DIY accounting and payroll
software limited company formation UK
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HM REVENUE & CUSTOMS SELF EMPLOYED TAXI & VAN DRIVER SELF ASSESSMENT TAX RETURN The following tables are the excel spreadsheet copies of the HM Revenue & Customs self assessment tax return that is integrated within all the self employed tax return systems provided by DIY Accounting to make it the best accounting software in the UK for the self employed taxi driver and van driver. Why is this the best accounting software for the self employed taxi driver? Compare accounting software? In that accounting software comparison how many produce small business tax software that will produce your HMCE, self employed self employed tax return. The answer will be not many if any at all which is why we believe this is the best accounting software for the self employed. No entries are required to complete this inland revenue self assessment tax return which is completely automatically as part of the small business tax software within this, the best accounting software. When the self employed accounts have been completed this inland revenue self assessment tax return is ready to be printed ready for you to go online and enter the accounts direct to the inland revenue website who will then automatically calculate your tax liabilities Inland revenue SELF EMPLOYED self assessment tax return Page 1 The capital allowances section of the self assessment tax return form is the most difficult for taxi drivers who are not conversant with the tax system. Completing the self assessment tax return requires the self employed taxi driver to understand capital allowances that can be claimed against taxis and mini cabs. For taxis the first year allowance is currently 50%, 2007-08 and in subsequent years the writing down allowance is 25% of the balance. Special rules apply to vehicles and of particular interest when preparing the taxi driver accounts. These special rules certainly affect taxi drivers many of whom will find they are not eligible to claim the 50% first year allowance on their taxi. The first year allowance applies to commercial vehicles such as hackney cabs but not to cars used for taxi business. Also on page 1 of the supplementary self assessment pages are boxes to enter the sales turnover, total expenses and net taxable profit for small business with a sales turnover including the total of the capital allowances is under £15,000. If turnover is over this lower threshold then a more detailed analysis of income and expenditure is required on page 2.
Inland revenue self assessment tax return Page 2 When turnover exceeds 15,000 pounds as the annual sales turnover for a taxi driver normally is then totals are required of the sales and business income and then deducted from that total the cost of sales which is split into three categories of expense. Cost of sales is the direct costs of purchases which are resold, these purchases usually being physical materials but should also include any services which are bought for resale. Specifically a taxi driver would enter the vehicle running costs in the cost of sales section as vehicle costs are the main items purchased which are effectively resold to taxi passengers and the taxi driver accounts should be arranged in this format..
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