Whether you are a newly qualified personal trainer with a handful of clients or an expert with a packed schedule and years of experience, the chances are you would rather be focusing on your physical work than your finances. Whatever your level of income, a keen eye on financial details is essential to any self-employed professional.
As a worst case scenario, by neglecting to properly arrange your finances you risk suddenly finding yourself short of money, with no option but to alienate clients by raising prices, or visiting a bank for a loan. What’ more, at times we all suffer from unexpected expenses. Emergency maintenance to the house or a vehicle could easily set you back hundreds of pounds, and if you are already unsure of your financial situation you risk going into an overdraft or suffering expensive charges for insufficient funds.
By failing to properly organise your finances, you also risk losing money through taxes. Research conducted over eight years by health and fitness-specific finance company Financial Fitness Ltd has revealed average savings of up to 25% for those who are on top of their accounting. Instead of waiting and allowing your accounts to accumulate before filing them, by remaining attentive to your finances you will ensure no losses of tax-deductable costs.
Despite the obvious importance of personal accounting for self-employed health and fitness professionals, the natural worry would be that these necessary processes would eat into time which could better be spent training clients or forming new business connections. Approaching the subject of accounting can be a daunting process, and with plenty of technical jargon it can also be time consuming. Many of us would feel hesitant in dedicating a whole day off to deal with accounts, especially as you could potentially be disappointing clients with busy schedules. However, with the savings which could be made through both tax-deductable costs and the avoidance of going into the red, your accounts are just as important as your clients.
Companies like Financial Fitness Ltd offer accountancy services to self-employed health and fitness professionals, allowing you to concentrate on training your clients. They are experts in both accounting and taxes, with over eight years of experience in the field. By enlisting the help of a health and fitness-specific accountants like Financial Fitness Ltd, you can rest assured your finances will be correctly dealt with on a regular basis, meaning no unexpected costs or unnecessary tax-related losses.
Financial Fitness Ltd’s annual plan costs £300, split into monthly payments of £25 to be more manageable. For the price you will receive monthly calls from your personal consultant, to answer any questions and generally ensure that your financial affairs are in order. After your first payment they’ll also explain the in’s and out’s of their accounting system, which makes it easy to file and follow your income and taxes. Even if you’re unsure about the technicalities of accounting and what is expected of you, your advisers will explain the entire process and even complete all correspondence with Inland Revenue on your behalf. You’ll be left with plenty of time to concentrate solely on your clients or patients, and sleep easy knowing that there will be no unexpected visits from the tax man!
On top of this peace of mind, despite the initial costs you are actually likely to end up saving money with a personal accountant. Financial Fitness Ltd are experts in the field of taxes, and with years of experience their useful advice essentially pays for itself through your savings. By choosing to use them for your accounting needs, you could save up to three times the cost of the service through correct and sensible accounting. If you’re a self-employed fitness or health professional, can you really afford not to use them?
Why not visit Financial Fitness Ltd here at www.financialfitnessltd.com call us on 0800 6127 789 or drop us a line at firstname.lastname@example.org to discuss your options, and whatever the size of your client-base, they’ll help you to start saving money today.