Self employed taxi & van drivers tax return

To complete the small business tax software automated within the DIY Accounting taxi driver accounts software UK package, the taxi driver accounts software also applicable for van driver accounts produces an estimate of the income tax and class 2 national insurance contributions likely to be payable on the net profit earned.

No entries required. Fully automated to produce an estimate in real time of the self employed tax return liability. This excel spreadsheet, equally suitable for both taxi driver accounts and van driver accounts is available anytime during the financial year so users can view their potential income tax liability which DIY Accounting regard as an essential element of any small business tax software. Income tax payable is one of the most significant costs of any self employed businessman. No accounts software UK, no small business tax software can be complete without producing a self employed tax return being indicative of one of the major expenses of a taxi driver accounts package.

Up to date with the current income tax rates and tax allowances the small business tax software takes the net profit direct from the profit and loss account and calculates the tax payable in the example below of the self employed tax return calculation.

TAXATION CALCULATION 2008/2009	This section an indication and for your information only

Profit from Self employment		0.00
Minus 0708 Personal Allowance		0
Total income on which tax is due		0.00

Income Tax band 0 - 36000) at 20%		0.00
Income Tax band 360001+ at 40%		0.00
Income Tax payable		0.00
Deductions by contractors		0.00
Class 4 NI Contribution (Profit x 8%)		0.00

Amounts Payable by 31 January 2010
TOTAL Income Tax & NI Liability		0.00

FUTURE TAX LIABILITY (if over £500)	This section for your information only
	Due Date	Amount Payable
	Due Date	Amount Payable
Tax & NI Assessment 2009 - 2010	Previous Year	0.00
50% Payable	31-Jan-10	0.00
50% Payable	31-Jul-10	0.00
NOTES:
Working Tax Credit
Not taxable and not added to self employment income for tax purposes
Class 2 National Insurance
Payable at £2.30 per week
To receive Full Pension entitlement NI has to be paid 44 years out of 49 years (16 - 65)
UK residents aged 60 - 65 get 5 years bonus.
To confirm current NI / Pension entitlement years the helpline number is 0845 3000 168

New for 2007-08 DIY Accounting also include a wages forecast for the year, fully automated to advise the Taxi Driver exactly how much he is earning and the income tax and national liability on that forecast each month

Fully automated and updated with actual earnings to keep our Taxi Driver Clients on the fast track to good financial health.

Copyright © 2006 2007 DIY Accounting Last modified: 03/14/08

Copyright © 2006 2007 DIY Accounting
Last modified: 03/14/08