Taxi Driver Online

So I've finally received my private hire badge, I intend to work part time evenings and weekends to start with to see how i like it and if it all works out then I'll make the move to full-time. As I already work fulltime (in another job, run of the mill 9-5 yawn), do I need to make N.I. contributions and how do I sort out my tax? Do I need to get an accountant straight away?
Cheers for all replies.

You will need to inform the tax office that you are self employed. do this quickly, as i believe there is a penalty for not doing so within a set period (not sure how long) I don't think you need to pay class 2 NICs if you are already paying class 1 through your full time job.

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If you are only going to work part-time then I would self assess.

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IDFIMH

thanks for the replies, that was fast! I've never had to self assess for tax before, could you point me in the right direction as to how to go about it pls. Cheers again, this is a top forum!

When you get your self-assessment form just fill in the boxes, or do it on-line.

Put down what you have taken, including tips, put down what your expenses are, including receipts, take one from another and that's your net income.

Send your form in, or asess on-line, before September, and those good folks at the inland revenue will work it all out for you and send you a nice little bill.

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IDFIMH

thanks for the reply Sussex, but does that system not leave it open to abuse? Apart from ethics, what would stop somebody falsifying income details for their tax returns?

The revenue have their own ways of catching people who cheat. Its probably fair to say nobody is 100% honest about their tax return. The less honest you are, the more likely you will be caught.

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Nothing untill the nice computer at the tax office picks your name out and decides to send the tax inspectors round. Then they will investigate you and you could have serious problems.

The thought of being banged up is a pretty good deterant.

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IDFIMH

It has never stopped you.

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Justice for the 96. It has only taken 27 years...........repeat the same lies for 27 years and the truth sounds strange to people!

I'll have you know that I pay tax.

Paid 17.5% on a mars bar the other day.

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IDFIMH

And don't forget every gallon of fuel

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Justice for the 96. It has only taken 27 years...........repeat the same lies for 27 years and the truth sounds strange to people!

Not to bad on that red stuff.

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IDFIMH

veggie oil is cheap too

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http://wingsoverscotland.com/ http://www.newsnetscotland.com/

Welcome

...to a very special inaugural edition of our new e-bulletin Biofuels News, bringing you the latest industry news and Biofuels Media announcements.



In this edition:

Government Scraps Tax on First 2,500
Litres of Biodiesel


BP Announces £200m Biofuel Investment for Hull


Key Governmental Speakers Earmarked for
Biodiesel-Expo 2007




Government Scraps Tax on First
2,500 Litres of Biodiesel

New Government regulations are about to come into force, which will significantly open up the market for biofuel production in the UK.

As of 30 June 2007, the following changes will apply to biofuel producers:

No need to submit returns or pay duty for production up to 2,500 litres per annum


A reduction from monthly to quarterly returns for all but the largest producers (producing up to 450k litres per annum)

There are currently about 1,400 producers of biofuel in the UK - a large proportion of whom produce for their own personal use.

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BP Announces £200m Biofuel Investment for Hull

BP and Associated British Foods have announced a £200 million alliance to build one of the world's largest biofuel plants in the UK.

The development, to be built in Saltend near Hull, is planned to produce 420 million litres of bioethanol a year from low-grade UK wheat feedstock.

The plant will be commissioned in two years' time and hoped to assist the UK meet EU targets for five per cent of petrol to come from green fuel by 2010.

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Key Governmental Speakers Earmarked for
Biodiesel-Expo 2007

Major and leading industry figures Lindsay White (HM Treasury) and Rupert Furness (RTFO), along with BP CEO Philip New, will be discussing all these issues and more at the forthcoming Biodiesel-Expo, 17-18 October 2007.

Held over two days, biofuel's leading event is your chance to meet over 100 industry exhibitors and experience a full conference programme covering all the burning issues surrounding biofuels in the UK and Europe.

Registration is free - sign-up now!

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Biodiesel-Expo 2007

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Justice for the 96. It has only taken 27 years...........repeat the same lies for 27 years and the truth sounds strange to people!