What are the allowable expenses for a Taxi Driver?

Posted on 25/07/2019 by MyTaxiTax.ie

So what are the expenses that you are allowed to claim. Well anything that is 100% business related can be used to reduce your taxable profits down. These expenses are as follows:

Motor Running Expenses such as:

Fuel

Taxi Rental

Motor Insurance

Motor Tax

NCT

Car Wash & Valet

Motor Depreciation

(a proportion will be added back in
your tax return for personal use)

Repairs & Servicing

Licence Renewal Fees

Parking & Tolls

Accountancy

Printer Depreciation

MyTaxi/Uber Commissions etc

Meter Expenses

Finance Interest

Telephone

(a proportion will be added back in
your tax return for personal use)

No matter what anyone tells you, lunches are not allowable. If you are audited they will add these back and charge you tax, interest & impose penalties on it. Everyone has to eat. An allowance can happen if you have an overnight stay or a long trip from say Dublin to Cork.

Clothes is also not tax deductible. Are you going to go to work in the nude?? There is an allowance for branded clothing if you have to wear a shirt or jumper issued by a taxi company. Anything apart from this is not tax deductible.

Here is a great link to the Revenue that explains everything in more detail Revenue Business Expenses

MyTaxiTax

What is a Tax Clearance Cert?

Posted on 25/07/2019 by MyTaxiTax.ie

What is a Tax Clearance Cert?

Simply put, it is a electronic document, issued by the Revenue Commissioners that states that all of your tax affairs are up to date. It used to be a paper document but from the 01st January 2016 it has all been computerised.

For a Taxi Driver, this would mean that all income tax returns are filed and taxes are paid up to date but also any property tax due is fully paid.

Without a tax clearance cert it is very hard to renew a licence, apply for a NCT or to SGS your car.

Also if you are looking to get a loan from a financial institution, they would require one also.

Temporary tax clearance certs are possible to get for anyone with outstanding taxes. The individual would have to come to an arrangement with Revenue for the outstanding taxes. This usually involves a large down-payment and an agreed monthly installment plan. If the individual misses one month, the Tax Clearance Cert is revoked.

MyTaxiTax

What do I need to know as a new Taxi Driver?

Posted on 19/06/2019 by MyTaxiTax.ie

What do I need to know as a new Taxi Driver?

Are you new to the industry and wondering what your accounting and tax responsibilities are each year?

Do you know how or when to file a tax return?

Do you know what preliminary tax is?

Do you know how to apply for a tax clearance cert is?

Do you even know what books and records to keep and do you understand what a Revenue Audit is?

If you are unfamiliar to any of the above, try not to worry. You aim should simply be to concentrate on growing your taxi business and earning as much money as you possibly can and leave the burden of any administration work to us.
We specialise in taxi driver tax returns.
We have hundreds of very satisfied drivers on our books. We only charge €179 a year, that is less than €3.50 a week. We don’t even have to meet you, everything can be done online and it takes less than 10 minutes to complete, what we call, “An Online Consultation” In a later post we will explain this process.

All that you need to worry about is keeping track of your income and all business expenses. In a later post, we will explain all allowable expenses and some that are not allowed, even if a friend says they are.

So welcome to the industry. It is a great time to be taking this step into being a Taxi Driver as things are picking up so well at the moment.

MyTaxiTax