Professional sport can be a rewarding career, but not everyone is earning the Premier League petro-dollars and it can be a short one. But hidden deep in the tax system, the sports tax player refund – which can help your optimise your earnings and help secure your long-term future.
Unlike many professions, professional athletes incur unique work-related expenses beyond a simple commute to an office. Extensive travel, maintaining specialised equipment, and covering meals and accommodation on the road all contribute significantly to an athlete’s overall financial picture.
Fortunately, HMRC acknowledges these unique circumstances. Sports people can claim tax relief on a variety of legitimate business expenses, potentially leading to a significant tax refund:
- Travel: Miles driven to training facilities, away games, and even home matches (if you’re on loan) can be claimed using HMRC’s Approved Mileage Allowance Rates (AMRs).
- Accommodation and meals (subsistence): Costs incurred for hotels, meals, and other living expenses while travelling for games or training can be deducted.
- Equipment and kit: The cost of purchasing and maintaining specialised equipment, uniforms, and training gear specific to your sport is often claimable.
- Subscriptions and memberships: Fees for professional associations or union memberships can be deducted.
- Medical Expenses: Treatments related to maintaining peak physical condition, like physiotherapy or sports massage, can be claimed in some cases.
If this is news to you, you’re not alone. Without expert help (ahem…) many athletes simply aren’t aware of the specific deductions available to them under UK tax law. The demanding nature of their careers can leave limited time for delving into tax intricacies.
And, as aver, you’ll need detailed records – if you can’t prove what you’ve spent, it’s tricky to claim it back. Furthermore, navigating the complexities of UK tax codes can be overwhelming. You know where to come for that kind of knowledge.
For sports people with finite careers, it’s also a key part of your strategic tax planning service. What we can help you save now isn’t (just) about what more you can spend this week, it’s about maximising your high-earning years so that your future is secure, and developing tax strategies for your post-playing career and retirement.
So, get in touch and let’s see how sports tax player refunds can be part of your wider game plan.
