How Taxi Drivers Can Benefit from Having an Taxi Accountant?

As a self-employed taxi driver in the UK, managing your financial affairs can be complex and time-consuming. Hiring a qualified taxi driver accountant specialized in handling tax affairs for Uber drivers and other self-employed drivers can provide numerous benefits, such as:

1. Expertise in Self-Employment Taxation:

An accountant well-versed in self-employment tax regulations can help you manage tax liabilities specific to taxi drivers and ensure you comply with all HMRC requirements.

2. Optimize Income Tax Deductions:

A cab accountant can claim the allowable tax deductions for taxi drivers and help you maximize your deductions, ultimately reducing your income tax liability.

3. Self-Assessment Returns Made Easy:

Filing self-assessment tax returns can be confusing, but an accountant can simplify the process, ensuring accuracy and timely submissions.

4. Focus on Your Business:

With an accountant for taxi driver managing your financial matters, you can focus on providing excellent service to your cab and Uber passengers without worrying about tax and accounting complexities.

5. Financial Planning and Guidance:

A dedicated taxi driver accountant can offer personalized financial advice, helping you make informed decisions about your taxi business and long-term financial goals.

6. Minimize Tax Errors and Penalties:

You can minimize the risk of errors on your tax returns and avoid potential HMRC penalties by entrusting your tax matters to a taxi driver accountant.

7. Stay Compliant with UK Tax Laws:

Tax laws and regulations get updated on timely basis for self-employed contractors, including Uber drivers, an accountant will keep you informed and ensure compliance with the latest tax rules.

8. Reduce Tax Burden with Planning:

Through proactive tax planning, an accountant can plan strategies to reduce your overall tax burden, allowing you to get the most out of your hard-earned income.

What Expenses Can Taxi Drivers Claim?

1. Mileage Expenses:

• Fuel Costs: Taxi drivers can claim expenses for the fuel used exclusively for business purposes. Keep a log of your business mileage to calculate the percentage of fuel expenses you can claim.
• Vehicle Repairs and Maintenance: Costs incurred for servicing, repairs, and general maintenance of your taxi are claimable. This includes items like oil changes, new tires, and repairs to keep your vehicle operational.

2. Licensing and Certification Fees:

• Taxi License: The cost of obtaining or renewing your taxi license.
• Background Checks and Certifications: Fees for mandatory background checks, medical exams, and other certifications required to work as a taxi driver.

3. Office and Administrative Expenses:

• Mobile Phone Expenses: If you use your phone for business-related calls, messages, or navigation, a portion of your phone bill can be claimed as an expense.
• Stationery and Office Supplies: Expenses for items like notebooks, pens, and receipts books used for your taxi business can be claimed.

4. Insurance Costs:

• Vehicle Insurance: The insurance premiums you pay to cover your taxi.
• Public Liability Insurance: Public liability insurance to protect against accidents involving passengers or property.

5. Rental Fees: If you rent your taxi rather than owning it, the rental costs can be claimed.

6. Bank Charges and Interest:

• Bank Charges: Charges related to your business bank account, such as transaction fees.
• Interest on Business Loans: The interest paid on the taxi business loan.

7. Vehicle Cleaning and Valeting:

• Expenses for keeping your taxi clean and presentable for passengers can be claimed.

8. Other Allowable Expenses:

• Road Tax: The tax paid to the DVLA for using your vehicle on public roads is claimable.
• Congestion Charges: If you operate in an area where congestion charges apply, these costs can be claimed.
• Trade Association Memberships: Membership fees of a trade association related to your taxi business.

Why Choose GoForma to Hire Accountants for Taxi Drivers in UK?

1. Specialized Expertise for Taxi Drivers: Our taxi accountants at GoForma have in-depth knowledge of taxi industry finances, ensuring accurate advice and tax handling.
2. Dedicated Accountant: Each taxi driver client at GoForma is assigned a dedicated cab accountant who understands financial needs and goals of individual and provides personalized attention and tailored services.
3. Taxation Support: When it comes to self-employment and taxi drivers, We are well-versed in the complex tax regulations. From minimizing your tax liabilities to maximizing allowable deductions, our accountants ensure you are fully compliant with HMRC requirements.
4. Efficient Bookkeeping and Accounting: Our team streamlines your bookkeeping processes, maintaining accurate and organized financial records for your taxi business. This not only saves you time but also provides a clear snapshot of your financial health, allowing for informed decision-making.
5. Partnership with FreeAgent Accounting Software: GoForma has partnered with a leading accounting software provider FreeAgent, and offers seamless integration with it for easy access to real-time financial data and simplified expense tracking for your taxi business.
6. Transparent and Competitive Pricing: At GoForma, we understand the importance of cost-efficiency for taxi drivers. Our pricing packages are transparent, competitive, and tailored to accommodate businesses of all sizes. Rest assured, there are no hidden costs, providing you with peace of mind.
7. Certified Professional Accountants: Our taxi cab driver accountants possess industry-recognized qualifications and have a proven track record of delivering reliable and accurate financial services.
8. Timely Tax Submissions: GoForma ensures your tax returns and financial reports are prepared and submitted on time, reducing the stress of last-minute filings. With our unlimited support, you can stay on top of your financial obligations and avoid penalties.

What Does Our Taxi Driver Accounting Services Include:

Self-Assessment Tax Returns:

We handle your tax returns, ensuring they are accurately prepared and submitted on time.

Corporation Tax Returns:

If you run your taxi business as a limited company, we will manage your corporation tax returns.

Accounts Preparation:

We compile comprehensive financial reports to provide insights into your business's financial health.

Bookkeeping for Taxi Accountants:

Keep your financial records organized with our efficient bookkeeping services.

VAT Registration and Returns:

We assist with VAT registration and timely submission of VAT returns.

Payroll:

Ensure your staff is paid correctly and on time with our payroll management services.

Company Formation:

For those looking to set up a new taxi business, we provide company formation guidance from registration to companies house to each step of company formation.

Switching Tax Accountants?

Switching accountants can be a seamless process with GoForma. If you're a taxi driver looking to switch an accountant, get in touch with our team, and we'll handle the entire switching process for you. We'll review your taxation records and ensure a smooth handover from your previous accountant. Make the switch to GoForma today and experience dedicated service tailored to your needs. Drive your taxi business with confidence, knowing your finances are in expert hands.

GoForma - Best Choice to Hire Tax Accountants for Uber Drivers

Join hundreds of satisfied taxi drivers who have already experienced the benefits of working with GoForma. Read our Google and Trustpilot reviews to see what our clients have to say about us. Contact us today to optimize your taxi business finances and take advantage of expert accounting services.