Since the majority of Cab drivers, but not all, has accounting or accounting knowledge the degree of experience required the appropriate an account package will be. Data entry consists having an excel spreadsheet for cab receipts; another for taxi expenses and a worksheet in. Taxi receipts are entered within the cab income on a set of worksheets work publication preset. Weekly and moved through the system from the cab and monthly totals are added bookkeeping sheets into the accounts sheet that was cab. Taxi expenses are recorded on a series of twelve clocks that have columns to record fuel bills rental and office expenses automobile costs and fees. The total of each cost is entered on a letter used to analyze the cab expense into the column and each row much like the cab income sheet that the columns are then added before being moved to the cab driver accounts sheet that contains a check on data entry accuracy.
Cash and bank as cab drivers do not need to generate a balance sheet spreadsheets are not supplied as not required by taxi drivers. In addition to Entering purchases on the cab expense sheet the other entries required to make a set of cab driver accounts would be to enter some assets and automobile. The asset spreadsheet having been preset with both depreciation rates and the capital allowances that taxi drivers can assert. The cab accounts software is complete. The financial accounts File comprise formulae to create a profit and loss account which includes the cab capital allowances. A feature that is Special is that vehicle running and both mileages insured costs can be entered. The tax rules that drivers cannot claim vehicle running costs and mileage allowances. It must be one.
This Taxis accounts Package selects the most expensive and contrasts the vehicle along with the mileage price running cost. This ensures price equals tax bill and the greatest prices are chosen into the calculation of their taxable profits. Also in the taxi Accounts document is an excel spreadsheet designed with box numbers, color codes and the design as the Inland Revenue self assessment tax return. The cab accounts software completes automatically the cab self assessment tax return. No entries are required leaving the cab driver simply to generate the self assessment tax return Finally having calculated the net gain for the year that the accounting package includes a tax calculator that computes the amount of national insurance and income tax to be paid.