Jan 31, 2024
Before moving on to the main topic of this month, we would like to draw your attention to the fact that the tax declaration period has already begun , which will last until May 2 . You are operating on the basis of individual activity, therefore you must submit a tax declaration individually , based on your own accounting and documents found on your Driver portal : Passenger invoices , Invoices (commission tax), Compensations .
Taking into account the most common questions asked by drivers, in this month's tax overview letter we will take a closer look at the allocation of personal activity expenses to allowable deductions .
👉 What is it?
Allowable deductions are the expenses incurred by the self-employed driver in connection with the activity . You can choose to allocate 30% of your self-employment income as allowable deductions (no documentation required) or actual operating expenses that must be supported by legally binding documents (e.g. invoices, cash register receipts).
For drivers who choose to allocate actual expenses to the allowable deductions, their earnings "in hand" can be about 20% higher: depending on the type of fuel, kilometers driven, city and other variables, about €200 more per month.
👉 What actual expenses can I claim as allowable deductions?
You can attribute any expenses you incur as a sole proprietorship that you can support with proper documentation, such as Bolt commission, reverse VAT, fuel. More examples can be found here .
In order to assign the costs of repair, operation and acquisition of a car (long-term asset) used in individual activities to the allowed deductions, the car must be declared on the FR0457 form . More information about long-term assets in this video prepared by VMI .
In order to assign the car's fuel costs to the allowed deductions, it is necessary to record the amount of fuel per actual distance traveled in the form of your choice . For example, fuel consumption data can be recorded in a free-form accounting document, indicating calculations of kilometers driven and fuel used.
Read more by expanding the second question here .
👉 Where to keep financial records?
When carrying out individual activities, it is necessary to fill in a journal of accounting of income and expenses of individual activities. You can fill out a paper journal or use an electronic accounting tool, such as the free i.APS program developed by VMI.
Useful links :
Answers to last month's driver questions.
VMI prepared videos for individuals performing individual activities.
You can consult a VMI specialist on tax issues by calling 1882 or +37052605060.
See you next time! The Bolt Team 🇱🇹