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Query re accounts for Hackney business

DMGACC · 2010-06-02 11:19:59

Hi, I am doing first year accounts for a hackney business with 6 cars on the road. I am just wondering what percentage of turnover should diesel and petrol expense be? Is there any revenue guidance on this? My draft accounts show diesel to be 14% of turnover. Hackney business operates in a country town. I am not aware of…

02-06-2010 11:19am

#1

DMGACC

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Join Date: July 2009

Posts: 16

Hi,

I am doing first year accounts for a hackney business with 6 cars on the road. I am just wondering what percentage of turnover should diesel and petrol expense be? Is there any revenue guidance on this?

My draft accounts show diesel to be 14% of turnover. Hackney business operates in a country town.

I am not aware of any cash being taken on side by client but obviously with it being a mainly cash business I want to make sure my margins stack up if ever queried by revenue.

Thanks in advance.

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Comments

#2 02-06-2010 3:11pm

J.Ryan

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Join Date: December 2009

Posts: 466

Have a look at the mileage of the vehicles, see can you back up the fuel cost that way.

The Revenue would have margins for most types of expenditure from the REAP software they use.

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