In the UK, workers driving a Ola 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 accountancy services for Ola drivers provide guidance and support on financial matters. You’ll be working with qualified accountants to help you maintain an accurate record of your earnings, savings, and expenses.
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 Ola 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.
Ola reports to the HMRC to declare yearly earnings and apply for tax returns. However, as a self-employed Ola driver, you'll file your taxes independently.
Ola 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 Ola 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.
Ola 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.
Ola doesn't deduct taxes from the salaries of self-employed drivers.
Contact our team for a chat about how we can help you