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 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.
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.
Company registration number (05306798). Registered in England. Registered address: 28-31 The Stables Wrest Park, Silsoe, MK45 4HR.