Category Archives: HMRC

Happy New Tax Return 2016-17

Happy New Tax Return 2016-17

Self assessment 2015-16 – get ready to update so we can submit
Self assessment 2016-17 – Make life easy – RECord your entries NOW!!

Dear Taximanager user/PRO clients and all registered interested parties

First of all, we at Taximanager wish to thank all of our long standing users, in this our sixth year for your continued custom. Those of you who have been with us from the beginning know how easy it is to look back at all of your previous years entries whenever you want to, sometimes only just to make comparisons between this and past years accounts.

2016-17

Well this last Wednesday 6 April 2016 marked the beginning of the new tax year, so why not celebrate and make life easier for yourselves.There is a saying only handle a piece of paper once, so why not immediately start to record your entries for 2016-17 straight onto your Taximanager account. Dont forget that it is saved in the cloud so your records are safe and secure.

2015-16

Since 6 April 2016, we are now able to submit your self assessment return, once all of your entries and details where applicable such as other income etc have been provided.

We will send out additional guidance over the next few weeks to help with the finalisation process.

Our recommendation is now you have purchased Taximanager you might as well update your entries now, so the process of submitting your return can commence. This way you will know the correct figure for your self assessment return, and know what tax liability you have to pay by 31 January 2017. Also if for some reason your profit in this year is less than the previous year, this may reduce any payments on account payable.

2015-16-play catch up

Even if you have not registered or bought our 2015-16 you can still buy for this year and you can still complete your entries historically to enable you to have figures ready for your 2015-16 self assessment return, or for us to submit your return if you go PRO.

It is all as simple as that.

As always we are here to answer your questions, and still provide a personal service.

UBER drivers – Get ready for HMRC

So you have now become an UBER driver.

Having successfully joined the organisation and whether you have transferred from another operator, or are new to the taxi industry having gained your Private Hire license,
you are all set to go out and hopefully earn some money.

The beauty of being involved with UBER is that you get paid directly into your nominated bank account.

So what do you do now?

You will then want to deduct the cost of every aspect of taxi driving, your license fee, motor running costs including fuel, repairs, insurance and road fund license, mobile phone,cleaning,parking and toll costs to name but a few.

Well one thing you will have to do at some stage is tell HMRC. You are always best advising them straight away in order that you do not fall foul of any penalties they may charge for late registration.

But there is another reason. This is really so that you can budget for any future tax or national insurance bill which is something that is easily put to one side and left until the last minute.

One thing is for sure you will need to record both your income and your expenses and this is where using Taximanager is the perfect solution for you.

We can provide a WEB based APP which you can easily access through logging on and simply record your income and expenses as you go along. This will give you an immediate profit and loss account which is vital, so that you are aware how well you are doing profit wise. We have even built in a calculator that will tell you roughly how much money you should be setting aside for any future tax liability and this can be adjusted to suit your circumstances, as to whether you are a full-time driver with no other job or like a lot of drivers at UBER  you are doing this on a part-time basis.

One of the greatest errors of self-employed individuals is that they leave their tax matters until the last minute. Many find themselves in a position where they have no idea what their tax bill is likely to be and it comes as a complete shock especially when looking at the delays from start up of self employment to the first date when your tax is payable.
Users at Taximanager never have this problem, and the added bonus is that the same profit figure is also used for HMRC tax credits and where applicable housing benefit applications when up-to-date profits are often requested. This is an ideal solution to your accounting needs, just access your account from any smart phone, tablet, PC to update your records anytime, and have your information securely saved in the cloud.

For those who use our PRO version they get full taxi driver accountancy back up, their tax return is also submitted to HMRC, and at the end of each tax year a copy of the accounts, receipt for the submission of the return, tax computation, and tax return are all sent to you which is an excellent unrivalled service.

Oh and I can hear you asking, how much does this cost. So how does £79 per year sound for our superb service.

Don’t hesitate, join hundreds of returning happy clients and sign up today.

Taxi driver records for HMRC

HMRC have now decided after 4 years that they are winding down the Business records review from 20 October 2015.

This is not to say that the checks will never take place in the future. HMRC can only formally check a persons records of income & expenditure by opening an official enquiry or intervention that it is now known by, however the business records review has been a project to send officers out before the tax return is sent in to see if they are maintaining good and proper records, that ultimately are behind the summaries put on the individuals return.

Where record keeping is found to be unacceptable this has flagged up the individual for closer scrutiny once the return is sent in.

We at Taximanager are pleased to be able to report that users of our system for recording income and expenses has been reviewed by officers of HMRC and found to be exemplary.

Our system of recording your entries in the cloud was regarded as excellent. With this we feel our users can be confident that this is an excellent way forward to maintain your business records, ready for when you complete your Self Assessment tax return yourself, by us, or by anyone else you choose to provide the information to.

Remember, no one has access to this information, including HMRC, it is totally private and confidential.

Paul Taylor
PBT Tax Solutions
Acting for Taximanager