UHY Ross Brooke Chartered Accountants

Athletes

Accountant for Athletes

Whether you are an aspiring amateur or professional athlete, managing your finances can be as crucial as honing your skills on the field. Our expert accountants specialise in providing tailored advice and solutions to help sports personalities like you to navigate the complex world of tax and manage your business finances. Whether you’re a seasoned athlete or just starting your sports career, our comprehensive range of accounting services can grow with you and your evolving needs.

Accountancy Services for Sportsmen and Sportswomen:

FAQ from athletes to accountants:

What deductions can athletes claim on their taxes?

There are a number of eligible tax deductions that sportsmen and women can claim, which do depend on which sport you play. As a general rule, you will be able to offset expenses such as travel to events, training costs, and kit or equipment purchases against your tax. An accountant can help you work out what you can and cannot legitimately claim for.

What is the best retirement plan for professional athletes?

Each athlete is unique, but many face a short career in sport. That’s not to say that you will have a short career especially if it continues to evolve. You may encounter unpredictable income streams and or sponsorship and endorsement deals, so it is worth consulting an accountant who can help you plan for the future and manage your tax.

How can I protect my wealth and assets as a sportsman/sportswoman?

You want to safeguard hard-earned wealth. We can advise you on asset protection strategies and estate planning.

What are the tax implications of competing internationally?

Athletes who compete globally may have international income streams or investments abroad. Engaging a tax consultant who understands the tax implications related to international competitions and endorsement deals is vital for keeping as much of your income as possible, while staying on the right side of the law. If you are not careful, you could even be charged tax twice on the same income, across the different countries from whence it originated.

Can I be taxed on freebies and gifts?

As with many athletes, if you are receiving free promotional products or services and are earning money from the content you create, then you could be liable to pay tax for these ‘gifts’. If you’re bartering eg accepting a free pair of football boots for a mention on your social channels, then the same applies. Whether you are managing your own social media streams, or sponsored by another company, you should seek advice. You can’t afford to hit the headlines for the wrong reasons.

My income from sport fluctuates. How can I plan my expenditure?

Understanding your financial situation is crucial for making informed decisions. We can provide in-depth financial analysis and help you create a budget that aligns with your short-term and long-term goals, allowing you to manage your finances efficiently.

How do I protect my financial legacy and support my family?

A tax advisor will help you to pass on as much of your estate and wealth as possible by reducing Inheritance and other taxes such as Capital Gains Tax on your assets.

Remember, the answers provided here are general in nature, so do get in touch with our qualified accountants who can provide personalised advice based on your specific circumstances.

Adding value

Athletes who employ a sports agent, should also employ an accountant. Even if your agent manages your money, it’s worth having a second expert pair of eyes watching over your finances. While sports agents will help you to earn money, we’re the ones who can help you keep it.

Next steps

Ready to secure your financial future? Contact our team of expert sports accountants today for a personalised consultation. Whether you are an equestrian, rugby player, footballer, tennis player, or other athlete, we can deal with all of the above concerns for you, discreetly and confidentially. Let us handle the numbers while you focus on winning on the field.

Remember, your financial success is our priority, we’ll make a great team!

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Talk to us

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