Deliveroo driver Tax return Accountants Guide
Will Shu the founder and also the CEO of the Deliveroo received motivation after his amazing journey to a great city that was endowed with rich restaurants but they only had one shortcoming! most of these rich restaurants could not really do the food delivery. Will Shu decided to initiate the best local restaurants that could deliver foods to the client s doors.
Deliveroo has since seen a greater growth that’s is approximated at 650% following its convenient and the most reliable food deliveries! Customers can really get their full supply by just making a call. The restaurants partnering with this amazing company has also seen the growth of over 30% and has really done great in creating job opportunities for the people.
Independent self-employed drivers sometimes find it difficult handling issues of the tax. Some drivers are really not educated on the bookkeeping and also the taxes and sometimes they pay the excess or even subjected to some penalties.
All these issues can be really sorted out when a proper accountant who understands s the tax mechanism is employed. You can always contact us for assistance.
Four major bookkeeping requirements for efficient Tax management;
1. The deliveroo driver must have the register with HMRC using there website as self-employed
2. The second step is to ensure that business transactions documents such as the receipts and the expenses are just kept for the year end.
3. The Deliveroo driver should also ensure that they do the self-assessmen tax return which consists of the income and expenses before 31st January of every year.
4. Other liabilities such as the pending tax or the national insurance must be paid before the 31st January every year.
Drivers of the Deliveroo are entitled to some allowable expenses which have really done a lot in reducing their tax bill. Taxes are always paid on the amount that is left after subtracting the allowable business expenses. They include;
Mileage claim is always entitled to the drivers who own a car. When the claim is made, the eligibility to claim for the cost of the car, servicing and also the insurance is canceled. The first 10,000 miles attracts the rates of 45p and then after which it attracts 25p thereafter.
Purchasing a new vehicle will actually make you liable to claim all the cost in a few years with the following rates;
up to 130g/KM will entitle you to an 18% capital allowances while those that exceed 131/KM will entitle you to an 8% capital allowance.
Car Lease payments
There is also an allowable deduction for the car lease at whilst working as a Deliveroo driver. You can always deduct the amount that is obtained from the cost of the lease, insurance and also the repair cost every month!
Service charges and commission at Deliveroo
Deliveroo drivers can claim deductions for the following services; Tolls and parking charges, insurance, the bank charges, car cleaning, accountants fees vehicle and public liability fee.
Finding a good accountant for your business
Finding the best accounting firm has always been an easy task following the large variety of accounting firms that really offer the same service. They offer the accounting services to the Deliveroo drivers who find the accounting work tedious. GM professional accountants has played an important role in providing deliveroo drivers with mobile apps that enables them recording of the daily transactions.
Among the key roles played by the firms are;
1. Create a Self assessment record with HMRC
2. Are responsible for the bookkeeping and accounts to judge the real profit of the driver.
3. Provision of the mobile Apps that will enable the drivers to do record keep
4. Keep track of all the business expenses and also the income.
5. Keep a record of all the vehicle details such as the mileage.
6. They also provide the preparation of accounts for filling to HMRC
Other roles are the bits of advice on the importance of the record keeping and also they do help in issues that prevent a tax investigations.
For the individual accountant, it can go up to 250 GBP while companies may cost more than 600 GBP. It’s always advisable to check the ratings of any accountant before hiring.