Hi Tim I am a partner of Uber, ride sharing mobile app, owning my own car and working my own hours. Uber regard me as an independent contract driver. What would the tax implications be for me as an individual?
You can deduct all business related expenses incurred in earning your income. e.g. travel, telephone, etc You can only deduct the proportion relating to business usage - so for expenditure relating to personal and business usage, you need to work out business usage as a percentage of the total and claim accordingly.
There is substantial red tape associated with setting up and running a company. Also, individuals are taxed on a sliding scale versus a set rate in a company, so up to a certain level of income it is more tax efficient to operate as a sole proprietor.