Message from HMRC for Boxing Sport Professionals - Please check you're paying the right tax on your income

It's very important that you declare your income and pay the right amount of tax.

Your income includes :

• sponsorship or endorsement fees
• winnings
• fees for appearing at competitions and events
• income from activities like TV appearances and commentary
• income from social media and other online content, such as from Instagram, X, Facebook, YouTube and so on.

The value of any goods, equipment or services you receive is also income. This includes:

• clothes, jewellery and watches
• free tickets for events, including your own
• other non-monetary rewards.

If you haven't filed a tax return before, register for Self Assessment now to get started - see HMRC's interactive guidance on GOV.UK.

If you're already registered for Self Assessment but haven't declared all your income, see HMRC's guidance on how to amend your tax return on GOV.UK

Expenses

You can deduct expenses from your income as long as they're wholly and exclusively for the purpose of your trade. This means anything you pay for that's just for business purposes, like training costs and travel expenses to events.

Not all expenses are allowable. For example, a promoter might pay for travel and accommodation for your entourage and family members. HMRC won't accept this as a business expense.

There's more information on expenses if you're self-employed on GOV.UK. If you operate as a private limited company, there may be other taxes you need to pay. See HMRC's guidance on Business tax and VAT

To make sure you pay the right amount of tax, you may want to get professional advice.

Extra support

If you have any health or personal circumstances that may make it difficult for you to deal with HMRC, please tell them. They'll help you in whatever way they can. For more information about this, go to GOV.UK and search "get help from HMRC if you need extra support".

HMRC App

The HMRC app is a quick and easy way to get information about your tax, and millions of people use it every month. You can download it free from Google Play or Apple Store.