GBSport | Bookkeeping
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Bookkeeping

Bookkeeping, Coach, Expenses, Latest / 08.01.2017

questioniconWe get asked this question regularly by self-employed coaches and the answer is usually no.    Travel from home to your 'principal place of work' is not an allowable expense so this will mean that a coach principally working at one club or venue will not usually be able to claim travel to the club/venue as an allowable expense. A coach could argue that their business base is their home, i.e. their principal place of work, because their home office is where they carry out their business administration, produce lesson plans, telephone and email customers, etc.     This will almost certainly be challenged by HMRC if the hours spent in the 'home office' are insignificant or where the coach is unable to convince HMRC as to the work carried out.
Bookkeeping, Club, Coach, Latest / 03.01.2017

questioniconIt is not illegal for someone with no accounting qualifications to call themselves an accountant so it is important to ensure that you check how qualified your accountant is before they work on your bookkeeping/accounts. A recent survey revealed that less than 10% of organisations/individuals actually check the qualifications of their accountant, usually because they wrongly assume that you have to have qualifications to call yourself an accountant.
Bookkeeping, Club, Coach, Latest, Tax / 29.12.2016

warningiconWe come across a lot of clubs and coaches who assume that they won't have any problems with the tax authorities (HMRC) because the amounts of money involved are so small, and therefore HMRC just won't be interested. There is some truth in this - HMRC will not generally dedicate resources to investigate clubs or coaches if the amounts involved are insignificant but that does not mean they won't take action if they find out about any issues or discrepancies.
Bookkeeping, Club, Latest / 29.11.2016

questioniconMany clubs have a requirement to 'audit' their annual accounts in their constitution.     It is NOT a legal requirement for clubs to audit their accounts unless they are operating as a limited company and have either a turnover of over £6.5 million, have more than 50 employees, or they have assets worth more than £3.25 million, none of which are likely to apply to the vast majority of sports clubs. If your constitution states that the club must audit its accounts, the committee have a legal obligation to ensure this happens and could be personally liable for not ensuring this is carried out.    It is therefore recommended that clubs remove the work audit from their constitution and replace it with 'independent verification'.
Bookkeeping, Coach, Expenses / 25.11.2016

A Sky Sports subscription is very unlikely to be accepted by HMRC (tax authorities) as an allowable expense for a sports coach.    A business expense has to be wholly and exclusively for business purposes - HMRC state on their website that:

The general rule is that costs you pay with the sole purpose of earning business profits are allowable expenses

A tax inspector we work with in the Midlands told us that they regularly get individuals claiming that they need Sky Sports for 'research' purposes and to 'keep up to date'.    These reasons will be unacceptable to HMRC and they will check to see whether a coach has made a similar claim for expenses in the past.
Bookkeeping, Club, Coach, Latest, Legal / 21.11.2016

questioniconThanks to Chris for this question asked at a workshop we ran this week for Southwark Council.      It is illegal to pay any child who is aged less than 13 years of age. If the child is aged 13 and over, you will need to apply to your local education authority for a work permit.   Do not pay a child if you do not have a permit - you can be fined up to £1,000 for not having a permit.    The permit will detail what hours the child can do, which will be dependent on their age.
Bookkeeping, Club, Latest, Volunteer / 23.07.2015

warningiconThe latest in a recent spate of club official frauds in sport has again highlighted the need for clubs and associations to ensure that they have some basic checking in place to protect club funds from fraudsters. The treasurer of Yorkshire Lawn Tennis Association stole almost £300,000 from them over a period of six years and was this month sentenced to two years imprisonment.     Basic checks and procedures were not in place which enabled the fraud to take place over the six years and the association also made the decision not to report the matter to the authorities when they first realised what was happening in 2012, despite having identified the amount then missing to be over £70,000.
Bookkeeping, Club, Coach, Latest, Self-Employment / 11.02.2015

thumbsupiconThere are still a significant number of clubs, coaches and representative associations who believe that a coach must be employed by a club if the club tells the coach where and when they must work, and if the coach has to work as part of a team. This is not correct - a self-employed coach CAN be told where and when they will coach, work as part of a team, be required to wear a uniform, etc., so long as the coach fulfils one of the two other criteria HMRC (tax authorities) impose on a self-employment relationship - substitution or financial risk.
Bookkeeping, Coach, Expenses, Latest, Self-Employment / 02.01.2015

questioniconWe are asked this question frequently and it is important to make sure receipts are correctly recorded and stored. Scanned receipts ARE accepted by HMRC for both self-employed persons and limited companies, contrary to the advice given by some high street accountants and also by the HMRC helpline when we rang them to see what advice they would give (moral of the story - don't rely on the HMRC helpline, it's rubbish!).