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| *Loan,banking and credit>>>car tax |
In uk, for self employed taxi driver, how much % tax back can you claim on petrol, car etc? |
In uk, for self employed taxi driver, how much % tax back can you claim on petrol, car etc? You can claim all of your business miles back. If you have earned say 拢10,000 but spent 拢3,000 on fuel then your net earnings are 拢7000, that's the amount you will be liable for income tax on. Also any servicing costs etc.. are tax deductable. 2 ways of doing it depends on how you use the car more details would help - ie car purchased just for business or used for private use as well think your best bet is to talk to the tax people they can be very helpful .. you may find that you can claim more than just the petrol ..maybe even wear and tear good luck you take all your expenses of your profit before tax. if you are vat registered you can claim 17.5% on all expenses. but you would have to pay any vat charged to your cusomers one offsets the other. there is a threshold to be vat registered ask you local tax office. hope this helps. If the car is ONLY used for taxi work and not for private use at all. Then you can expense at 100% all receipts that you collect for the maintenance, petrol, insurance, tyres etc etc. If you use the car for private use this will be considered 'benefit in kind' and you will be taxed on this portion of use. By buying a cheap 2nd vehicle or motorbike, or by having a partner with a car you could very easily argue to the inland revenue that the taxi was solely for business use and receive maximum tax breaks. Remember you will also be able to claim depreciation for the value of the car over it's useful life against your earnings. 75% as far as I know. You can arrange a meeting with your Tax officer to agree a different (higher) % but you have to be able to justify and prove it. Yolande Lindridge |
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