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Where Taxpayers and Advisers Meet
Running a taxi business - questions about tax relief
Just started a taxi business and have a few questions which I would be grateful for help with. Borrowed £5k (interest free and I repay when I can) from a friend to buy vehicle. Can I claim capital allowances on the cost of the vehicle? Can I claim anything for the loan? As regards expenses, can I claim a mileage allowance (how much?)or do I need to keep petrol, oil etc receipts and claim actual expenses aginst takings? THank you.
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caron.66@virgin.net
- Posts:5
- Joined:Wed Aug 06, 2008 3:11 pm
You can claim Capital Allowances on the cost each year (the value depreciates each year)
Can only claim relief for Loan Interest paid,not the actual repayments.
Taxi Drivers dont claim mileage allowance, but they claim actual cost of motoring expenditure, petrol,servicing/repairs, tax/mot, licence fees, office costs (if applicable), car washes.
All expenditure/Capital allowances are restricted to business use (say you use vehicle for personal use 20%)you would claim 80% Business
You must retain all receipts incase the Revenue enquire into your Return as they will ask you to verify expenditure.
Hope this helps.
Caron - Thompson Kimti Accountants, Gateshead.
Can only claim relief for Loan Interest paid,not the actual repayments.
Taxi Drivers dont claim mileage allowance, but they claim actual cost of motoring expenditure, petrol,servicing/repairs, tax/mot, licence fees, office costs (if applicable), car washes.
All expenditure/Capital allowances are restricted to business use (say you use vehicle for personal use 20%)you would claim 80% Business
You must retain all receipts incase the Revenue enquire into your Return as they will ask you to verify expenditure.
Hope this helps.
Caron - Thompson Kimti Accountants, Gateshead.
-
King_Maker
- Posts:6538
- Joined:Wed Aug 06, 2008 3:22 pm
That is not quite the whole story.
Up to 5 April 2002, taxi drivers were not permitted to use the FPCS mileage rates.
However, this changed from 6 April 2002. Although the turnover limit (set at the VAT Registration threshold)still applied (as it does to other self-employed), taxi drivers were no longer excluded from using mileage rates (AMAP), if they so wished.
Warwick.
Up to 5 April 2002, taxi drivers were not permitted to use the FPCS mileage rates.
However, this changed from 6 April 2002. Although the turnover limit (set at the VAT Registration threshold)still applied (as it does to other self-employed), taxi drivers were no longer excluded from using mileage rates (AMAP), if they so wished.
Warwick.
LOan required for Taxi Business London
HI
We are a taxi company Hummingbird Cars in London. We provide Airport Transfer service from all london airports.
We are new in the business and we require to buy new cars can anyone suggest which is the best financing institute who can provide low interest rate Loan
http://www.hummingbirdcars.com
Thank you
Tom
We are a taxi company Hummingbird Cars in London. We provide Airport Transfer service from all london airports.
We are new in the business and we require to buy new cars can anyone suggest which is the best financing institute who can provide low interest rate Loan
http://www.hummingbirdcars.com
Thank you
Tom
