Question 1

What income tax deductions can drivers and taxi providers claim on marketplaces?

Accepted Answer

There are several income tax deductions specifically relevant to drivers and taxi providers on marketplaces. These may include: Vehicle expenses, Fuel costs, Vehicle maintenance and repairs, Marketplace fees and commissions, and Phone and internet expenses.

Question 2

Do I need to keep receipts for my deductions?

Accepted Answer

Yes, it’s crucial to keep receipts for any expenses you claim as deductions. These receipts serve as proof of your business expenses and can be requested by tax authorities during an audit.

Question 3

Do I need to keep receipts for personal expenses?

Accepted Answer

No, you typically only need receipts for business-related expenses you plan to claim as deductions.

Question 4

Does DAC7 affect UK creators?

Accepted Answer

Yes, from the beginning of 2024, all payments that will be made in your favor will be reported to the UK tax office, even if the amount is 1 pound. This applies to both British and foreign platforms.

Income tax on cryptocurrency trading for U.S. residents

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