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Hackney Business: Qs. Re. Legit. Expenses, VAT, & Tax Returns

TommyK · 2007-05-20 20:07:38

Hello: I’m doing a bit of research on a potential hackney business and was wondering if anyone could shed some light on the following: 1. If a vehicle was used as both a hackney and a personal vehicle, would that personal use discount the possibility of claiming depreciation, fuel, and insurance as business expenses? If…

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20-05-2007 9:07pm

#1

TommyK

Registered Users Posts: 199 ✭✭

Join Date: January 2003

Posts: 158

Hello:

I’m doing a bit of research on a potential hackney business and was wondering if anyone could shed some light on the following:

1. If a vehicle was used as both a hackney and a personal vehicle, would that personal use discount the possibility of claiming depreciation, fuel, and insurance as business expenses? If not, how might it be looked at? And, for that matter, how might it work? (i.e. a certain percentage of total costs, something along the lines of the civil service mileage rate (for fuel costs), or something else entirely?)

2. How is VAT dealt with in this scenario? Hackneys must agree a price with a customer before the journey commences… would you include VAT in that price without mentioning it to the customer? What happens if you believe you will be under the VAT threshold but, at the end of the year, find you’re a bit over… bye bye profits?

3. What kind of tax returns are made for someone who is both a PAYE worker and self-employed? Do you simply declare your self-employed income as extra income on a PAYE return?

Thanks for any advice,
Tom.

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