is significantly higher and therefore maximises the deduction.
The points I have mentioned are just a couple of things which should be considered. For more details, please do not hesitate to contact us on 01865 379272.