If you are self-employed as a taxi driver you will need to provide HMRC with information about your earnings and them income tax based on your profit in your tax year. In 99% of cases your Sole Trader year will be the same as the personal tax year which runs from 6th April to 5th April the following year. It is actually possible to have a sole trader year that is not aligned with the personal tax year but this is highly inadvisable as it adds complexity and cost with minimal if any benefit.
For a flat fee of £299 + VAT per year we make the whole process simple and stress free. We handle everything, from your sole trader accounts, tax calculations to submission of everything to the taxman.
Your deadline for tax year is 31st January. For example, the last personal tax year ended was the 2018/19 tax year which ran to 5 April 2019. The return for this period is due by 31 January 2020.
A popular question, and a bit subjective. We suggest you aim to complete it nice and early, e.g. May - July, to minimise risk of losing any records, receipts, books, etc. and not have to worry about it for the rest of the year.
If you are Self Employed you may be able to claim taxable grants up to 80% of your normal monthly profit, capped at £2,500 per month.
Each year every Taxi Driver needs to calculate their taxes and submit a Tax Return to HMRC by 31st January.