Have Tax Questions? Ask a Tax Expert for Answers ASAP
Thanks for your response
Yes indeed as its almost like rent for use of the car so an expense incurred which then allows you to earn money
So you will declare as income the full amount earned - and then deduct the £350 as an expense (along with any other expenses) leaving the net profit on which tax and National Insurance is considered.
Let me know if I can assist with this question further, or, if you have the complete answer, it would be appreciated if you could rate me for the level of service I have provided (or click accept)