As a coach or personal trainer, you’re all about making progress—whether it’s gaining muscle or shedding fat. It’s a mindset that drives success in your field and can also help you navigate the world of taxes.

Whether you’re a self-employed coach working online or in-person, or you’re employed by a gym, you need to think about gains and losses in every aspect of your business. Building your reputation, increasing profits, and minimizing your tax expenses are all part of the equation.

It’s about managing what comes in and what goes out. The more effectively you manage your finances, the less you’ll owe to HMRC. Just like sculpting the perfect physique, it takes research, dedication, and knowing when to seek expert advice.

If you earn more than £1,000 per tax year as a self-employed personal trainer, you need to register with HMRC and submit a tax return.

It’s that simple. If you’re earning money, the tax man needs to know about it, you have to keep HMRC informed and pay on time.

Like any other sole trader, you pay a percentage of your profits each tax year, and if you’re late filing a return or paying, you could be fined.

If you work for a gym, it could be simpler BUT may be a little more complicated.

If you’re employed the gym full or part time and receive a wage, then your employer will usually take your taxes and National Insurance out of your salary. You’ll see it on your payslip and wont need to worry about making a tax return. Simple!

If you’re a contractor who invoices for your time and is paid as a supplier, it’s more complicated.

You might work with a gym, but you’re technically self-employed. That will mean registering with HMRC, keeping track of profits and expenses, and submitting your return.

Whether you’re going it alone or working for a gym, you need to log income and expenses.

Income is simple – Basically, it is the money you make.

Coaching fees, subscriptions to your online courses, the money you get paid by the gym or health club your working for. Also, any gifts you get, so if a protein company sends you a batch of their shakes to try and recommend, that counts as income.

You will need to note down all of the above and how much all those gifts are worth, because it all needs to be noted down as income to much

Expenses are trickier. 

You can claim everything you need for your career, but not personal expenses. So, while you can claim for equipment, you’ll have a harder time convincing the tax man your subscriptions for your protein packed meal prep is an actual expense.

Make sure you’re taking note of expenses like:

And if you’re confused, remember, help is out there.

Cutting your tax bill is one of the fastest ways to build substantial financial gains, and avoid the trap of overpayment or late fines.

So how do you go about it? It’s simple.

Sign up to Penny Ledger , submit your invoices and we’ll prepare your return to be submitted ahead of the deadline.