If, like us, you hope the next 12 months will be significantly better for the taxi trade, then it will pay to be prepared for the upturn. Getting ready for self-assessment is an important step to take.
As a private hire or taxi driver HMRC requires you to report your income and—to minimise your tax liability—you'll want to be able to show fuel and vehicle maintenance costs. It's good idea to keep records of everything in a systematic way so you can find it all when the self assessment deadline looms.
The UK-based business advice website Start Up Donut has an excellent step-by-step guide to the self assessment tax return for all taxi, private hire and Uber drivers.
The self-assessment guide for taxi and private hire drivers will show you how to:
The online submission deadline for your tax return next year will be 31 January 2022. Getting organised now means there will be no panic close to the deadline or, worse still, get a £100 fine for submitting your return late.
There is lots of useful business information and advice for drivers, owners and operators at the Start Up Donut.