DIY Accounting Cab Driver Accounts Software Questions and Answers
Tax Articles
Submit Articles Back to Articles
Do I have to enter mileage and vehicle running expenses in my taxi accounts.
Entering the mileage covered by the taxi is optional as the cabsmart package
automatically chooses the most expensive cost which produces the lowest tax
liability for cab and taxi drivers. The cabsmart taxi driver accounts package
can be used by either entering your vehicle running costs or the vehicle
business mileage.
Alternatively the cab driver can enter both taxi running costs and the taxi
mileage in which case the cab smart formulae within the taxi accounts package
automatically selects the highest cost to produce the lowest tax bill. Would the
cabsmart taxi driver accounts or the self employed accounts package be most
suitable for a driving instructor.
The self employed accounting software would be better containing additonal
analsysi not usually required by drivers. The purchase expense sheet is specific
to taxi driver expenses while the self employed package has increased analysis
not required by cab and axi drivers whose expenses types tends to be more
limited to vehicle running costs on which increased analsyis is provided
reflecting tghe needs of drivers.
The cabsmart package is most suitable for taxi, cab, private hire drivers,
van and lorry drivers to produce the accounts and complete the tax return.. The
taxi fuel expenses and mileage do not appear in the profit and loss work book.
The monthly profit & loss account was not updated by the taxi expenditure
entered on the expense spreadsheet.
The profit and loss account in the taxi financial accounts file is updated
automatically and so if this is not happening the links are not working or there
is a data entry error. A data entry error is caused if on the purchase expense
spreadsheet you may have entered the taxi expense item such as fuel expenses but
have not entered the code letter to analyse that expenditure using the list of
letters in the user guide.
The P&L account would also not be updated if you have changed a file name.
The third potential reason is that when the cabsmart financial accounts file
was downloaded you opened it first before saving and that has caused the link
structure to corrupt. The simple solution is to download the taxi driver
accounts templates again and save before opening and the link structure is
preserved. Taxi was sold and the sale value entered in the assets schedule but
now the profit and loss account is showing a REF error message everywhere.
The REF message is an indication that a data entry error has been made. It is
likely that you may not have entered the date the taxi was sold or you have not
entered the written down value of the vehicle. Enter the missing items and the
REF message disappears on the fixed assets sheet and the profit and loss account
which is fed from the fixed assets sheet. I bought the cabsmart taxi driver
accounts package several months ago but have lost it as my computer crashed. Do
I need to pay again.
No problem and no need to buy again. Return to the confirmation link that was
sent to you after purchase and download the taxi driver accounts package again.
If you no longer have that email forward a copy of your paypal receipt and the
link to the cab smart download page will be resent immediately. What capital
allowances can I claim from using my private vehicle for my taxi business.
Enter the vehicle description and cost in the fixed assets schedule in the
category for vehicles less than 12,000 pounds and the capital allowance will be
calculated automatically. As this is a private vehicle which is not wholly used
as a cab the percentage of private vehicle use can be entered in the box
provided and the capital allowance on the taxi will be adjusted accordingly.
Cars used as cabs or private hire vehicles are not subject to the first year
allowance or the annual investment allowance which was introduced. Writing down
capital allowances can be claimed for vehicles used as a taxi and were 25
percent of the written down value prior to 5 April 2008 and 20 percent after
that date.
Hackney cabs and mini buses are categorised for tax purposes as commercial
vehicles and the new annual investment allowance is claimable on those vehicles.
Commercial vehicles e.g. Mini Buses and Hackney carriages bs are treated for tax
purposes in the same way as plant and equipment. How do I enter a new taxi
purchase in the taxi driver accounts.
Enter the total purchase price of the taxi in the expenses spreadsheet
showing the date of purchase, description and total purchase cost. Use code
letter F to analyse the expenditure to fixed asset. Then visit the fixed assets
sheet and enter the date and description of the taxi plus the total cost. The
formulae within the cabsmart taxi driver accounts package automatically
calculates the capital allowances which it also places in the boxes on the tax
return.
About the Author
Terry Cartwright designs UK
Accounting Software on excel spreadsheets providing complete Small Business
Accounting Software solutions for small to medium sized business with
specialised accounting packages including Cabsmart
Taxi Driver Accounts that
complete the self employed tax return plus Payroll Software for small business.
Follow us @Scopulus_News
Article Published/Sorted/Amended on Scopulus 2008-06-03 23:14:39 in Tax Articles
