Self Assessment

[eeyore2502]

Just looking for a bit of help, a friend of mine is after now self employed driving a taxi.

Does anyone know if Petrol, car tax, car insurance, car maintenance, plate hire, radio hire, car finance payments and lunches allowed as a deduction from earnings before calculating his tax liability?

Thanks

 

[Domo]

All running costs are tax deductable.
However, some costs, such as cost of car, taxi licence and other capital items are eligible for Capital Allowance at different rates depending on the nature of the item.

 

[eeyore2502]

Thanks

 

[extopia]

Does anyone know if Petrol, car tax, car insurance, car maintenance, plate hire, radio hire, car finance payments and lunches allowed as a deduction from earnings before calculating his tax liability?

Don't try to deduct lunch costs. Eating is not considered a business expense.

 

[eeyore2502]

Didn't think the Lunch was deductable alright.

 

[extopia]

And neither is breakfast, dinner, tea or supper.