Accountants for Bolt Drivers

 Managing taxes and finances as a Bolt driver can be complex, but at Taxwise Accountancy, we make it simple and stress-free. Our expert online accountants for Bolt drivers provide tailored services, ensuring compliance with HMRC while maximizing your income. Whether you’re new to Bolt or an experienced driver, our services are designed to meet your unique needs. 

Our Bolt Driver Accountants Accreditations & Professional Memberships

Taxwise Accountancy is a registered and regulated accountancy firm and HMRC registered agent providing expert tax and accounting services tailored to meet the needs of businesses and individuals. Our team of online accountants holds qualifications from reputable organizations such as The Association of Chartered Certified Accountants (ACCA), Association of Accounting Technicians (AAT), and The Institute of Financial Accountants (IFA).

Accounting and Tax Services for Bolt Drivers

  • Self Assessment Tax Return Filing

    Accurate and timely preparation and submission of your self-assessment tax return to HMRC, ensuring compliance and avoiding penalties. Our experienced accountants will handle all the paperwork and calculations, giving you peace of mind and saving you valuable time.

  • Annual Accounts Preparation

    Detailed profit and loss statements to track your earnings and expenses throughout the year. Our accountants will analyze your financial data and provide valuable insights to help you make informed business decisions and optimize your tax planning strategies.

  • Tax Planning and Advice

    Proactive strategies and expert advice to help you save on taxes and effectively manage your finances. Our dedicated tax planning team will work closely with you to identify potential tax deductions and credits, ensuring you take full advantage of available opportunities.

  • Free Self Assessment UTR Registration

    Assistance for new Bolt drivers in registering with HMRC and obtaining a Unique Taxpayer Reference (UTR). Our knowledgeable accountants will guide you through the registration process, ensuring you meet all the requirements and have the necessary documentation to start your self-assessment tax filing.

  • Bolt Driver Tax Check Code Assistance

    Guidance and support for obtaining the tax check code required for Bolt driver license renewals. Our experienced accountants will assist you in navigating the process, ensuring you have the necessary documentation and information to renew your license without any hassle.

  • Immigration and Mortgage Support

    Accountants' references for UKBA immigration applications, mortgages, and loans to support your financial goals. Our team will provide the necessary documentation and support to help you with your immigration process or mortgage application, ensuring a smooth and successful outcome.

What Expenses Can Bolt Drivers Claim?

Claiming eligible expenses is crucial for reducing your taxable income, including income tax and national insurance. Here's a comprehensive guide to common expenses:

Vehicle Costs

  • Fuel: The cost of fuel for your rides.
  • Car Hire or Finance: Rent or loan interest for the vehicle you use.
  • Repairs, Maintenance, and MOT: Regular servicing and MOT tests.
  • Capital Allowance: Claim depreciation for vehicle purchase costs.
  • Road Tax: Annual tax for using public roads.
  • Breakdown Cover: Protection in case of vehicle breakdowns.

Business-Related Costs

  • Bolt Fees: Commission and service charges deducted by Bolt.
  • Parking & Tolls: Any tolls or parking fees incurred while driving for Bolt.
  • Cleaning: Costs for cleaning or valeting your vehicle.

Other Expenses

  • Insurance: Motor and public liability insurance.
  • Phone & Internet: Costs for communication and GPS usage.
  • Licence Costs: Taxi licence, vehicle licence, and renewal costs.
  • Road Tax and Breakdown Cover: Essential for vehicle upkeep.
  • Travel & Subsistence: Overnight stays and meals for work-related travel outside your home town.
  • Accountancy Fees and Legal Costs: Professional services for tax and legal matters.

Records Bolt Drivers Need to Keep

To prepare your tax return effectively, you must maintain:

  • Bank statements showing Bolt earnings.
  • Receipts for all business-related expenses.

We recommend using a business bank account to separate personal and professional transactions, making it easier to track your finances.

 

How to Track Expenses Effectively

  1. Use a business bank account for all income and expenses.
  2. Keep physical or digital copies of all receipts and invoices.
  3. Use cloud-based accounting tools for real-time tracking.

 

How to Avoid Issues with HMRC

  1. Accurate Income Reporting: Report all earnings from Bolt and other sources.
  2. Organized Records: Keep all receipts and bank statements, digitally or physically.
  3. Timely Tax Returns: Submit your Self Assessment on time to avoid penalties.
  4. Expense Claims: Only claim expenses that are solely for business purposes.

 

Managing Taxes as a Bolt Driver

Set aside a portion of your earnings each month to cover your tax bill or make advance payments to HMRC. This will help you avoid financial strain during tax season.

How to Obtain Bolt Driver Tax Check Code for Licence Renewal

 

The Bolt Driver Tax Check Code is a mandatory requirement introduced by HMRC for drivers renewing their private hire or taxi licences. This code confirms that your tax affairs are up to date. Here's how to get it:

  1. Log in to Your HMRC Account: Visit the HMRC website and sign in using your Government Gateway credentials. If you don’t have an account, you will need to register for one.
  2. Complete the Tax Check: Follow the prompts to complete a short online questionnaire about your self-employment and tax status.
  3. Generate the Code: Once you’ve completed the process, HMRC will issue a unique Tax Check Code.
  4. Provide the Code to Your Licensing Authority: Submit this code when renewing your private hire or taxi licence.

At Taxwise Accountancy, we assist Bolt drivers with understanding this process, ensuring your accounts are up to date so the Tax Check can be completed without issues. While we cannot generate the code on your behalf due to HMRC regulations, we’re here to guide you every step of the way.

FAQs for Bolt Driver Accounting

How Will Making Tax Digital (MTD) Affect Bolt Drivers?

The Making Tax Digital (MTD) initiative by HMRC is a major change to the way self-employed individuals, including Bolt drivers, manage and report their taxes. Its goal is to simplify tax compliance and reduce errors by requiring the use of digital tools for record-keeping and tax submissions. Here's how MTD will impact Bolt drivers:

1. Digital Record-Keeping

Bolt drivers must maintain digital records of their income and expenses. This means:

  • Using MTD-compatible software or apps to track earnings, Bolt fees, fuel costs, and other allowable expenses.
  • No longer relying on paper-based records or spreadsheets.

2. Quarterly Updates to HMRC

Instead of filing an annual Self Assessment, MTD requires Bolt drivers to:

  • Submit income and expense summaries every three months through digital software.
  • Keep a closer eye on their finances throughout the year, reducing last-minute stress.

3. Final Year-End Submission

At the end of the tax year, drivers will need to file a final declaration (similar to a Self Assessment tax return) to confirm their income and calculate the final tax liability.

4. MTD for Income Tax and VAT

While MTD for VAT has been mandatory since April 2019, MTD for Income Tax Self Assessment (MTD ITSA) will be introduced for Bolt drivers and other self-employed individuals with incomes over £50,000 starting from April 2026. Those earning between £30,000 and £50,000 will follow from April 2027.

 

How Bolt Drivers Can Prepare for MTD

  1. Adopt Digital Tools: Use MTD-compliant accounting software to manage your records and submit updates to HMRC.
  2. Understand Your Obligations: Familiarize yourself with quarterly reporting requirements and deadlines.
  3. Work with an Accountant: An experienced accountant can help you transition smoothly to MTD, ensuring compliance while saving you time and effort.

At Taxwise Accountancy, we provide specialized support for Bolt drivers navigating MTD. From setting up digital tools to managing quarterly submissions, we make the transition hassle-free, so you can focus on driving.

Why Choose Taxwise Accountancy?

  • Specialized Expertise: We have years of experience helping Bolt drivers with tax compliance and financial management.
  • Transparent Pricing: Our packages are affordable and straightforward, with no hidden fees.
  • Online Services: Access all our services conveniently, no matter where you're based.
  • Proactive Support: We're here for you year-round, not just at tax time.

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