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The REF message is an indication that a information entry error has been made. It is actually likely that you simply could not have entered the date the taxi was sold or you have not entered the written down value of your car. Enter the missing items and also the REF message disappears around the fixed assets sheet along with the profit and loss account that is fed from the fixed assets sheet. I purchased the cabsmart taxi driver accounts package many months ago but have lost it as my computer system crashed. Do I must pay once more.
Enter the vehicle description and price within the fixed assets schedule inside the category for autos significantly less than 12,000 pounds and also the capital allowance is going to be calculated automatically. As this can be a private car which is not wholly applied as a cab the percentage of private vehicle use can be entered within the box provided and the capital allowance on the taxi might be adjusted accordingly. Automobiles utilised as cabs or private hire vehicles are certainly not topic to the initially year allowance or the annual investment allowance which was introduced. Writing down capital allowances is usually claimed for autos made use of as a taxi and were 25 % of your written down value before 5 April 2008 and 20 % following that date.
The cabsmart package is most appropriate for taxi, cab, private hire drivers, van and lorry drivers to make the accounts and total the tax return.. The taxi fuel expenditures and mileage don't transfered to the financial accounts P&L account. The monthly profit & loss account was not updated by the taxi expenditure entered around the expense spreadsheet.
Questions relating towards the DIY Accounting cabsmart package for taxi drivers will not be frequent however the most common questions as well as the answers which have arisen over the past few years assist other cab drivers who could encounter similar taxi accounts questions.
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