FFA accountants are qualified and keep up to date knowledge about Uber/Taxi cab drivers accounts and are available to assist in preparing accounts, claiming correct allowances and expenses so that you can pay correct amount of taxes to HMRC. Don’t let HMRC to estimate your earnings and cost of running your vehicles. You must keep good records to prove your earnings and cost.

You can claim following if you are eligible:

• Mileage Allowances/Simplified Mileage Expenses

Drivers can claim as an alternative to vehicle running costs mileage allowances of 45p for the first 10,000 miles and 25p per mile thereafter.

• Capital Allowances

You can claim capital allowances on cars you buy and use in your business. This means you can deduct part of the value from your profits before you pay tax.

• • cars do not qualify for annual investment allowance (AIA).
  • You can’t claim simplified expenses for a vehicle you’ve already claimed capital allowances for, or you’ve included as an expense when you worked out your business profits.

• Taxis/car bought on hire purchase

Capital allowances on original cost, interests, admin costs. etc

• Taxis/car running costs