TAXING MATTERS l
Record-keeping: you’ll need to keep good records of your trips, earnings, and expenses to ensure you’re paying the right amount of tax.
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Tax deductions: make sure you know what expenses (such as fuel or vehicle maintenance) you can claim to reduce your taxable income.
How can drivers and platforms prepare?
For platforms: 1. Check your systems: make sure your systems can collect and report the required information.
2. Educate drivers: let drivers know about the changes and how they can stay compliant.
3. Work with tax authorities: clarify any questions about the rules to ensure full compliance.
For drivers: 1. Update your information: make sure your details are accurate and up-to-date on the platform.
2. Keep detailed records: track your earnings, trips and expenses to make filing taxes easier.
3. Seek tax advice: if you’re unsure about your tax obligations, talk to a professional to avoid any issues.
What are the benefits of these rules?
While these new rules might seem like extra work at first, they also bring some benefits:
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Fairness: they create a level playing field for all drivers and businesses.
Simplified taxes: for some drivers, having income automatically reported to tax authorities could make filing taxes easier.
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Better services: platforms that comply with these rules can build trust with drivers, passengers, and regulators.
CONCLUSION
The new reporting rules for digital platforms in the passenger transport industry are a significant step toward greater transparency and fairness in the gig economy. Starting in January 2025, platforms and drivers alike will need to adapt to these changes.
By understanding the rules, keeping good records, and staying informed, both platforms and drivers can ensure they comply with the new requirements while continuing to thrive in this fast-growing industry.
Many operators are still not affected by the rules and it still isn’t clear what a ‘Digital Platform’ is, by definition. The apps are definitely captured but many local circuits are still not affected. As the rules roll out things will become clearer.
PHTM DECEMBER 2024
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