GBSport | Tax
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Tax

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.
Coach, Latest, Self-Employment, Tax / 18.12.2016

warningiconHaving just returned from a visit to a sports coach who has just received a letter informing her that she has been chosen for a HMRC tax inspection, we thought it would be a good time to remind coaches to review their business record keeping before they get a call from HMRC and to outline the top five issues coaches have as a result of an investigation.
Club, Coach, Latest, Self-Employment, Tax / 14.12.2016

warningiconHMRC is actively checking the status of self-employed coaches and workers in sport to verify if they are really self-employed or are actually employees.    Clubs and coaches paying other coaches should therefore verify the status of their workers without delay in order to avoid a potentially hefty tax bill. It is a common misconception in sport that the person paying the worker (the client) can just declare the worker to be self-employed - whether they ACTUALLY are or not will depend on the way they actually work with the person and on the documentation in place.    It is common to get a situation on sport where the worker is a registered self-employed worker and there is a contract in place to state this, yet the worker is declared a employee by HMRC because of the actual way the client and worker work together.
Club, Latest, Tax, Volunteer / 16.11.2016

warningiconYet another sports clubs was officially informed this week that honorarium payments to committee members ARE taxable payments and therefore subject to tax and national insurance. The club have been paying an annual £1,500 payment to the Secretary and Treasurer for the past three years and were informed of the taxable nature of the payments by letter last week, following a tax investigation by HMRC (tax authorities).

Club, Legal, Tax / 15.03.2016

thumbsupiconA Community Amateur Sports Club (CASC) has until the 1st April 2016 to either ensure it complies with the new CASC rules or to deregister without penalty. HMRC should have written to all clubs to inform them of this but we have heard from a number of clubs who have not received details.     The changes to the scheme came into effect on 1st April 2015 and included some welcome improvements as well as the inevitable tightening of the rules surrounding the scheme.
Coach, Latest, Tax / 08.02.2015

With another self-assessment deadline gone, now is a good time for coaches to review their bookkeeping records to ensure they won't have any problems if they are chosen for a tax inspection by HMRC. Here are our top five bookkeeping tips for coaches to get the new financial year off to a good start.