Helpful Notes WHILE PREPARING A Taxi Driver Accounts TO SAVE LOTS OF Money

August 11, 2023

The most valuable thing in our life is time. In the modern rhythm, it is so important to keep up always and everywhere. We understand this perfectly, so we suggest you not to postpone important trips ?for later?, but to dial the Nikolaev taxi number and become in the right place at the right time.

Our service Nikolaev taxi is really a city carrier that offers you its cars night and day. One of our main advantages is really a wide price range. It is possible to order a comfortable VIP-class car or save your valuable budget by hitting the road on an affordable economy option.

You will be content with the standard 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-con, no cigarette odor will undoubtedly be quickly sent to you, and safely sent to your destination.

Taxi Running Costs

When completing the self assessment tax return taxi drivers should enter fuel costs 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 would be to check when the taxi driver was on christmas and examine if fuel receipts had been included for this period.

Not many tax returns are enquired into as the system is based upon trust but taxi drivers should ensure their accounts do not contain this fundamental tax fiddle. Taxi running costs likewise incorporate 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

In the event that you run your taxi home-based business it is possible to claim a proportion of household expenses as business expenses in the taxi accounts. Household expenses are likely to be disallowed unless they are either specific to the business or a specific section of your home is devoted entirely to your taxi business. Using Rosyth taxis of a room part time wouldn’t normally be sufficient to include family members expenses in the taxi driver accounts.

Spouse Costs

You can claim expenses for partners who work for your taxi business and payments up to 100 pounds per week wouldn’t normally attract tax or national insurance however any payments claimed in the taxi driver accounts should be real payments for real work done. The Revenue naturally adopt a strict take on taxi expenses claimed for partner work as it is an area some individuals 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 can provide rise to an Revenue enquiry into the self assessment tax return.

The best method of ensuring the taxi drivers goverment tax bill is as low as possible in the future is without a doubt to meticulously maintain good records of all taxi receipts and expenses and mileage covered that provides the opportunity for taxi drivers to compare the taxi running costs against mileage allowances and choose 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 costly taxi cab is purchased then the capital allowance of 3,000 pounds will often outweigh the potential mileage allowance although if the vehicle is low value the mileage allowance might be the best option and a method of saving valuable tax pounds which you are entitled to. The best taxi accounting software will automate the comparison of taxi mileage allowances with taxi running costs doing the taxi accountants work for you.

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