Insurance is Mandatory for Private Hire

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Insurance is Mandatory for Private Hire
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If you are working as a taxi driver or you are
just planning to start your career as a taxi
driver, then it is essential for you to have
insurance for your taxi. In order to know the
importance of insurance for private hire, it is
also important for you to know about the private
hire.
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So, private hire is a taxi which you book in
advance if you are supposed to go somewhere.
Private hire vehicle is getting very popular
these days. This vehicle does not pick passengers
from anywhere since you have to book this vehicle
in advance.
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Since you are working as a taxi driver, then it
is good for you if you take Private Hire Taxi
Insurance, because your vehicle is everything to
you. It is your capital plus if your vehicle is
not safe then it means that your earning could
stop.
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Therefore, it is always a great idea to have the
right sort of insurance policy for your vehicle.
There are different levels of private hire
insurance policy which you all need to know.
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Third Party Only
Life is unpredictable, we can expect any incident
which is in our destiny, same like this if there
comes a situation where you meet an accident and
the other party is at fault, then you would get
protection fully. The person who owns insurance
would be responsible for any sort of damage or
loss.
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Third Party, Fire Theft
This gives coverage to an additional layer of
protection to your insurance. If you mistakenly
hit others car then if you have taken an
insurance policy then your insurance policy would
pay for repairs.
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Comprehensive
Comprehensive coverage gives you full coverage
against any sort of loss or damage. It gives all
the above-mentioned protections too.
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Expenses You Can Declare
Being a taxi driver it is also important for you
to know about what expenses you can declare and
what expenses you cannot declare, at the time of
filing self-assessment, because you definitely
want to make sure that you make most of all the
tax breaks that are there for you.
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Admin and Office Expenses
If you own your taxi business out of an office
then this way you could claim it as an expense.
So if you are using your home as an office then
you could also claim a portion of this as rent.
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Extra Expenses
You are also able to claim toll fees, and parking
fees. But you are unable to claim for a parking
ticket. You have now fully idea about the
expenses you could declare.
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