Self Assessment

E

eeyore2502

Registered User
Messages
118
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
 
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 said:
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?
Click to expand...

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