Accountants for Coaches
Maslins assist a wide range of one person service based businesses. This includes providing accounting services for multiple coaches.
Below we highlight one such client, who initially tried DIYing her accounting, before joining us.
Executive coach working with individuals & teams
Emma’s been a coach for over a decade, initially on the employment side alongside her director roles. In April 2021 she went freelance, incorporating a Ltd Co to operate through.
She attempted to do her accounting/tax with limited support, struggled, then got us involved. She hasn’t looked back!
“I use Maslins and FreeAgent software for everything to do with finance, invoices, tax returns etc. They are excellent and the software is very easy to use.
When I first started out, I was using Excel and an app through my business bank account. This wasn’t sustainable and so I then switched to Maslins and FreeAgent. I was particularly drawn to them as they specialise in one/two person companies.
It was painful to retrofit to start with but it was totally worth it. The software tracks all my expenditure and income. It takes a few seconds to invoice and produces detailed reports which helps me to run my business.
Maslins do my corporate tax, personal tax and VAT returns. They are super-efficient and very responsive to any queries I may have. It means that I can spend more time on delivering a great service to my coaching clients, knowing the financial accounting is being taken care of. I think they offer great value for money.”Emma Marinos
Are you a coach seeking a great accountant?
Look no further!
Our affordable fixed monthly package provides all you need to stay on top of your coaching company’s finances, and comply with accounting/tax obligations.
FreeAgent invoicing/bookkeeping software
As Emma mentioned above, whilst she finds our support invaluable, FreeAgent is a key tool in helping her understand what’s going on with her business.
As a coach you can raise your invoices to clients from it. Keep track of your expenditure, whether it be regular sums coming out of the business bank account directly, or petty cash payments when you’re out and about.
We’ll help you set up it correctly, learn the basics, and guide you with its more sophisticated features as/when appropriate. You’ll soon be perfectly on top of your finances!
Plus as a Maslins client you get FreeAgent for no extra cost. A licence is included in our monthly package.
What kind of coaches do you support?
All kinds! We appreciate there are executive/business coaches, life coaches, sporting coaches, and many flavours in between.
Whilst there are many similarities, there are a few key differences from an accounting/tax perspective.
Executive coaches working with businesses will normally want to be VAT registered, even if their turnover is below the threshold for compulsory VAT registration. Their clients will be corporates, able to reclaim any VAT charged.
Life coaches, or those selling to people in a personal capacity, will want to avoid VAT registration where possible. If they’re particularly successful and exceed the VAT threshold, they will of course have to register. But many coaches can make a decent living whilst staying below that threshold. By doing so, they don’t need to charge VAT, which their (non business) clients wouldn’t be able to reclaim.
What expenses do coaches incur?
Coaches will tend to have a decent number of clients, often charging them by the hour. They can benefit from tools like calendar booking systems, as well as paid video meeting software if much of their work is remote.
If they visit their clients, there may be travel/accommodation costs. If clients come to them, whilst some coaches may work from home, many will want a separate, suitable space that they’ll hire. This might be as a long term rent, or perhaps short term by the hour space.
There will also be expenditure that’s relevant to many one person businesses. We have a separate blog post with a more complete list of valid business expenses one person businesses might incur, linked below:
Accounting support for coaches
Coaches that operate via a Ltd Co will need to file statutory accounts and confirmation statement to Companies House, as well as a corporation tax return to HMRC.
There is often also payroll (even when it’s just you), and VAT can be relevant as discussed above.
As director/shareholder you’ll need to submit a personal tax return too.
You’ll want plenty of warning how much and when your tax bills will be, as well as details of how to pay them.
Plus you’ll inevitably have questions throughout the year, and want a prompt, helpful response.
Maslins assist with all the above, helping you sleep soundly at night, for a modest fixed monthly fee. This makes us a great option for coaches like you!
What if I want more help?
Often the above is all a coaching business requires. Sometimes though you need that little bit more.
Maybe you employ other staff to work for you, and need payroll assistance for them.
Perhaps you want management accounts, forecasts, or a business plan to really help you understand where your business is now, and where you want it to be in the future.
Possibly you want dedicated time set aside each month to have a chat with a small business owning qualified accountant, who understands a lot of what you’re going through. Whilst we’re not qualified coaches and don’t claim to be, sometimes it’s helpful to get an outsider’s perspective.
Our premium package offers all the above. Ask us for further details.