Whether driving as part of a traditional taxi firm or a ride-hailing app – or both – fuel cards for taxi drivers are a great way to stay topped up. They help to keep control of spending, reduce costs and make tax reporting easy and hassle-free.
Petrol or diesel spending is naturally a major expense for taxi drivers, given that the job consists of driving around, carrying passengers from place to place. As the vast majority of taxi drivers are self-employed sole traders, keeping costs down and efficiency high are vital to ensure earning maximal income and profits. Fuel cards can be a great tool to make this happen.
How do fuel cards for taxi drivers work?
A fuel card such as fuelGenie works as a method of payment for petrol and diesel at any participating petrol filling station. It can be used to pay for fuel that is needed as part of carrying out work or business, and these costs can be deducted from the tax bill as legitimate expenses.
At the point of payment, the fuel card is charged and then this amount is later deducted from the relevant business account. This means there’s no need to spend personal funds and then process expense claims later, reducing the amount of business admin.
What are the benefits of fuel cards for taxi drivers?
The fuelGenie fuel card delivers several great advantages to taxi drivers, helping with costs, cash flow and business efficiency.
It’s free to have a fuelGenie fuel card. Unlike other cards, which may charge monthly or annual fees, no costs are normally incurred besides the price of the petrol or diesel purchased. There is no network service charge, no charge for replacement cards, no charge for changing details, and no risk-based fees.
LOW-COST SUPERMARKET FUEL
Supermarkets provide fuel that is – on average – more than 3 pence per litre cheaper than the national average. That’s why fuelGenie works with Tesco, Morrisons and Sainsbury’s. Cardholders can pay for fuel using their fuelgenie card at over 1,370 of these supermarket petrol stations across the country.
Taxi drivers who pay for petrol or diesel using a fuelGenie card get a competitive credit period before the price is charged to their account, helping to improve cash flow. This credit window is generous compared to other fuel cards.
EASY VAT RECLAIM
All your separate trips to the petrol station are charged separately, but will be combined into one complete invoice. The invoice is HMRC-approved, which makes it easy to reclaim VAT. It also makes bookkeeping and accounting easier. No more hanging onto handfuls of paper receipts from the petrol station.
NO MINIMUM SPEND CONTRACT
With fuelGenie, you can use the card to buy as little or as much petrol or diesel as you require. There is no minimum spend required per month, and no penalties or extra fees linked to usage. This flexibility makes it ideal for self-employed cabbies.
MANAGE MY ACCOUNT
You can sign in online and manage your fuel card usage with fuelGenie’s Manage My Account system, an easy and paperless way to track spending, set credit limits and access invoices for tax returns and your accounting records.