What is Taxi Manager?

Taximanager has been developed to deliver a simple to use and comprehensive solution that will meet the majority of every day needs for a Hackney, private hire or UBER taxi driver, whether a Driver or Owner Driver. More »

Mobile friendly app

The web based application (APP) can be accessed either from a computer, tablet and smartphone. More »

Accountancy for Taxi Drivers

Perfect for your self assessment, or pass onto your accountant or go PRO with us and we will act as your accountants More »

 

Clever use of Capital Allowances for taxi driver in their self assessment

New user to Taximanager PRO, had prepared his own accounts and self assessment tax returns for many years.

After spending a lot of money on a new tax efficient Toyota Auris Hybrid private hire car, he decided to check on how to use the enhanced capital allowances. Finding Taximanager during his Google search, he then researched accountancy services provider PBT Tax Solutions and read some of their articles on Taxation subjects connected to the taxi industry.

This was in his view, the clincher to use Taximanager PRO full accountancy services for his 2014-15 return, which was submitted just this week.

User Mark was going to incorrectly use his capital allowances, which would have cost him an extra £586 in tax and class 4 National insurance contributions in 2015-16.

This is just one reason why one of our recent new users is so delighted with Taximanager.co.uk.

Do you qualify for Tax Credits or Housing benefit

Here are some quick links to various UK Government calculators which you can use, to help you establish if you qualify for any benefits.

Please note when you are self employed, the income figure that generally is requested, is the ‘profit’ figure. This is the amount left over after you have deducted all allowable business (not private) expenses from your takings, to arrive at a profit.Taximanager works out this figure throughout the year enabling you to use this figure so you can update the relevant department, if you are making a claim(s).

Please note the Government does not have any access to your information as this remains secure and confidential.


Useful links

https://www.gov.uk/tax-credits-calculator

http://taxcredits.hmrc.gov.uk/Qualify/DIQHousehold.aspx

https://www.gov.uk/housing-benefit

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.

Tax Ghost?

HMRC now have far more sophisticated ways of establishing whether a licensed taxi or private hire driver is in fact registered for Self Assessment on their system.
Quite often a driver does not know when to register, or has listened to ‘the man down the road that knows everything’.

Sometimes the driver does not know how to register with HMRC.

There is no point leaving yourself open to penalties, which at the end of the day will be far more expensive than doing it properly and registering on time. Well as part of our Pro Taximanager purchase we do offer a free registration service. Just leave it up to us.

We can either email you a list of questions to answer or you can simply provide the information over the telephone. Every individual is asked the same questions when registering with HMRC so we simply get the answers off you, then register you on your behalf as one of our clients.

So go on, and go PRO with Taximanager.
It is as simple as that!

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