Accounting & Tax Tips For Personal Trainers
Motor vehicle – Using your own car? Take note of how much you use your car for work purposes – this could be for travel between clients, picking up supplies, heading to a seminar or anything directly business related.
Bootcamps – Running a bootcamp or training a client outside? Items related to training outside are also tax deductible – including sunglasses, sunscreen and hats.
Keep it clean – No matter how small your business is, set up a separate business bank account as soon as possible and have your clients pay into this account, and pay for all of your business expenses out of this account.
Uniforms – If your uniform has your/your employer’s logo on it then you can claim the cost of these uniforms as a business expense. Note that general items without a logo such a running shoes fall outside of this rule.
Invoice Reminders – In Xero, turn your automatic invoice reminders on. This takes the personal element out of debt collection, and allows Xero to chase up any late payers and overdue invoices.
What to find out how Sidekick & Xero can work for your personal training business?
Sidekick for Personal Trainers is a business accounting package specifically tailored to personal trainers. It includes everything you need: smart software, done-for-you tax services, and ongoing advice.