Whether you’re a professional athlete, coach or manager, we know it can be a real challenge finding the time to handle your tax and business affairs. At PKF Francis Clark we work with high-performance athletes to free up more time for them to focus on the sports they love.
Our professional sports team is made up of technical experts from an array of sporting backgrounds. They provide discreet, timely and innovative specialist tax and planning advice, across a wide range of sports including Premiership rugby and football, cricket, athletics, sailing, golf and motor racing.
Whether you’re a sportsperson, manager, coach or club director we can look after the financial aspects of your sporting life, letting you concentrate on achieving your individual goals.
With a vast client base of sports professionals we have the expertise to assist you. Try asking yourself some (or all) of these questions to see if you think we could help you:
- Do you travel to different events or training locations? Do you purchase or wash your own kit? Have you been on loan? Do you carry out public appearances? You could be entitled to a tax reclaim for the last four years.
- Are you negotiating a contract or moving clubs? We could save you thousands of pounds in taxation just by reviewing and structuring the contract in the most tax efficient manner.
- Do you or your spouse have further businesses, whether a sole trade, partnership or Limited company and need assistance?
- Do you own a rental property or holiday home? Feel safe in the knowledge that you are accounting for these correctly. Taxation planning could save you thousands of pounds in capital gains tax.
- Would you like inheritance tax advice and structuring to provide more for your loved ones in the future?
- Do you need to create or update a will?
If you’re a sports professional living and working overseas, here are some questions to consider:
- Are you in need of international taxation advice and guidance?
- Have you signed a contract with a sports entity in the UK?
- Do you have properties both overseas and in the UK?
Talk to us if you’d like the peace of mind of knowing that your UK and overseas taxation and accountancy needs are taken care of.
Whether you’re a sportsperson at home or abroad, it’s a good idea to understand your image rights. We can provide effective tax planning to maximise the tax-saving possible from the management of your image rights (and defend your position should HM Revenue & Customs raise any enquiries). Here are some things to consider:
- Could there be a monetary value attributed to your image?
- Do you currently have an image rights company? Do you know how to set one up?
- Do you need assistance with an HM Revenue & Customs enquiry into your current image rights situation?
For coaches it’s worth considering these issues:
- Do you coach at different venues or purchase your own kit and equipment? You could be entitled to a tax refund for up to four years!
- Do you need assistance completing self-assessment returns?
- Do you have a limited company or need assistance in completing business accounts?
Professional Sports Clubs
Running a professional sports club is a complex business. We’ve been catering for clients in this industry since the firm was established, so we have a wealth of knowledge and expertise to assist you. Whatever your business need, please contact us for assistance:
- Management accounts
- Statutory accounts
- Trust Accounts (should your sports club be owned by a Trust)
- Corporation Tax computation and planning
- P11D preparation
- Payroll and bookkeeping support
- Due diligence or audit
- Efficiencies reporting
- Business Recovery and administration
- Auto enrolment for pension schemes (compulsory in 2015)
We also cater for sports-related charities and governing bodies, whether it’s completing the accounts, providing business advice and support or completing an Independent Examination or Audit.