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Driving instructors perform an essential role in society, teaching people to use the roads in a basically safe manner. It's a job like no other, requiring a steady nerve and a calm demeanour. It is also demanding and often stressful. And on top of this, you have to prepare your accounts.
You have to choose whether to do this in your own time or to deal with them when you could be busy teaching, which reduces your income.
Auditox provides accountants for driving instructors that know the industry inside out and can deal with all of your accounting and tax responsibilities. They also offer expert advice and guidance to help you maximise your income and manage and make better use of your time.
We provide the full range of accounting services for self-employed driving instructors or for those who work for a driving school, whether it's a franchise or privately owned.
Here are some of the areas we deal with:
Anyone who has filed a self-assessment tax return knows that it can be a nightmare to complete. While some of the fields are irrelevant, it's not easy to know which ones apply and which don't.
Figuring this out can take valuable time that you just don't have, and then there's a risk that you've missed vital information or added something you shouldn't have.
Our accountants take all the fuss out of tax return preparation. We will accurately complete and submit your annual tax return (year end accounts) on time and liaise with HM Revenue & Customs on your behalf if necessary regarding any issues arising.
We will help you keep up with continually changing tax legislation and ensure that you pay the correct income tax amount.
The UK tax system can be complex at times, and it's easy to fall foul of the ever-changing rules - particularly for the self-employed. We will advise and support you on all tax matters so that you comply fully with the current HMRC rules and regulations.
Our expert team of accountants are trained to investigate your tax position to find schemes and methods that could reduce your tax burden legally.
This will help to avoid any fees or penalties and ensure that you are tax-efficient.
Fortunately, if you're a self-employed driving instructor, you won't have to pay corporation tax, as this only applies to limited companies trading in the UK. Sole traders settle their tax bill via the self-assessment tax return alone.
However, a driving school operating as a limited company will need to pay CT on any profits for the year, and this has to be calculated and paid on time to avoid penalties (even if you're late by one day, you get a £100 fine!).
Currently, the rates are 19% on profits of £50,000 or below, and 25% on profits over £250,000. A marginal rate of 26.5% applies to anything between £50k and £250k.
Your personal accountant from Auditox will help you to accurately calculate what's owed and make sure it is paid on time. They will also advise you on reasonable and legal ways of reducing this bill, as allowed by HM Revenue & Customs.
Sorting out your expenses can be a chore, and it's no different for driving instructors. In fact, it's probably more difficult than many other professions!
The key sticking point is HMRC's special clause: wholly and exclusively. This means you can only claim for certain items as business expenses if you only use them for the business and nothing else.
We will guide you as to which items are allowable or not, making the process much easier.
Daily bookkeeping is often ignored or postponed by sole traders and small businesses, but this only leads to confusion and more work later!
Our accounting and bookkeeping software makes the job easier, and we will provide full training, although it really is simple to use.
Keeping on top of this task will help you to gain a better view of your financial position at all times.
We will handle all calls and correspondence to and from HMRC on your behalf and deal with any investigations into your financial dealings.
These events tend to run much more smoothly when there's a trusted and qualified accountant handling things!
We can also provide advice concerning insurance against being investigated by HMRC and Companies House if you wish.
Learn more: How likely are you to be investigated by HMRC?
Learn more: 5 stages of tax investigation
Learn more: How far back can HMRC go?
If you run a limited company, you'll have to submit annual accounts to Companies House each year.
Your Auditox specialist accountant will ensure that they are professionally compiled and submitted well before the given deadline.
Annual accounts are also useful in planning and decision-making for the future of any competitive business. You can use them for business meetings as well as for supporting evidence when securing funds from banks and investors, so it's important that they are accurate and well-presented.
Call Auditox Accountancy today and see how our specialist service can benefit you.
Our driving instructor accountants are highly trained, with an in-depth knowledge of the industry, so you can rely on them to offer sound, relevant advice that's pertinent to your situation.
In addition, all of our accountants take onboard your specific circumstances and provide a solution tailored to the client's specific needs.
And all of this is available for a small monthly fee! Get in touch with us now and get your career as a driving instructor into top gear.
An accountant can assist a driving instructor with tax planning by identifying tax-efficient strategies to minimise liability. This includes making the most of available allowances, exemptions, and deductions that are specific to the driving instruction industry.
It may be advantageous for driving instructors to set up a limited company for tax efficiencies and limited liability. An accountant can assist in the process, ensuring compliance with Companies House regulations and advising on the most tax-efficient structure.
Accountants can guide driving instructors through the complex landscape of allowable deductions, such as vehicle costs, training materials, and office expenses. Maximising these deductions effectively can reduce the overall tax burden.
Yes, an accountant can assist with bookkeeping by maintaining accurate records of income and expenses. This enables the driving instructor to focus more on their core business activities, whilst also ensuring compliance with UK tax laws.
An accountant can assist a driving instructor with tax planning by identifying tax-efficient strategies to minimise liability. This includes making the most of available allowances, exemptions, and deductions that are specific to the driving instruction industry.
It may be advantageous for driving instructors to set up a limited company for tax efficiencies and limited liability. An accountant can assist in the process, ensuring compliance with Companies House regulations and advising on the most tax-efficient structure.
Accountants can guide driving instructors through the complex landscape of allowable deductions, such as vehicle costs, training materials, and office expenses. Maximising these deductions effectively can reduce the overall tax burden.
Yes, an accountant can assist with bookkeeping by maintaining accurate records of income and expenses. This enables the driving instructor to focus more on their core business activities, whilst also ensuring compliance with UK tax laws.