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| what figures are needed for books/tax? http://www.taxi-driver.co.uk/phpBB2/viewtopic.php?f=7&t=19095 |
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| Author: | wirral_lad [ Tue Apr 24, 2012 12:10 pm ] |
| Post subject: | what figures are needed for books/tax? |
do you need each individual journeys exact breakdown; fare, miles, waiting time, distance travelled to pick up fare etc? |
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| Author: | wee eddie [ Tue Apr 24, 2012 12:34 pm ] |
| Post subject: | Re: what figures are needed for books/tax? |
Get an Accountant straight away ~ It'll save you money. They will tell you what information you need to keep and also what you can pay for and charge against the Taxi's tax. You'll be surprised. Most Accountants will roll all their charges into an Annual Fee which is chargeable against Tax. |
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| Author: | wirral_lad [ Tue Apr 24, 2012 1:31 pm ] |
| Post subject: | Re: what figures are needed for books/tax? |
What sort of price should I expect to pay for an accountant? |
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| Author: | wee eddie [ Tue Apr 24, 2012 3:59 pm ] |
| Post subject: | Re: what figures are needed for books/tax? |
That can depend on how much work you expect them to do. If you just give them a Bank Book and a jumble of Fuel Receipts, you could be into quite big money. If you keep all the records that they recommend, in a manner that they can use for your Tax Return and give it to them in time for the work to be done without any rush. They will, very likely, save you very much more Tax than is their Fee. What the actual Fee is depends on the complexity of the work you give them and the Firm of Accountants that you use. I paid about £300.00 last year, including VAT. But I use are a small Firm that I have been using for the last 30 years, all my Records are computerised in a format of their choosing (M$ Excel), backed with all Invoices/Receipts filed in date order and with Daily Log Sheets to back-up my Sales Figures and Tips. On the other hand, you can just tell HMR&C how much you have earned each week and fill out the Forms yourself. However, if HMR&C disagree with your figures, they can estimate your Income and tell you how much you owe them. Then you'll have to pay or get an Accountant to prove that they are wrong ~~~ and that is seriously expensive. |
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| Author: | Sussex [ Tue Apr 24, 2012 7:16 pm ] |
| Post subject: | Re: what figures are needed for books/tax? |
wirral_lad wrote: do you need each individual journeys exact breakdown; fare, miles, waiting time, distance travelled to pick up fare etc? Income. Expenditure. Take one from the other and you get your profit. How you work out your income is up to you, but I would p*** around detailing every job. |
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| Author: | wee eddie [ Tue Apr 24, 2012 9:29 pm ] |
| Post subject: | Re: what figures are needed for books/tax? |
Sussex, it can get a lot more complicated than that. Your Accountants could be expected to advise you on any Allowances you may be able to claim. Provided that you give them the relevant information. They should also be able to tell you which items of expenditure are acceptable to HMR&C and which are not. You'd be surprised at the number of things that you may be able to charge to the Taxi's Expenditure A/c and so reduce the amount of Tax that you are liable to pay. |
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| Author: | skippy41 [ Tue Apr 24, 2012 11:31 pm ] |
| Post subject: | Re: what figures are needed for books/tax? |
Don't forget to claim for that broom cupboard you use ans an office, electricity, computer, paper and printing. telephone plus calls. Work uniform |
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| Author: | wee eddie [ Wed Apr 25, 2012 12:05 am ] |
| Post subject: | Re: what figures are needed for books/tax? |
You can claim for a Work Uniform but only if it has no Domestic Uses. For example: The Restaurant I ran specialised in Ethnic Scottish Dishes/Cuisine and I wore the Kilt every day, for almost all the 25 years that I had it. When I first tried to claim for a replacement Kilt, on the Expenses, the Inland Revenue said that I could not, but my Accountant successfully argued that, as an Englishman (only partially true), I had no other conceivable use for a kilt and so I was able to replace my Kilt, regularly, at the Revenue's expense! So you would be able to claim for a Jacket with the Taxi Company Logo on it, but you probably wouldn't get away with a pair of Black Trousers. |
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