Nowadays there are a lot of computer programs professing to allow taxi drivers to compile their own accounts but we say that you are much better off going to a specialist taxi accountant. They will have loads of knowledge that can't necessarily be put into a computer program.
Compared to "The Knowledge" recording Income and Expenses for a Taxi Driver is frankly easy. Income is either Cash Takings or Cash Takings augmented by Account Work. Cash Takings should be recorded daily whilst Account Work is paid direct to your bank account with fully detailed schedules provided.
But what of expenses?
A taxi driver will incur some or all of the following :-
Fuel, Annual Overhaul, Repairs and Services, Taxi Rental, Road Tax, Insurance, Licences, Terminal Rental, Circuit Charges, Cleaning and Valeting, Airport Parking, Parking Charges Generally, Telephone and Communication Costs, Stationary, Trade Subscriptions, Loan or HP Interest, Bank Charges, Accountancy Fees
Most of these costs are incurred in cash and should be recorded daily and for any items paid by cheque then you have a cheque book stub entry as well as a bank statement and an invoice to refer too.
Our fees are very competitive. Within our annual fee, we will accurately complete your Tax Return and ensure the Inland Revenue receives it within their deadlines.
We will in addition to your taxi accounts and tax return, assess within your annual fee whether you are trading in the most tax efficient manner and whether a limited Company might be tax efficient.
More complex returns are individually priced but individuals find our fees extremely competitive.
In addition to Licensed Taxi Drivers we offer a full round accountancy service and business advise, to clients who have additional requirements from business start ups to property accounts and dealing with tax efficient advise on investment property.
If you would like to discuss the matter in confidence your first consultation is without charge or obligation and we will meet at a time that fits into your timetable.
For full details of all our services please visit the services page.
As practicing accountants for many years we recognise that accounts and tax returns for taxi drivers is not "rocket science".
We therefore have a special charge for all taxi drivers of £250