USB Driver with Taxation assessments in under 2 hours

USB Driver with Taxation assessments in under 2 hours A lot of taxi drivers have little accounting or bookkeeping knowledge as well as the DIY Accounting Cabsmart package for taxi drivers reviewed here requires no previous accountancy experience from your drivers. Data entry basically includes just 3 records, as a possible excel spreadsheet for taxi receipts; another for taxi expenses as well as a further worksheet through which assets such as a vehicle is usually recorded. Taxi receipts are entered on the compilation of excel worksheets in the taxi income work book preset with every day from the fiscal year. Weekly and monthly totals are added and transferred with the linking system from your taxi bookkeeping sheets for 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 overall of every expense is entered on each row and also a single letter used to then analyse the taxi expense to the column required. Like with the taxi income sheet the columns are then automatically added which includes a check on data entry accuracy before being moved to the taxi driver accounts sheet.
Cash and bank spreadsheets are certainly not provided as not essential by taxi drivers as taxi drivers need not make a balance sheet/ As well as entering purchases for the taxi expense sheet the one other entries required in the taxi driver to produce a list of taxi driver accounts would be to also enter vehicle and another assets purchased around the fixed asset spreadsheet. The fixed asset spreadsheet having also been preset with both depreciation rates and the capital allowances that taxi drivers can claim. The taxi accounts applications are then complete. Navigate to the cabsmart financial accounts file that has already seeded a monthly profit and loss account including taxi capital allowances. The cabsmart package also has an original feature in this both mileages covered and vehicle running costs may be entered. The tax rules in the USB Flash Drive are convinced that drivers cannot claim both mileage allowances and vehicle running costs. It has to be one or the other in support of at the end on the financial year when it might be clear that's the most tax efficient. The initial feature on the Cabsmart taxi accounts package compares the mileage cost plus the vehicle running cost and automatically selects the more costly. This ensures the biggest costs are selected in to the calculation of the net taxable profits and highest cost equals lowest goverment tax bill. Also inside the taxi accounts file is usually an excel spreadsheet designed with exactly the same layout, colour codes and box numbers because the inland revenue self assessment income tax return. The taxi self assessment tax return is finished automatically from the cabsmart taxi accounts software.
No entries are important leaving the taxi driver merely to click print to create the self assessment tax return. Finally having calculated the net taxable profit for the year the Cabsmart accounting package even offers a tax calculator that calculates how much income tax and national insurance to be paid. The Cabsmart taxi driver accounts package has been tested often as well as the annual receipts and expenses for the 12 month take approximately 2 to 3 hours to go in, and have been completed in under couple of hours. The finish method a complete set of taxi driver accounts including the self assessment tax return. The taxi accounts software is less expensive than twelve pounds and produces the final products from entering income and expenses. This package is usually ideal for couriers and van drivers. Terry Cartwright, a knowledgeable accountant in great britan, designs Accounting Software on excel spreadsheets including specific packages for Taxi drivers wanting to lower your expenses and prepare their USB Flash Disk Accounts and produce the self assessment tax return at the same time.