Any other taxi drivers here ?

taxi36

Hello all.

Im a self employed taxi driver in my first year or so of driving .

I work from a rank . I have just completed my first tax return and hopefully all is in order.

I was getting great advice from another poster ncthomas1 which was a massive help and just though that maybe some of the more established drivers may well be able to offer me advice on what they do in regards to listing their expenses on the tax return.

There is the option if your business earns less that £68,000 per year to list the expenses as one individual sum in box 19 of the return.

Do you do this or do you list each and every expense individually in boxes 11-18 ?

Also , when it comes to the private use proportion of your car , do you calculate this first in your own books and then put only the business expense % on the tax return or do you list your expenses as a gross amount and then use another box on the tax return to deduct the personal use % ?

Last question , every expense I am putting onto my tax return is a genuine expense and I have receipts to back up every penny but , to me my expenses seem quite high in relation to my takings . As this is my first year I dont have anything to compare it to. Most of the other drivers in my rank are part time .

My total takings for the year are £15,500 and my expenses are £7,500. Would you be willing to share your income and expenses with me to compare ?


Thanks in advance.