How To Produce Taxi Driver Accounts Plus Tax Returns In Less Than 2 Hours
Since the majority of taxi drivers, but certainly not all, have little accounting or bookkeeping knowledge the lower the level of expertise required the more suitable such an accounts package will be. Data entry basically consists of just 3 records, being an excel spreadsheet for taxi receipts; another for taxi expenses plus a further worksheet in which assets such as a vehicle can be recorded.
Taxi receipts are entered on a series of excel worksheets within the taxi income work book preset with each day of the financial year. Weekly and monthly totals are added and transferred through the linking system from the taxi bookkeeping sheets to the taxi financial accounts sheet.
Taxi expenses are listed on a series of twelve monthly spreadsheets which have preset columns with appropriate headings for taxi drivers to record office and rental costs, fuel bills, other vehicle costs and licence fees. The total of each expense is entered on each row and a single letter used to then analyse the taxi expense to the column required. As with the taxi income sheet the columns are then automatically added which includes a check on data entry accuracy before being transferred to the taxi driver accounts sheet.
Cash and bank spreadsheets are not provided as not required by taxi drivers as taxi drivers do not need to produce a balance sheet.
In addition to entering purchases on the taxi expense sheet the only other entries required from the taxi driver to produce a set of taxi driver accounts is to also enter vehicle and any other assets purchased on the fixed asset spreadsheet. The fixed asset spreadsheet having already been preset with both depreciation rates and the capital allowances that taxi drivers can claim. The taxi accounts software is then complete.
The financial accounts file contains formulae to produce a monthly profit and loss account that includes the taxi capital allowances from the fixed asset schedule.
A unique feature is that both mileages covered and vehicle running costs can be entered. The tax rules in the UK state that drivers cannot claim both mileage allowances and vehicle running costs. It has to be one or the other and only at the end of the financial year when it becomes clear which is the most tax efficient.
This taxi accounts package compares both the mileage cost and the vehicle running cost and automatically selects the most expensive. This ensures the highest costs are selected into the calculation of the net taxable profits and highest cost equals lowest tax bill.
Also in the taxi accounts file is an excel spreadsheet designed with the same layout, colour codes and box numbers as the inland revenue self assessment tax return. The taxi self assessment tax return is completed automatically by the cabsmart taxi accounts software. No entries are required leaving the taxi driver only to click print to produce the self assessment tax return.
Finally having calculated the net taxable profit for the year the accounting package also has a tax calculator that calculates the amount of income tax and national insurance to be paid.
The taxi driver accounts package has been tested many times and the annual receipts and expenses for a full year take approximately 2 to 3 hours to enter, and have been completed in less than 2 hours. The end product is a full set of taxi driver accounts including the self assessment tax return.
Both couriers and van drivers have similar businesses to taxi drivers in that they move items from one place to another in a similar way in which taxi drivers move people from one location to another. And because of the similarity in business activity then this taxi accounting package would be equally suitable for couriers and van drivers.
Terry Cartwright, a qualified accountant in the UK, designs Taxi Driver Accounting Software at:
http://www.diyaccounting.co.uk/taxi.htm written on excel spreadsheets for Taxi Drivers wishing to save money and produce the self assessment tax return http://www.diyaccounting.co.uk/taxi.htm
How To Find The Right Tax Consultant
When it comes to tax consultants London it can be hard to know which one to choose because there are so many to choose from. There are certain things you can look out for and ask for though that will help you to get the most out of the person you have hired. Once you have found the tax consultant that is going to suit your needs the best, you will find that your job becomes a lot easier and more stress free.
It is important that you choose a company that you completely trust as they will have complete access to all of your financial records and documents. This means that don’t go with a company just because they are cheap. It is possible to find good deals out there but sometimes you get what you pay for so if you pay more you are likely to get more.
If you know someone in a similar line of business to you this is a great way of finding tax consultants London. While this is usually the best way of finding a good company, bear in mind that you are bound to think differently to your friend so you may not necessarily like the company that they are using.
It is also important to find tax consultants London who are familiar with the line of business that you work in. Nearly all trades have tax advantages and disadvantages so it will benefit you to use a company who knows the industry well so they can provide you with more benefits.
Don’t fall into the trap of letting a friend or family member doing the job for you. This could lead to arguments and you may end up loosing someone close to you. It is advisable to use someone you have never met before so if there is a disagreement or you don’t like them you won’t have any guilty feelings about hiring someone else to take over the job.
When choosing tax consultants London it is important to take your time and do your research on companies. If you are in a rush and use the first company you find you could find yourself having problems later and then have the hassle of trying to find a new company in the future.
Many businesses use tax consultants London because they offer many benefits to all companies. The best part is that while your finances are being looked after you can get on with other aspects of your business in order to further increase profits.
At Wilkins Kennedy http://www.wilkinskennedy.com we provide a vast range of professional advisory services to the main, owner managed businesses. These include but are not limited to audit, accountancy and taxation advice.
Driver’s Need Motivates Car Selection
There are tremendous assortments of automobiles that a driver can make a selection from. While some of the car models look very inviting and beckon to the driver to take it out on the open road for a test drive, there are other needs that the driver has that will motivate car selection more than stylish lines and powerful engines will.
An automobile driver might not be happy with the car ownership limitations that they have to guide them but they will typically stick with these sensibilities while they are on a car dealership lot. Some car dealerships might not have one vehicle that meets that need and the automobile buyer will drift off the lot very quickly and silently before a salesman approaches them with talk about great deals and low prices.
It would be madness for a family man to consider buying a sports car for regular driving purposes throughout the week. If the man has a vehicle in the driveway that takes care of this need then his sensible nature might consider a sports car if the matter has been thoroughly discussed with the spouse beforehand. Some obstacles work themselves out and allow people to follow their dreams and buy fancy cars with no guilt attached to it.
Some people use their automobiles for business purposes and have several needs that need to be met when they select an automobile. Some businessmen require luxury automobiles because they have clients who require a certain sense of style to be present in the people that they do business with. Some high-priced luxury vehicles would be the only automobiles on the lot that this particular salesman would be motivated to consider for purchase.
The financial stability of a car buyer also has a great impact on whether they will be motivated to buy a new automobile. For low-income families, a used car might be the right fit because the payments are usually much lower and can be arranged for a specific period of time. An auto loan calculator could help motivate a driver with low income opportunities to consider buying any automobile because they will know beforehand the sticker price that will be in their price range.
A college student will be motivated toward car ownership if they live off-campus. A single college student might be motivated to buy a flashy sports car just because they want to impress girls and get more dates. A college student with a family might be motivated toward buying a fuel efficient automobile that will allow the family to put a little money in a savings account each month to buy a home with after graduation.
A car salesman will try and figure out what motivates a prospective car buyer to buy a car. Once they find out what a person needs in the automobile they buy, then they have ample information to offer them many cars that are on the automobile dealership lot. They might even offer advice on how to get pre-approved for a new or used car loan so that the customer will know for sure what payments they will make and will be motivated to buy cars in that price range.
James Brown writes about http://www.simplybestcoupons.com
Vital Importance Of Small Business Accounting Software
Every business functions through a range of disciplines, sales and marketing, operational skills, purchasing and management. A small business accounting software is also an essential tool to bring financial discipline to the business. No matter how skilled and well trained the business every small business needs a full range of functions to reach the highest levels of success.
The first lesson in business is to ensure that business has sufficient cash to trade the next day. Failing to meet this target and the business is finished which is why accounting and in particular accounting software should be regarded by the small business management as an essential piece of kit.
Small business accounting software comes in many guises some of which will be more suitable for a particular business than others. Nevertheless the choice to adopt a solid form of financial control is vital to ensure sales are higher enough to generate profits, margins are sufficient, costs are controlled, net profits are generated, cash flow is under control and losses can be identified and reversed or halted. No large business would survive without a sophisticated system of financial control and small businesses have the same requirements albeit on a different scale.
Many entrepreneurs who run a small business regard the accounting function and the recording of financial transactions as an administrative burden. Small business accounting software should not be viewed in this way but instead as a tool to assist the generation of safer stringer profits and the early warning system of dealing with problems if the business does not perform.
Use the small business accounting software to update the financial records at least once each month. With sales recorded every month peaks and troughs in performance are obvious and can then be examined to replicate those actions that produced higher sales levels and cut out those actions which produced lesser results. The result hopefully being sustained sales growth.
Record all the costs each month and as with sales the trend to higher costs or more efficient cost control will be evident from the financial accounts. Also of importance will be the profit margin being achieved and this can be viewed against the level of sales and justified. Statistically small businesses run by born salesmen achieve high sales but at the cost of lower margins while businesses run by accountants tend to achieve higher profit margins but with lower sales.
This statistical fact is true as is also the fact that most small businesses are run by neither accountants nor salesmen but by the skilled worker applying their trade or area of expertise. By using a small business accounting software the entrepreneur can judge what he would like the figures to show against what they actually show and take the necessary action to change the future and produce the desired result. Without accounting software the entrepreneur works in the dark depending on hunches rather than financial facts.
No matter how good or bad a business is the cash flow or lack of it might well determine future growth or in the worst case scenario, survival. Many small businesses that do not use a small business accounting solution package and run into difficulties have often been in financial problems for many months before it is obvious as reductions in profitability are hidden by extended credit from suppliers or tightening credit lines with customers.
Small business accounting software can indicate which parts of the business are doing well, where action is needed if underperforming and may also indicate where action needs to be taken. Accurate control of money owed in and money owed out is extremely difficult without the information to know how significant these figures are. But they can be critical for some businesses and using a small business accounting software that provides this information is crucial.
A disadvantage of small business accounting software is that it may sound like a foreign language but it does not have to be so difficult. Accounting software using a database can require some bookkeeping skills to get the most out of the system but there are other alternatives. A small business accounting software solution written on excel spreadsheets that produces all the main requirements with all transactions visible can be an ideal solution for small businesses with little or no bookkeeping or accounting knowledge.
Terry Cartwright is a UK qualified accountant designing Accounting Software at http://www.diyaccounting.co.uk/ providing complete accounting solutions for small to medium sized business in the UK written on excel spreadsheets at http://www.diyaccounting.co.uk/smallbusinessaccounting.htm