Uber expenses: What you can claim and what you can't claim as an expense when you're an taxi driver

Uber expenses: What you can claim and what you can't claim as an expense when your an Uber driver.

5th April end of tax year and you have till end of January to submit and pay.

Car financed.
Mot and plate
Fuel
Repairs
Servicing
Insurance
Valeting
Tax
Loan / finance interest
Car depreciation

Car settled
Fuel and payments.

Other expenses
Replacement car payment
Badge
Medical
Dbs
Tolls
Parking
Percent mobile phone bill
£6 a week books at home

Uber income an commission separate because hmrc has a ratio to earnings and fuel expenses so 100 quid of fuel so be bringing in 600 to 1000 income

You can't claim like food and clothing unless it's branded with company logos etc.

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[keemanaan]

£6/week bookkeeping was new for me! The uber commission point is a subtle one too. HMRC: "Expenses of you're self employed" is a good web page. Personal Protective Equipment such as hgh vis vests/raincoats is claimable. Office Expenses such as gas/elec/council tax/mortgage interest/water I claim 1% on the basis of 2hr/week for book-keeping i.e. £40/yr.

[vinnieomahoney]

I’ve always claimed mileage and done very well from it, BUT it only works if you own your car outright, with the mileage claim you can’t claim for any other car costs except insurance mot which is claimable, this year, I haven’t earned anywhere near the £12, 500 allowance.

[meeoverhere]

Didn't quite understand the bit regarding the uber income and commission..so its best to include ubers 25% commission on top of whats paid to the driver when declaring to take advantage of the fuel ratio?

[truthfulness]

Hi Matty
Really good video as this will give guys out there a better perspective of the tax man in getting something in return 😂

[FancyaBevMate]

One of the main reasons to have (especially a chartered) an accountant is for getting finance or a mortgage. Ps not sure if this was nationwide but last summer the council sent out an email stating when you renew your vehicle and personal badges in the year starting 2023 you have to enter in your HMRC tax code. If not you won't be relicenced! Cheers mate

[earthstarytf]

Thank you for this! Really useful, as I’m doing my husbands tax now x

[karlbomber]

Have you noticed Speke surged allday yesterday and doing the same today some glitch but sat thru Dublin flights to get no jobs twice and no matter you always get a job from them, finally got a job from the last Dublin town £25 she was getting quoted £50. It killed the airport yday

[MrFarmax]

Since the customer now pays vat on the fair, and Uber pays vat on the service fee and we are considered employees, how can we record the gross amount paid by the rider as income for tax purposes when our real income is the net amount. How does this rationalise with the ratio for incone vs fuel/mileage you were talking about?

[muzzer]

Hi mate what about rent 2 buy settle cars could you use 100% of that as an expense. Also what about if you have to use fast public chargers.
Cheers

[neilparry]

Can you claim for the settle you pay to the likes of Alpha or one call for example as well as car settle mate ?

[dinnerlady]

A 1:6 ratio on fuel expenses seems pretty low, certain accountants were working off a 1:5 ratio years ago even before the massive price increases in past few years.

[jacklifeonwheels]

How do you record you income and expenditure on a spreadsheet ?? Excel ???

[commuterbranchline]

Are simplified expenses claiming 45p for the first 10, 000 miles and 25p for all the rest of the miles not more beneficial?

[Liver]

Can you claim for expenses if you have lost receipts? Or transaction on a bank statement good enough?

[johngreaves]

So do you just put ex amount of money away each week/month to pay your tax at the end of the year??

[shamelite]

Fair play your videos are really good keep it up

[kevingrace]

How can you tell how much to add for users commission do you just add 25% on top of earnings

[willziak]

Hi Matty, who’s your insurance referral code with mate?

[johndillinger]

Can you do a video on the spreadsheet that you do please?

[beerye]

Horses for courses Matt let the professionals do their job, worth every penny imo 👍