Fitness instructors still have until March 31st to declare any previously undisclosed income as part of a tax amnesty run by the Inland Revenue. Under Her Majesty’s Revenue and Customs’ (HMRC) ‘Tax Catch Up Plan’ trainers and instructors who currently profit from private tuition and classes on which correct tax has not been paid, can declare, and pay tax on, any extra income earned up to April 2010, with no penalties.
However once the March 31st deadline has passed any additional income (and therefore additional tax liability not declared) could lead to investigations, fines and penalties. According to the Labour Force Survey (2010, Office for National Statistics) 40% of fitness instructors are self-employed, and many more who are PAYE may offer additional classes and training sessions on a freelance basis.
As part of its services to members the Register of Exercise Professionals has teamed up with specialist tax accountancy firm Celerity Accounts to offer a dedicated free advice service to its members, in particular the 40% who are self-employed or offer classes on a freelance basis. Celerity’s team will be able to advise on all tax issues including the implications of the tax amnesty, self-assessment, book-keeping, statutory accounts and Corporation Tax. To find out more contact Shayne Savill or Adrian Pollard at Celerity on 020 7036 2500 or Email: email@example.com or Adrian.firstname.lastname@example.org