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Self employed taxi drivers in common with other self employed businesses are required to submit a self assessment tax return form each year reporting the main totals from the taxi drivers accounts. The final submission date for these accounts to enable the tax authorities to calculate the tax payable is 30th September while the final deadline for submission of the self assessment tax return is 31st January. Miss the 31st January deadline and the penalty fine is 100 pounds.

The simplest solution to preparing the taxi driver accounts is to collect all the taxi receipts and expenses together, hand them over to an accountant who will prepare your self assessment tax return and might charge between 150 to 450 pounds for the privilege. That is taxing. Taxi driver accounts does not have to be that taxing. You can prepare your taxi driver accounts and self assessment tax return yourself but do something.

These taxi driver notes in preparing the taxi driver accounts and completing the self assessment tax return are to assist that process.

Mileage Allowances

Taxi drivers can claim as an alternative to vehicle running costs mileage allowances of 40p for the first 10,000 miles and 25p per mile thereafter. You may not claim mileage allowance and vehicle running costs. Should you choose to claim the mileage allowance then keep good records of mileage covered, purpose of journey.

Taxi Capital Allowances

If you bought a vehicle in the financial year 2007-08 and used the vehicle as a taxi you can claim a first year writing down tax allowance of 25% of the cost of the taxi, restricted to 3,000 pounds for vehicles costing over 12,000 pounds. On vehicles purchased in previous tax years you can claim 25% writing down allowance on the balance not yet claimed. Many taxis are bought and sold each year and where a taxi is sold the capital tax allowance that can be claimed is the difference between the written down value for tax purposes and the amount of sale proceeds. First year allowance on non vehicle assets in the current tax year 2007-08 is 50% for small businesses.

Taxis bought on Hire Purchase

Claim capital allowances on the original cost of the vehicle, interest and other charges count as business expenses and go in the self assessment tax return box 3.61 Other Finance Charges

Taxi Running Costs

When completing the self assessment tax return taxi drivers should enter fuel costs in box 3.46 cost of sales not motoring expenses. A standard check carried out by any competent inland revenue inspector enquiring into a self assessment tax return would be to check when the taxi driver was on holiday and examine if fuel receipts had been included for this period. Not many tax returns are enquired into as the system is based upon trust but taxi drivers should ensure their accounts do not contain this fundamental tax fiddle. Taxi running costs also include repairs, servicing and parts including tyres, road tax, taxi insurance and AA/RAC membership. Include radio hire and taxi office costs in general administrative expenses.

Household expenses

If you run your taxi business from home you can claim a proportion of household expenses as business expenses in the taxi accounts. Household expenses are likely to be disallowed unless they are either specific to the business or a specific area of your home is devoted entirely to your taxi business. Using part of a room part time would not be sufficient to include the household expenses in the taxi driver accounts.

Spouse Costs

You can claim expenses for partners who work for your taxi business and payments up to 100 pounds per week would not attract income tax or national insurance however any payments claimed in the taxi driver accounts must be real payments for real work done. The Revenue naturally adopt a strict view on taxi expenses claimed for partner work as it is an area some people might use to reduce the tax liability. Care is required to justify the partner as an expense.

Other Expenses

Enter all business expenses in a named expense box on the self assessment tax return. Avoid entries in box 3.63 Other Expenses if possible as any significant amounts in this box may give rise to an Revenue enquiry into the self assessment tax return.

The best method of ensuring the taxi drivers tax bill is as low as possible in the future is undoubtedly to meticulously maintain good records of all taxi receipts and expenses and mileage covered which offers the opportunity for taxi drivers to compare the taxi running costs against mileage allowances and choose the most tax efficient option. The decision to claim mileage allowance or taxi running costs can and often does change during the financial year. In general when a more expensive taxi cab is purchased then the capital allowance of 3,000 pounds will often outweigh the potential mileage allowance although if the vehicle is low value the mileage allowance might be the best option and a method of saving valuable tax pounds which you are entitled to. The best taxi accounting software will automate the comparison of taxi mileage allowances with taxi running costs doing the taxi accountants work for you.

Any business, irrespective of its size, wants to earn more profits while curbing or eliminating losses that it has been incurring due to the negligence or shortage of an accountant or a bookkeeper. However, it is a well-known fact that any large, medium or small business enterprise comprises of an accounts department and needs experienced and efficient people who can take care of every transaction that is taking place on an everyday basis in the company. Well, if you or your company is looking for an efficient worker, then you can always hire an accountant who can prove to be good choice, for your accounting services.

With the help of an accountant in New York, the company will be able to earn more profits and will also be able to eliminate losses that have cropped up during a financial year. It is necessary to keep the transactions up dated and intact as it reduces the burden from the shoulders of the financial department. Although, the accounts section tries to give their best shot to maintain the records but due to their involvement in various other works, it is not possible to execute work proficiently. However, with the help of a professional accountant of any New York firm, the companies who are in constant search of professionals can relax. The New York company that offers accountancy services keeps them confidentially on a regular basis. In fact, an accountant helps in elevating and enhancing the company's performance along with the profits.

It also helps in cutting down the losses that have happened because of the loss of business strategies and absence of proper workforce and tools. However, when a question of maintaining accounting books and sheets arises, then one does not have to look around for help instead! Simply hire an accountant New York professional who can offer the best and most accurate services for keeping accounts running and intact as well. In fact, accountants from New York can assist the organization in avoiding goof ups and unwanted problems that are usually witnessed during the financial year. Therefore, do not take time on deciding for the services from them, and call them immediately so that you and your company can relax during the taxing period. Well, the work of an account from a New York company is just not to offer you with accountancy services or make you aware of the profits and losses only, in fact, it also offers solutions to help you in enhancing the services of your accountants and the company on the whole.

Moreover, the firm also provides training to the accountants on various tools that can actually take the burden of lethargic accountancy services off their shoulders. An accounting professional also utilizes a variety of accounting software that helps the organization to maintain and keep financial reports accessible without any hassle. The software is easy to handle and can store huge data easily. This way, you will be able to keep the transactions intact and will also save the time by not flipping the pages again and again. Hence, an accountant in New York is a best bet you can have as it offers support your business.

In case your restaurant is ready to venture into e-commerce, this might be the right place to take your business to high-levels. Read further to know more.

Many reputable banks and financial institutions offer merchant account for restaurant owners. To apply for a merchant account, all you need is a decent credit history, a viable business plan and a bank statement. Most banks or financial institutions offer online application so you can apply in minutes.

It takes not more than a day to get approved for a merchant account for restaurant. Almost everyone with a good credit history and a strong business plan gets approved for a merchant account these days. With a few days, your credit card processor will be installed in your restaurant and you can start accepting credit cards form your customers. In case your restaurant provides food home delivery to the customers, you can go for a wireless unit. Customers would love your sophisticated method of operating business. Impressed by your services, your customers will refer your restaurant to others. Hence, increasing your sales as word of mouth is considered best for a business.

Once you get a merchant account for restaurant, you could set up your own business web site. Get help of a professional web-designer to create a web site for your restaurant. Establishing a web site of your own business gives your business an edge over others. Make sure your web site looks attractive yet professional. You can include information about your business such as location, map, menu, price list, wine list, owner, chefs, etc. Food arranging or meal planning tips might be offered weekly to keep customers coming back for the newest postings on your Web site, which serves as a marketing tool and a bridge that keeps customers connected to your restaurant when they are not visiting.

You can also include discount coupons or free beverage that induces people to keep coming back to your web site. The more your customers visit your web site the more likely they will order and pay online.

Establishing your own business web site will add an extra boost to the sales of your restaurant. Your web site will help you appreciate your impact on a global arena. It becomes easy to reach people at far away places. Your customer base expands significantly hence, your profits increase. These are some of the attractive benefits of a merchant account for restaurant owners.

If your credit history is good enough and your business is already doing pretty well, it means it's time for you to accept credit card merchant account payments for your goods and services. To start, shop for a reputed bank or financial institution that offer a merchant account. Internet is considered one of the best options to look search for the best deals.

To make yourself felt globally, you could open a credit card merchant account. Within a few hours of your approval, you are enabled to install a credit card processing unit that makes online payment easier for your customers. Your work becomes simpler and you don't have to anymore rely on human resource to manage accounts. The work is done without any error and your profits increase significantly. Customers highly appreciate your sophisticated method of accepting payments and would love to do business with you.

A merchant account will enable you to purchase or lease the right equipment that will let you start accepting credit cards at your company or website. In case you operate your business from a permanent location, you.

could opt for a credit card processor or an e-check or debit processor only for a few hundred dollars. For a business that needs the employee to deliver goods to residential or business customers, a pager or a digital system is the best.

Setting a website of your business gives you the extra boost to your sales. It is considered the next best thing after starting accepting credit card payments. A well-designed website creates an everlasting impression on the customers and keeps them coming back for further purchase of your goods or services. A website makes it convenient for those customers to shop from your business who can not physically visit you. Also, a website helps you reach out to people whom you can not get in touch personally. Hence, your client base expands without much hassle.