In the UK, workers driving a Bolt taxi are considered self-employed contractors. You’re technically working as partners with these taxi operators, ride-sharing and delivery agencies. Due to this, the Her Majesty Revenue and Customs (HMRC) hold you responsible for filing your income tax and paying for your expenses.
Drivers must register with HMRC for self-assessment tax returns and Class 2 and 4 national insurance once they start working.
Our team of Bolt accountants is well-versed in the intricacies of tax law and can help you navigate the often-confusing world of self-assessment tax returns. We offer comprehensive self-assessment tax return services that are tailored to meet your specific needs, ensuring that you never miss a deadline or pay more than you owe.
We also help you archive receipts and invoices. A proper record allows us to make tax rebate claims according to the self-assessment tax return regulations.
You can reduce your tax bill by applying for rebates as a self-employed worker. HMRC has an official list of allowable expenses that you can claim.
Our qualified accountants share their expertise to ensure you get fully compensated for these expenses. They also ensure that you stay on top of deadlines and your official paperwork is always in order.
The HMRC doesn’t accept tax rebate claims for meal allowance, parking fines or penalties. Drivers need to pay for those expenses without support.
Appointing qualified accountants for Bolt can help you save time and energy. Our experienced advisors can enrol you as a self-employed worker with HMRC, maintain financial records, and overlook tax rebate claims and liabilities.
Bolt reports to the HMRC to declare yearly earnings and apply for tax returns. However, as a self-employed Bolt driver, you'll file your taxes independently.
Bolt riders pay tax through the self-assessment tax return process. If you have another job, you will pay your taxes according to the Income Tax and National Insurance programs. Employers typically deduct PAYE tax from monthly salaries.
If you earn more than £1,000 from your Bolt earnings, HMRC must register and declare your income. The same rules apply to other drivers operating under transportation and delivery services.
Tax deductibles cover several work-related expenses drivers pay during registration and when they are on the road. For example, car repairs and maintenance, registration fee, insurance coverage, fuel expenses, lease payments, and mileage deduction are part of the tax rebates claims allowed for ride-share agency drivers and delivery drivers.
Bolt drivers can claim mileage allowance from HMRC. Standard tax returns offer 45p/mi for an estimated 10.000 miles and 25p/mi for longer distances.
Bolt doesn't deduct taxes from the salaries of self-employed drivers.
Don't let accounting and tax issues stress you out. Let our Bolt accountants handle the financial side of your business so you can focus on providing the best possible ride-sharing services to your customers. Contact us today to learn more about our services and how we can help you stay on top of your finances.