Self-assessment and the taxi driver

Feb 9, 2021

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.   

Taxi driver self assessment guide

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.

Three key tax steps for taxi drivers 

The self-assessment guide for taxi and private hire drivers will show you how to:

  • Register as self employed
  • Understand your expenses
  • Know your deadlines

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.

We are the largest supplier of vehicles for the cab trade in England and Wales. We aim to provide the best combination of Price, Service and Delivery. With 70+ years combined experience in the cab trade, we will help you find the perfect vehicle. 

Bus and Taxis Direct Ltd T/A The Taxi Shop is authorised and regulated by the Financial Conduct Authority (674319). We act as a credit broker not a lender. We can introduce you to a limited number of lenders who may be able to offer you finance facilities for your purchase. We will only introduce you to these lenders. We may receive a commission payment from the finance provider if you decide to enter into an agreement with them. You may be able to obtain finance for your purchase from other lenders and you are encouraged to seek alternative quotations. If you would like to know how we handle complaints, please ask for a copy of our complaints handling process. Visit Financial Ombudsman for information about how to refer a complaint. 

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