Helpful Notes When Preparing A Taxi Driver Accounts TO SAVE LOTS OF Money

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

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

You will be content with the caliber of services, because our taxi employs experienced drivers and polite dispatchers. Your order will be accepted accurately, a clean car with a heater, air conditioning, no cigarette odor will undoubtedly be quickly delivered 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 into a self assessment tax return would be to check once the taxi driver was on christmas and examine if fuel receipts have been included for this period.

Not many tax returns are enquired into because the system is based upon trust but taxi drivers should ensure their accounts 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 Taxi knockhill racing circuit hire and taxi office costs in general administrative expenses.

Household expenses

If 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’re either specific to the business or a specific section of your property is devoted entirely to your taxi business. Using section of a room part time would not be sufficient to include family members expenses in the taxi driver accounts.

Spouse Costs

It is possible to claim expenses for partners who work with 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 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 individuals might use to lessen 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 in to the self assessment tax return.

The best method of ensuring the taxi drivers 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 chance 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 often does change through the financial year.

In general when a more costly taxi cab is purchased then your capital allowance of 3,000 pounds will often outweigh the potential mileage allowance although if the vehicle is low value the mileage allowance may be the best option and a method of saving valuable tax pounds that 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 do the job.

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