Proactive Accountants for Uber Drivers

Why Uber Drivers Need Specialised Accountants

Being an Uber driver is considered self-employment and you're technically working as work partners with these taxi operators, ride-sharing companies, and delivery agencies. Unlike traditional employees, Uber drivers have to manage their income and expenses, track their mileage, and handle their own taxes. Specialist accounting services can simplify this process, helping you save time, reduce stress, and keep more of your earnings.

The Financial Challenges Uber Drivers Face

As an Uber driver, you’re self-employed, meaning you’re responsible for handling your own taxes and financial records. Here’s a closer look at the challenges you might face:

1. Self-Employment Taxes: You must calculate and pay your own income tax and National Insurance. Unlike traditional employees, your taxes aren’t deducted automatically, so staying on top of these payments is your responsibility. Missing deadlines or miscalculating payments can lead to fines and extra costs.
2. Claiming Expenses: Driving for Uber involves ongoing costs like fuel, vehicle maintenance, insurance, and even mobile data for the app. Knowing what you can claim as an allowable expense can reduce your tax bill significantly. Without guidance, you might miss valuable deductions.
3. Mileage Tracking: Claiming mileage deductions can save you a lot of money, but you need to record your journeys accurately. The rules can be confusing, especially when deciding between claiming mileage or actual vehicle expenses.

How Specialist Accountants Help Uber Drivers

Hiring an accountant who understands the gig economy can make your financial life much easier. Here’s how they can support you:

1. Ensuring HMRC Compliance: Specialist accountants know the rules for self-employed workers and gig economy drivers. They handle your tax returns accurately, ensuring you stay compliant with HMRC and avoid penalties.
2. Maximising Tax Deductions: Uber accountants help you claim all allowable expenses, including fuel, insurance, and maintenance. Their expertise ensures you don’t miss any opportunities to reduce your taxable income.
3. Streamlining Bookkeeping: Managing your income and expenses can feel overwhelming. Accountants for Uber drivers set up simple systems to track your earnings and costs, making tax season stress-free.
4. Saving Time and Stress: With a professional managing your finances, you can focus on driving. They handle the complex parts of tax and bookkeeping, so you don’t have to worry about the details.
5. Maximising Your Take-Home Pay: A good accountant doesn’t just keep you compliant—they help you earn more. By ensuring you claim every expense and avoid overpaying tax, they leave more money in your pocket. They also offer advice on managing your earnings, such as setting aside money for tax payments or finding ways to reduce unnecessary costs.

Working with a specialist accountant is an investment that pays off. You’ll save time, avoid penalties, and improve your overall financial health.

What Expenses can Uber Drivers Claim?

As an Uber driver, you can reduce your tax bill by claiming allowable expenses related to your work. HMRC allows self-employed individuals to deduct certain business expenses, as long as they are "wholly and exclusively" used for business purposes. Here’s a detailed breakdown of the expenses Uber drivers can claim:

1. Vehicle Expenses

Your car is your primary tool for business, so you can claim several vehicle-related expenses, including:

• Fuel Costs: You can claim the cost of fuel used for business purposes. Keep receipts or use an app to track this.
• Maintenance and Repairs: Expenses like servicing, tyre replacement, and repairs are allowable.
• Insurance: Commercial vehicle insurance or any other relevant cover can be claimed.
• Loan or Lease Payments: If you bought or leased your car specifically for Uber driving, you might be able to claim a portion of these costs.
• Breakdown Cover: The cost of roadside assistance can also be deducted.

2. Mileage Claims

Instead of claiming individual vehicle expenses, you can opt to use the HMRC mileage allowance. This allows you to claim:

• 45p per mile for the first 10,000 miles driven for work each tax year.
• 25p per mile for additional miles after the first 10,000.

Using this method simplifies record-keeping, but you cannot claim any other vehicle-related expenses if you use the mileage allowance.

3. Licensing and Other Fees

Working as an Uber driver often involves upfront and ongoing fees, many of which are claimable:

• Private Hire Licence Fees: Costs for obtaining or renewing your licence are deductible.
• Medical Examination Costs: If required for your licence, you can claim these expenses.
• Background Checks: Fees for DBS (Disclosure and Barring Service) checks are allowable.
• Vehicle Licensing Fees: Any fees to register or license your vehicle for private hire can be claimed.

4. Mobile Phone and Data Costs

Your smartphone is essential for running the Uber app, so you can claim:

• A Portion of Your Phone Bill: Claim the business-related percentage of your monthly bill.
• Data Charges: Costs incurred to run the Uber app and other necessary apps can be deducted.

5. Parking and Tolls

While driving for Uber, you may incur parking charges or toll fees. You can claim:

• Parking Fees: If incurred during work (but not fines).
• Toll Charges: Costs for toll roads, bridges, or congestion charges during work hours.

6. Accountancy and Software Fees

Keeping your finances in order is important, you can claim:

• Accountants: Fees paid for professional advice or tax return preparation are deductible.
• Bookkeeping Software: Apps to track income and expenses qualify as business expenses.

7. Bank Fees and Transaction Charges

If you have a business bank account or incur transaction charges from payment processing, these costs are allowable. This includes fees charged by Uber for using their platform.

Why Choose GoForma as Your Accountants for Uber Drivers?

Choosing the right accountant can save you time, money, and stress. Here’s why our accounting services are the perfect match for Uber drivers:

1. Uber Accounting Expertise

We specialise in working with Uber drivers and self-employed professionals. We understand the unique challenges you face, from tracking business expenses like fuel and vehicle maintenance to handling self-assessment tax returns. Our tailored approach ensures that your finances are managed efficiently and in line with your specific needs as an Uber driver.

2. Dedicated Accountant

When you work with us, you’ll have your own dedicated Uber tax specialist who understands the ins and outs of Uber driving. They’ll provide personalised support, answer your questions, and make sure your finances are always in order.

3. Free Access to FreeAgent Accounting Software

We provide free access to FreeAgent accounting software to help you track your income and expenses in real-time. With this tool, you’ll stay on top of your financial records without any added hassle.

4. Certified Professional Accountants

Our team is made up of certified professionals with years of experience working with Uber drivers and other self-employed professionals. You can trust us to deliver expert advice and handle your finances with precision.

5. Timely Tax Submissions

Never worry about missing deadlines again. We ensure your tax returns and submissions are completed accurately and on time, helping you avoid penalties and stay compliant with HMRC.

6. Maximising Tax Savings

Our expert Uber tax accountants know all the tax deductions available to self-employed drivers. We’ll make sure you claim everything you’re entitled to, such as mileage, insurance, and phone expenses. With our tax-efficient strategies, you can reduce your tax bill and keep more of your earnings.

7. Proven Track Record

We’ve helped countless Uber drivers and self-employed professionals achieve financial peace of mind. Our clients trust us to simplify their finances and save them money. Whether you’re new to Uber or an experienced driver, our proven experience ensures you’re in safe hands.

8. Clear, Upfront Pricing

From the start, you’ll know exactly what you’re paying, with no unexpected costs. Our straightforward pricing structure means you can plan your budget confidently, without worrying about surprises later on.

9. Unlimited Support

You’re not just another client to us. Our support team takes the time to understand your unique needs as an Uber driver. Our accountant for Uber drivers always ready to help and answer questions about your finances.

What Does Our Uber Driver Accounting Services Include:

Assistance with Registering as Self-Employed

New to Uber driving? We’ll help you register as self-employed with HMRC quickly and easily. You can start your business knowing that everything is set up correctly.

Self-Assessment Tax Returns

As a self-employed Uber driver, you’re responsible for submitting a self-assessment tax return each year. Our accountants for Uber drivers ensure your tax returns are accurate, complete, and submitted on time. They also help identify all allowable deductions, ensuring you pay only what’s required and nothing more.

VAT Registration and Returns

If your Uber business reaches the VAT threshold of £90,000, we’ll guide you through VAT registration and Once registered, we’ll ensure your VAT returns are submitted accurately and on time.

Expense Management

Knowing which business expenses you can claim is key to reducing your tax bill. Our specialist Uber tax accountants help you track and claim all eligible expenses, ensuring you don’t miss out on valuable tax savings.

Bookkeeping

Our CPA for Uber drivers provide straightforward bookkeeping solutions that let you monitor your finances effortlessly. Our organised approach ensures you’re always prepared for tax deadlines.

Accurate Recordkeeping

Keeping track of your finances is important for staying on top of your taxes. We’ll help you maintain an accurate record of your earnings, savings, and expenses.

Insurance Guidance

Choosing the right insurance can be tricky. We’ll help you understand what cover you need, from private hire insurance to breakdown cover, and ensure you make informed decisions.

Mileage and Expense Tracking

Our Uber driver accountants help you track your mileage and expenses accurately, ensuring you claim everything you’re entitled to. From fuel costs to vehicle maintenance, we make sure no deduction is overlooked.

Tax Planning Strategies

Tax planning goes beyond filing returns—it’s about structuring your finances to save as much as possible. Our Uber accountants analyse your income and expenses to identify tax-saving opportunities. From adjusting how you record your expenses to advising on long-term strategies, they help you optimise your tax position and retain more of your hard-earned income.

Switch Accountants to GoForma

Switching accountant to GoForma is simple and hassle-free. Whether you’re unhappy with your current accountant or just looking for better service, we make the transition easy. Here’s how:

Step 1: Schedule a Consultation

Book a free consultation to discuss your needs. Our Uber accountants in London explain our services, and guide you through the process.

Step 2: Inform Your Current Accountant

Let your current accountant know you’re switching. You don’t have to handle this alone—we can assist with the communication. Most professional accountants are used to this process and will transfer the necessary documents smoothly.

Step 3: Share Essential Documents

To manage your accounts effectively, we’ll need copies of key documents, such as:

• Previous tax returns.
• Recent financial records.
• Details of ongoing bookkeeping or payroll systems.

Don’t worry if you’re unsure about this—we’ll help you identify what’s needed and handle the paperwork.

Step 4: Transfer Your Financial Data

Once we receive the necessary documents, we’ll transfer your financial data into our systems. Our team ensures the process is accurate and seamless, so nothing gets overlooked.

Step 5: Set Up Your GoForma Account

Once we have your records, we’ll set up your account with GoForma. This includes onboarding you to our user-friendly accounting software, where you can easily track your finances in real-time.

Step 6: Enjoy Stress-Free Uber Accounting

With GoForma, you’ll have a dedicated accountant to handle all your financial needs. From tax planning to bookkeeping, we’ll ensure your finances are in order so you can focus on growing your business.

Drive Smarter with GoForma's Expert Accounting Support

As an Uber driver, your focus should be on providing great service to your passengers, not stressing over taxes and finances. Whether it’s filing taxes, claiming expenses, or staying on top of recordkeeping, our expert Uber accountants are here to make it easy.

Still unsure? Don’t just take our word for it—check out what other Uber drivers are saying about us. Visit Google and Trustpilot to read genuine reviews from clients who trust us to manage their accounts with care and expertise.

Book a free consultation our expert accountants for Uber drivers now and enjoy the peace of mind that comes with knowing your finances are in expert hands.