Cheap taxi driver tax returns and accounts

What are the allowable expenses for a Taxi Driver?

What are the allowable expenses for a Taxi Driver?

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

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