Specialist Accountants For Taxi Drivers
Working as a taxi driver can be very hectic and stressful. You could be running a taxi company that has an extensive fleet of vehicles, or simply be acting as a one-man business with a single vehicle. You might drive a black cab, an Uber vehicle or a private hire vehicle.
In any of these situations, though, if you make a living as a taxi driver, you could naturally be left with little time to spend on sorting through your accounts after a day or evening out on the road. All of this helps to explain the usefulness of having a specialist accountant at close hand.
An accountant for taxi drivers can make their busy lives easier by referring to each driver’s receipts, cash book and bank statements and using these to figure out the client’s income and expenses. These details can then be fed into a tax return subsequently filed on time with HMRC.
Why Taxi Drivers Ought To Hire Specialist Accountants
Part of the appeal of driving taxis as a job is its flexibility. As a taxi driver, you don’t necessarily have a boss — since, whether the company you work for specialises in taxi or private hire rides or is a big-name brand like Uber or Deliveroo, you are not directly employed by the company.
Instead, you undertake work in the capacity of the self-employed contractor — meaning that no cap is placed on your earnings. One major drawback, though, is that you are left with the job of handling all of your accounts, taxes and expenses — or at least outsourcing this responsibility…
A specialist accountant for taxi drivers can, when fulfilling accounting duties for you, factor in what your particular taxi-driving work involves. They can, for example, consider which of your work-related expenses they would be able to claim back from HMRC for you.
Notable Benefits Of An Accountant For Taxi Drivers
In a nutshell, the purpose of your accountant is to make sure you are paying the exact amount of tax you are legally required to pay. Underreporting tax would risk HMRC levelling costly penalties against you. Meanwhile, if you pay more tax than necessary, your profits could excessively suffer.
Though your work inevitably entails a degree of expenditure, an accountant can let you know what you would be able to claim as expenses. Good examples of eligible costs include those of fuel, insurance, servicing and repairs for your taxi vehicle.
This accountant will also be well-placed to file a personal tax return in your name. Once your taxi firm’s turnover has reached a particular level, you will be required by law to register for VAT — a step with which the accountant could also help you.
Why Get In Touch With Our Team?
Let Us Introduce You To An Appropriate Accountant
Are you looking for an accountant who would be able to familiarise themselves especially quickly with the financial obligations your work as a taxi driver imposes on you? If so, please enquire with us to find a suitable accountant — one with a particular insight into needs of taxi drivers.
Get Started With A Specialist Taxi Driver Accountant
Taxi Driver Accountancy Services
AccountantFor provides a comprehensive range of accountancy and tax services for taxi drivers through our exclusive network of vetted accountancy talent within the United Kingdom.
– Statutory accounts
– Management accounts
– Financial planning
– Business plan
– Growth modelling
– Tax investigation service
– Capital gains tax
– Tax advice and consultancy
– Company formation
– Registered office address
– Payroll services
– Corporation tax