Private hire, mini cab and taxi drivers tax liability calculation

ROI small business accounting software, tax accounting, payroll software,

Self employed taxi & van driver tax liability calculation

To complete the small business tax software automated within the DIY Accounting taxi accounts software package, this cab accounts software also applicable for van driver accounts produces an estimate of the income tax and class 2 national insurance contributions likely to be payable on the net profit earned.

The tax return software automatically completes a copy of the short tax return for taxi drivers.

		INCOME TAX CALCULATION	2009		SELF
Row No.	Line No.
1	104,105,106	Income from Trade/Profession		0

2	107, 109 - 111	Deduct Capital Allowances		(	0	)
3	113	Deduct Trading Losses unused from a prior year
		(Restricted to the amount of the related trading income)		(		)
4	207	Add Rental Income (if a loss, show 0.00)
5	208(c), 210	Deduct Rental Capital Allowances & Loss(es)
		(Restricted to the amount of rental income)		(		)
6	403(a), 404(a)	Add Interest earned and Gross Dividends received
7	301, 305- 313, 401	Add Other
	402, 405- 407

No entries required are required to calculate the tax liability.

Fully automated to produce an estimate in real time of the self employed tax return liability which DIY Accounting regard as an essential element of any small business tax software. Income tax payable is one of the most significant costs of any self employed businessman. No accounts software, no small business tax software can be complete without producing a self employed tax return being indicative of one of the major expenses of a taxi driver accounts package.

		PRSI (Note 5)		SELF

36		Income (from Total at Row 8)	0
37	112-114	Add back Trading losses, if any	0

38	210	Add back Rental losses from a prior year, if any
39		Sub-Total	0
40		Deduct any pensions included at Row 8	(		)
41		Adjusted income for PRSI purposes Sub-Total	0
42		PRSI @ 3%	0
43		Minimum Contribution £253	0

44	TOTAL PRSI PAYABLE		0

		HEALTH CONTRIBUTION (Note 6)		SELF

45		Income (from Total at Row 8)	0
46	112-114	Add back Trading losses, if any	0
47	210	Add back Rental losses from a prior year, if any
48	215, 225	Add Non-PAYE Employments/Pensions
49		Sub Total	0

50		Health Contribution @ 3.333% (over €75036 up to €100100) 4% (over €100100) 4.167%	0
	* (Not payable where Sub-Total plus any PAYE income is £26,000 or less)
51	TOTAL HEALTH CONTRIBUTION PAYABLE		0

	TOTAL LIABILITY TO INCOME TAX, PRSI & HEALTH CONTRIBUTION 2008

52		Income Tax Due - [Marginal relief - see Note 4]
53		Add Tax withheld by you (Row 30)
54		Add PRSI payable
55		Add Health Contribution payable

56		Deduct Credits/Reliefs (Repayable)

57	TOTAL PAYABLE/REPAYABLE

Up to date with the current income tax rates and tax allowances the small business tax software takes the net profit direct from the profit and loss account and automatically does the tax liability calculation in the example below of the self employed tax calculation.

Fully automated and updated with actual earnings to keep our Taxi Driver Clients on the fast track to good financial health.

"Private hire, mini cab and taxi drivers tax liability calculation which accompanies the automated self employed tax return"

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Copyright © 2006 2009 DIY Accounting Limited Last modified: 10/03/09

Copyright © 2006 2009 DIY Accounting Limited
Last modified: 10/03/09