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![]() ![]() If you don’t submit your tax return by HMRC’s deadlines, you’ll get an automatic £100 penalty, plus any additional penalties and interest on the tax you owe. You will then use this to file your tax return by 31st January. Once you’ve registered, HMRC will send you what’s known as a Unique Taxpayer Reference (UTR) number in the post. You do this to declare your earnings in the tax year that’s just ended. The expense type can be selected from a drop-down that is easy to customize. All Uber drivers must register with HMRC to declare their earnings by 5th October. The Simple Expense Report template uses one column for all expense types. You claim when you complete your Self Assessment tax return online. Monthly phone service bills (only if it’s for business use).Phone costs (only if it’s for business use) Streamline your Uber driver financials with Bench Accounting.Vehicle Insurance and Public Liability Insurance.Download Tax Summary for your reporting year. Remember, the rules for reporting income and expenses may vary depending on your location and individual tax circumstances, so consider consulting with a tax advisor or professional.Other car-related expenses you can claim include: Where do I find my annual Tax Summary To access your Tax Summary, follow these steps: Visit. We can manage all aspects of your bookkeeping, leaving you free to concentrate on driving. Use a Bookkeeping Service: If managing the accounts becomes too labor-intensive, consider using a professional bookkeeping service like Bench. ![]() ![]() In some cases, you may be able to deduct certain costs for tax purposes. This includes, but is not limited to, vehicle maintenance, gas, insurance, cell phone bills, etc. Track Expenses: It’s crucial to record all your expenses incurred for the Uber business.This is typically straightforward, as Uber provides you with an annual tax summary and a monthly/weekly breakdown of your earnings. It also offers categories for all the other expenses you can deduct, including car-washes, goodies for passengers, and tolls. Track Income: Keep track of all your earnings on the Uber platform. It tracks mileage for all of your trips, and produces reports that you can simply print out and give to your accountant when needed.Your income is the total you earn from your fares, while expenses can range from gas and vehicle maintenance to insurance and refreshments for passengers. Managing your bookkeeping effectively as an Uber driver can be challenging, but with careful tracking and categorization of income and expenses, it's achievable. Trust in Bench - we keep your financials primed, so you focus on what you do best, being the top-notch Uber driver that you are. We ensure that you set aside the right amount of money to cover your tax liability while also leveraging on all applicable tax deductions and benefits thus lightening your fiscal burden. We understand the complexities of taxes in the gig economy for instance, Uber does not withhold taxes from driver's earnings. Our seasoned team handles your Schedule C and SE preparations, quarterly tax estimates, and your year-end financial statement. We’re also directly involved in meeting your Uber driver tax obligations in line with IRS stipulations. What's more, Bench is not just about crunching numbers. We ensure that you get the maximum deductions by compliantly applying the standard mileage rate to your earnings, as per the prevailing tax laws and provisions. Our intuitive software, coupled with a team of experienced human bookkeepers, can efficiently manage all your expenses from gas, car maintenance, to goodies for your passengers, and even your phone bill. But, Bench's comprehensive bookkeeping services are designed to handle the complexities that come with your profession. As an Uber driver, navigating through industry-specific taxes, laws, and bookkeeping discrepancies can be daunting. ![]()
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