With the increasing costs involved in becoming a professionally qualified individual these days, you would think you have seen the back of all those costs once you finally get qualified, yet the costs just keep on rolling. From Doctors having to pay for professional membership schemes to the property surveyor in a similar boat. Now is the time to start claiming back what you are all fully entitled to under HMRC rules.
Athletes are treated very specifically when it comes to tax, and so they should. The tax rules for them seem complex, if you have no idea of what you are doing. There are those on the basic Lottery Award (APA) and others earning an income over and above this amount.
There are a number of incomes which can be seen as miscellaneous. Some are liable for tax and some are not. But how do you know what these are.
An athlete enters into a written agreement directly with his NGB’s sponsor under which in return for 4 days of appearances per year he receives £5,000 plus expenses. Otherwise he does not actively promote himself, is not regarded as a professional but is taxable on the £5,000 as miscellaneous income.
Speak to someone in the know by calling us now. Or arrange a completely free consultation, hit the “Contact Me” box and one of our advisers will contact you and introduce themselves..
Concentrate on running your business, while we take care of your professional fees tax claim.
Don't be unsure of what you can claim as we'll give you the right advice.