This Business News Story Was Uncovered By Us From: https://theincomedriver.com/helpful-notes-when-preparing-a-taxi-driver-accounts-to-save-money/
This article encompasses points of interest, that you need to grasp in order to take your own internet enterprise to the next stage.
Self employed taxi drivers in common with other self employed businesses are required to submit a self assessment tax return form each year reporting the main totals from the taxi drivers accounts. The final submission date for these accounts to enable the tax authorities to calculate the tax payable is 30th September while the final deadline for submission of the self assessment tax return is 31st January. Miss the 31st January deadline and the penalty fine is 100 pounds.
The simplest solution to preparing the taxi driver accounts is to collect all the taxi receipts and expenses together, hand them over to an accountant who will prepare your self assessment tax return and might charge between 150 to 450 pounds for the privilege. That is taxing. Taxi driver accounts does not have to be that taxing. You can prepare your taxi driver accounts and self assessment tax return yourself but do something.
These taxi driver notes in preparing the taxi driver accounts and completing the self assessment tax return are to assist that process.
Mileage Allowances
Taxi drivers can claim as an alternative to vehicle running costs mileage allowances of 40p for the first 10,000 miles and 25p per mile thereafter. You may not claim mileage allowance and vehicle running costs. Should you choose to claim the mileage allowance then keep good records of mileage covered, purpose of journey.
Taxi Capital Allowances
If you bought a vehicle in the financial year 2007-08 and used the vehicle as a taxi you can claim a first year writing down tax allowance of 25% of the cost of the taxi, restricted to 3,000 pounds for vehicles costing over 12,000 pounds. On vehicles purchased in previous tax years you can claim 25% writing down allowance on the balance not yet… Read More
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