LETS START Blog How To Produce Taxi Driver Accounts Plus TAXATION STATEMENTS In Less Than 2 Hours

How To Produce Taxi Driver Accounts Plus TAXATION STATEMENTS In Less Than 2 Hours

Since the majority of taxi drivers, but certainly not all, have little accounting or bookkeeping knowledge the low the level of expertise required the more desirable such an accounts package will undoubtedly be. Data entry basically consists of just 3 records, as an excel spreadsheet for taxi receipts; another for taxi expenses and also a further worksheet where assets like a vehicle could be recorded.

Taxi receipts are entered on some excel worksheets within the taxi income work book preset with each day of the financial year. Weekly and monthly totals are added and transferred through the linking system from the taxi bookkeeping sheets to the taxi financial accounts sheet.

Taxi expenses are listed on some twelve monthly spreadsheets which have preset columns with appropriate headings for taxi drivers to record office and rental costs, fuel bills, other vehicle costs and licence fees. The total of each expense is entered on each row and an individual letter used to then analyse the taxi expense to the column required. Much like the taxi income sheet the columns are then automatically added which includes a check up on data entry accuracy before being transferred to the taxi driver accounts sheet.

Cash and bank spreadsheets aren’t provided as not necessary by taxi drivers as taxi drivers do not need to create a balance sheet.

Besides entering purchases on the taxi expense sheet the only real other entries required from the taxi driver to produce a set of taxi driver accounts would be to also enter vehicle and any other assets purchased on the fixed asset spreadsheet. The fixed asset spreadsheet having recently been preset with both depreciation rates and the administrative centre allowances that taxi drivers can claim. The taxi accounts software is then complete.

The financial accounts file contains formulae to produce a monthly profit and loss account which includes the taxi capital allowances from the fixed asset schedule.

A unique feature is that both mileages covered and vehicle running costs could be entered. maxicab in the UK declare that drivers cannot claim both mileage allowances and vehicle running costs. It must be one or another and only at the end of the financial year when it becomes clear which is the most tax efficient.

This taxi accounts package compares both the mileage cost and the automobile running cost and automatically selects probably the most expensive. This ensures the best costs are selected into the calculation of the web taxable profits and highest cost equals lowest tax bill.

Also in the taxi accounts file can be an excel spreadsheet designed with exactly the same layout, colour codes and box numbers as the inland revenue self assessment tax return. The taxi self assessment tax return is completed automatically by the cabsmart taxi accounts software. No entries are required leaving the taxi driver only to click print to produce the self assessment tax return.

Finally having calculated the net taxable profit for the entire year the accounting package also has a tax calculator that calculates how much income tax and national insurance to be paid.

The taxi driver accounts package has been tested often and the annual receipts and expenses for a complete year take approximately 2-3 3 hours to enter, and have been completed in less than 2 hours. The end product is a full group of taxi driver accounts like the self assessment tax return.

Both couriers and van drivers have similar businesses to taxi drivers for the reason that they move items from one place to another similarly where taxi drivers move folks from one location to another. And due to the similarity running a business activity then this taxi accounting package will be equally ideal for couriers and van drivers.

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