Accountant/Tax report

756 Views 1 Reply 2 Participants Last post by AltaClip, Jul 4, 2015

Blaiser

Discussion Starter · Jul 1, 2015

Hi guys,

Do one of you talked with an accountant who knows Uber.

I do it as a part time job and I can figure out making 20-25k of revenue before expenses. Since I make less than 30k, I think I don't have to register as a business. But I wonder what can I deduct, if I can deduct the depreciation of the car (% of the value) or on the usage ($/km). If I can deduct my cellphone bill, part of it or if I would need to have a separate phone.

Also, do you think it worth it to get a 4th class driving license and commercial insurance. I'm afraid that my insurance won't cover if they find out I was driving for Uber and I saw at few place on this forum that Uber won't help you if you get in an accident while driving, their insurance policy only cover riders.

Thanks for your comments!

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AltaClip

· #2 · Jul 4, 2015

Track all your bus kms and keep a log by date.
bus km as % of total km is the rate you'll use to calculate bus deductions of total fuel, r&m, insurance, depn, etc.

Since phone is essential I plan to deduct 100% of my phone cost but opinions could vary.

Class 4 and insurance discussions are for another day as this is the biggest unspoken risk in the market right now. I call it a huge grey zone and would like some jurisdiction/city/govt/uber/insurance company to make headway on it for the others to follow.

Disclaimer - as always consult a professional and get make your own decisions on acctg/tax, etc.

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