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Tax deductions for a personal trainer

As a self-employed personal trainer, HMRC lets you deduct your business expenses from your overall income when you do your tax return.

Balancing Charge – Page 9 of 10 – Taxfix Taxopedia

How does HMRC make sure that you don't claim too much tax relief for a piece of equipment? They use what is known as a balancing charge.

Did the tax return threshold change for high-earners? – Page 9 of 10 – Taxfix (formerly TaxScouts)

In May 2023, HMRC announced that from 2023/24, the threshold to file a tax return was changing from £100k to £150k. Read more here.

Taxfix Press Page – Find latest releases and media centre

Welcome to our press page. Explore the latest press releases, studies, facts, and background information, or get in touch.

What is Taxable income? – Taxfix Taxopedia

What is taxable income? It’s the part of your income taxed after allowances, including income from jobs, self-employment, property, and more.

What is Traditional accounting? – Taxfix Taxopedia

Traditional accounting is a kind of accounting that looks at when you send or receive invoices – regardless of when you actually received or spent money.

Personal tax return – Page 9 of 10 – Taxfix Taxopedia

A personal tax return is a form submitted to HMRC to report your income, calculate tax owed, and determine if you're due a refund.

VAT – Taxfix Taxopedia

VAT ("Value Added Tax") is a tax added on most goods and services in the UK. If you are self-employed, you can register for VAT and claim it back.

IR35 – Page 9 of 10 – Taxfix Taxopedia

IR35 is a new law that allows HMRC to collect additional taxes if they consider that a contractor is actually a "disguised employee".

The benefits of a limited company – Page 9 of 10 – Taxfix (formerly Taxscouts)

There are plenty of benefits of a limited company. Let's decide if setting one up is the right move for your and your business.

Salary after tax calculator – Taxfix

Ever wondered how much you really earn after taxes? Use our calculator to work out your personal net salary after tax deductions!

Net income – Page 9 of 10 – Taxfix Taxopedia

Net income is the income you receive after you've paid Income Tax and National Insurance. Here's how to calculate it for your income type.

Home Office Allowance – Page 9 of 10 – Taxfix Taxopedia

The Home Office Allowance is a flat rate that you can claim if you use your home for work. This flat rate based on the hours you work from home each month.

eBay tax calculator

Use our eBay tax calculator to work out how much you owe HMRC and whether you need to file a tax return if you buy and sell used goods!

What are Expenses? – Taxfix Taxopedia

Expenses are costs that you might be able to claim against your earnings so you pay less tax. What and how much you can claim depends on your situation.

What tax do I pay as a freelance writer in the UK?

Freelance tax in the UK depends largely on your employment status, with different rates for self-employed individuals and side income.

How to upload your Uber income to Taxfix

Want to file your tax return with Taxfix but not sure how to upload your Uber income to your Taxfix account? Look no further.

Tax deductions for crypto traders

As a crypto trader, HMRC allows you tax deductions for your crypto expenses from your total earned income. What can you expense?

How do I set up a limited company: A step-by-step guide

How do I set up my limited company, you ask yourself? Get the step-by-step info on what records you need to keep and how to register.

Live-in landlord – Taxfix Taxopedia

A live-in landlord is someone who rents out a part of their home to a “lodger”. You need to pay tax on this income – but the first £7,500 is tax-free.

Limited company – Taxfix Taxopedia

A limited company is an organisation that you set up to run your business. Click here to read about the basics of how it works, and more.

What are the tax implications of earning over £100K? – Page 9 of 10 – Taxfix (formerly TaxScouts)

One of the major tax implications of earning over £100k is that you can get taxed 60%. Learn more about the implications to stay as tax-efficient as possible.

Company Tax Returns sorted online - Taxfix (formerly TaxScouts)

Use Taxfix' Limited Company tax return service to get an accredited accountant to sort your company accounts and company taxes for you.

Interest on your savings is increasing your tax bill…

You may have already found out the hard way that interest earned on your savings is taxable. But, what does this mean for your savings?

CIS refund: all your FAQs answered.

Wondering how long a CIS refund takes? Get answers to all your FAQs, from agent authorisation to HMRC deductions here.

What are the taxes on cryptocurrency (UK)? – Page 9 of 10 – Taxfix (formerly TaxScouts)

If you're getting into trading and wondering what the taxes on cryptocurrency in the UK are, we've got you covered with this guide!

How does the Marriage Allowance work?

Are you married or in a civil partnership? You may be entitled to a £900+ tax refund - yet 1.2 million couples are still missing out.

How do I set up my HMRC Personal Tax Account? – Page 9 of 10 – Taxfix (formerly TaxScouts)

Create an HMRC Personal Tax Account to review your tax, file your tax returns, and to claim refunds. Here's how to do it quickly.

What is the SA370? – Taxfix Taxopedia

The SA370 is a form that you can use if you filed your Self Assessment tax return late and want to appeal against the penalties.

Carry forward – Taxfix Taxopedia

Carry forward means taking a loss from the current year to the next year – and claiming it next year just like you would claim an expense.

Seafarer’s Earnings Deduction – Taxfix Taxopedia

Seafarer's Earnings Deduction is a tax relief that allows people who work at sea to claim a 100% tax exemption on their foreign income.

Seed Enterprise Incentive Scheme (SEIS) – Taxfix Taxopedia

The Seed Enterprise Incentive Scheme (SEIS) is a tax relief that returns 50% of your investment if you invest in eligible new businesses.

What is CGT for businesses?

CGT for businesses is a tax on profits from selling assets. Companies pay via Corporation Tax; shareholders may owe CGT on personal gains.

Venture Capital Trust (VCT) – Taxfix Taxopedia

A Venture Capital Trust (VCT) is an investment fund that invests in small and early stage businesses. They get you 30% income tax relief.

Workplace pension – Taxfix Taxopedia

A workplace pension is a way of saving for your retirement that’s arranged by your employer. You usually get tax relief automatically from it.

How to claim your VCT tax relief

When you invest in a VCT fund, you can receive 30% income tax relief plus tax-free dividends. Here is how you actually claim your VCT tax relief.

Child Benefit calculator – Taxfix

Quickly calculate how much Child Benefit you’re entitled to in a tax year using our Child Benefit Calculator.

Is the teacher tax rebate genuine?

There's a lot of debate about the teacher tax rebate and whether it's something that teachers can actually claim. Read this for guidance.

Why is my personal allowance less than £12,570?

Wondering why is my personal allowance less than 12,570? Learn about income thresholds, tax returns, and what happens if you miss deadlines.

Taxopedia

Cut the jargon with our Taxopedia - understand those all-important tax terms in plain and simple language..

How does salary sacrifice work?

Wondering how does salary sacrifice work? Well, it lets you exchange part of your salary for benefits that reduce your taxable income.

Dividend allowance – Taxfix Taxopedia

The dividend allowance is the amount of tax-free dividends that you can earn in a tax year. In the 2020/2021 tax year, it is £2,000.

Do foreign entertainers and athletes pay withholding tax?

Whether you’re Lady Gaga, the next Rafael Nadal, or the person that hires them, it’s important you know all about withholding tax.

Can I get a copy of my P45 or P60 from HMRC?

Can I get a copy of my P45 or P60 from HMRC? Losing these documents happens a lot and is nothing to worry about. Here's how to find them.

Equity crowdfunding – Taxfix Taxopedia

Equity crowdfunding is a form of crowdfunding. It’s a method through which an early stage business can raise money by selling shares.

Bereavement Allowance? – Taxfix Taxopedia

What is the bereavement allowance? It’s a benefit for people whose spouse has passed away, replacing the Widow’s Pension.

Accounting software – Page 9 of 10 – Taxfix Taxopedia

If you're self-employed, accounting software is a programme that you can use to send invoices, keep track of your finances, and also submit tax returns.

Direct Debit payment – Page 9 of 10 – Taxfix Taxopedia

A Direct Debit payment is an instruction to your bank, authorising someone to draw money from your account. You can use it for your tax bill.

Company Share Option Plans (CSOPs) – Taxfix Taxopedia

Company Share Option Plans (CSOPs) are a share option where a company can grant tax-free shares to an employee or a company director.

HCPC renewal – Taxfix Taxopedia

Find out who needs to complete HCPC renewal, what it costs, and how to claim tax relief on your renewal fees.

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