Canoeing coaching part time.

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MsAndover
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Joined: Mon Jan 06, 2020 1:00 pm
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Canoeing coaching part time.

Post by MsAndover »

I am really keen on getting into canoeing coaching and was thinking of starting my own business part time, teaching young adults. I have never worked as a coach before, just did some work experience over the summer when I was at school, but since have been working in retail. I spend nearly every weekend canoeing anyway, so thought I could do it part time on weekends as well as my full time job.
I have a few questions regarding the financial side of things, to see if its viable. Obviously there will be costs involved initially like the equipment, but also imagine I will need some insurance and probably other costs I haven't thought of yet. I just want to make sure I am not running at a loss. What is confusing too is that if I have two jobs, I will have to pay more income tax, as will have more income, but say I earn £5000 extra per year through doing this it would push my tax up to such a degree I would have to an extra £1000 income tax so would only get £4000 which would have to pay for expenses and equipment etc which is making me wary that I may not get any profit. Is this correct? I used https://www.income-tax.co.uk/ to work that out. Is there anything else I should be considering?
If anyone else on here has already done this, can you give me a few tips please, on good starting points or things I haven't considered. Any help at all would be fantastic. Thank you.

DaveB
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Joined: Sat Nov 06, 2004 9:21 pm
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Re: Canoeing coaching part time.

Post by DaveB »

Talk to an accountant. Your tax bill will increase noly if and so far as you make profits. Gross receipts do not equal profit. As well as obvious expenses such as fuel/phone/website you will write off capital items such as equipment over their expected lifetime.
Marketing plan? Coaching/leadrship qualifications? First aid? And, as you say, insurance (check what cover BC membership gives to professionals working under their own name.)
Will you trade under your own namme or behind a limited liability company? (accountant advice again.)

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