Personal tax includes income tax (PAYE) and National Insurance contributions seen on your payslip. The tax amount varies based on your income and personal circumstances.
In your career as a sportsperson, you may have already experienced unexpected changes to the amount of tax you pay monthly.
We believe that all Sports Professionals should have access to sound financial support and advice from an accountant who understands their position as an athlete.
Understanding your tax code is paramount for athletes because of the ever-changing nature of sport. Transfers, which are common in Football and Rugby, will always alter your tax code. If left unresolved, you may find yourself paying too much or too little tax.
All sports professionals will incur expenses necessary for their role. Typically, this includes replacement equipment and travel to temporary work locations.
We know how difficult and time consuming it can be liaising with HMRC. We will deal with HMRC on your behalf and take care of any queries they may have.
Signing for a new club within a tax year may result in overpayments in National Insurance. We have a team working to identify these instances and resolve NI issues for our clients.
Former Manchester United Midfielder Juan Mata suggested that donating a percentage of his salary to charity added a new dimension to his game. Donations to charity or to community clubs are tax deductible. We will ensure that if translating the power of sport into sustainable social change is one of your goals, this can be conducted in a tax-efficient way.
To help you to prepare for your retirement from sport, it’s important to plan ahead and consider pension contributions. Every time you make pay into a pension scheme, you’ll receive tax relief from HMRC. However, the amount of tax relief you get usually depends on the rate of income tax you pay.