Helpful Notes When Preparing A Taxi Driver Accounts To Save Money

The most valuable part of our life is time. In the modern rhythm, it is so important to continue always and everywhere. We understand why perfectly, so we suggest you never to postpone important trips ?for later?, but to dial the Nikolaev taxi number and become in the proper place at the right time.

Taxi edinburgh airport is a city carrier that offers you its cars night and day. One of our main advantages is a wide price range. You can order a cushty VIP-class car or save your valuable budget by hitting the road on an inexpensive economy option.

You will be satisfied with the caliber of services, because our taxi employs experienced drivers and polite dispatchers. Your order will undoubtedly be accepted accurately, a clean car with a heater, air conditioning, no cigarette odor will undoubtedly be quickly sent to you, and safely delivered to your destination.

Taxi Running Costs

When completing the self assessment tax return taxi drivers should enter fuel prices in box 3.46 cost of sales not motoring expenses. A typical check carried out by any competent inland revenue inspector enquiring right into a self assessment tax return is always to check once the taxi driver was on holiday and examine if fuel receipts have been included for this period.

Not many taxation statements are enquired into as the system is situated upon trust but taxi drivers should ensure their accounts usually do not contain this fundamental tax fiddle. Taxi running costs also include repairs, servicing and parts including tyres, road tax, taxi insurance and AA/RAC membership. Include radio hire and taxi office costs in general administrative expenses.

Household expenses

If you run your taxi business from home it is possible to claim a proportion of household expenses as business expenses in the taxi accounts. Household expenses will tend to be disallowed unless they’re either specific to the business enterprise or a specific area of your home is devoted entirely to your taxi business. Using section of a room part time wouldn’t normally be sufficient to include the household expenses in the taxi driver accounts.

Spouse Costs

It is possible to claim expenses for partners who work with your taxi business and payments around 100 pounds per week would not attract income tax or national insurance however any payments claimed in the taxi driver accounts must be real payments for real work done. The Revenue naturally adopt a strict take on taxi expenses claimed for partner are it is an area some people might use to reduce the tax liability. Care is required to justify the partner being an expense.

Other Expenses

Enter all business expenses in a named expense box on the self assessment tax return. Avoid entries in box 3.63 Other Expenses when possible as any significant amounts in this box may give rise to an Revenue enquiry into the self assessment tax return.

The best approach to ensuring the taxi drivers tax bill is as low as you possibly can in the future is without a doubt to meticulously maintain good records of most taxi receipts and expenses and mileage covered that provides the opportunity for taxi drivers to compare the taxi running costs against mileage allowances and pick the most tax efficient option. Your choice to claim mileage allowance or taxi running costs can and frequently does change through the financial year.

In general when a more expensive taxi cab is purchased then the capital allowance of 3,000 pounds will most likely outweigh the potential mileage allowance although if the automobile is low value the mileage allowance might be the best option and a way of saving valuable tax pounds that you are entitled to. The very best taxi accounting software will automate the comparison of taxi mileage allowances with taxi running costs doing the taxi accountants work for you.

Leave a Reply

Your email address will not be published. Required fields are marked *