The start of a new tax year is a natural opportunity to step back and review your finances.

For professional athletes and sportspersons, income is rarely simple. Earnings can fluctuate, career windows are short, and financial structures often involve multiple moving parts. A financial reset is not about dramatic change. It is about making sure everything still aligns with your current position and future plans.

 

Reset your cash position

Athletes and sportspersons often receive income in bursts rather than in steady monthly amounts. Bonuses, sponsorship payments and commercial income can create large cash balances quickly.

At the beginning of the tax year, it is worth reviewing:

• How much you retained after tax
• Whether too much cash is sitting idle
• Whether you have a clear personal emergency fund
• Whether tax has been set aside for non-club or self-employed income

This is also a useful time to review lifestyle spending. When earnings increase, spending often follows. A reset ensures your long-term wealth is progressing at the same pace as your lifestyle.

 

Review how your income is structured

Professional athletes and sportspersons commonly receive income from several sources, including salary, image rights, sponsorship and media work.

Over time, structures that once worked well may no longer be appropriate. Retained profits may be building up inside a company without a clear purpose. Income streams may not be fully coordinated with wider financial planning.

The new tax year is an opportunity to check that your structure remains efficient, organised and aligned with your wider goals.

 

Investment health check

Investment portfolios change over time. Strong performance in one area can increase your exposure without you actively deciding to take on more risk.

It is sensible to ask:

• Does your current risk level reflect your career stage?
• Are you overly concentrated in one sector or asset type?
• Is your investment strategy aligned with the number of remaining years in which you expect to earn at a higher level

The approach that suited you earlier in your career may not be right today. A simple review can ensure your investments reflect your current priorities rather than past assumptions.

 

Protection review

Your earning capacity depends on performance. That makes protection planning especially important.

A financial reset should include reviewing:

• Career-ending injury cover
• Income protection
• Life cover if your personal circumstances have changed
• Private medical arrangements

Cover put in place several years ago may not reflect your current earnings or responsibilities. Small adjustments can make a significant difference if circumstances change unexpectedly.

 

Planning beyond the playing career

Every financial reset should include a forward-looking question.

If your playing career changed tomorrow, what would that mean financially?

Are you building assets that generate income beyond sport?
Do you understand what your long-term lifestyle will cost?
Are you financially independent yet, or still reliant on peak earnings?

Because sporting careers are compressed, long-term planning cannot wait until the final years. Early preparation provides flexibility, security and choice.

 

A simple annual reset

The start of the tax year provides a structured checkpoint to review:

• Cash flow
• Income structure
• Investments
• Protection
• Long-term direction

It does not need to be complex. It simply requires clarity and coordination.

 

Get in touch

If you would like to carry out a financial reset for the year ahead, the team at Pro Sport can help you review your current position and ensure your planning remains aligned with both your career stage and long-term objectives.

To arrange a discussion, contact the Pro Sport team at enquiries@prosportfinancial.co.uk or call 0161 989 3030.