TaxiForums.co.uk, The Taxi Drivers Forum - The forum for taxi drivers in the UK!

i have been pondering weather to buy my own saloon to use as a private hire vehicle with a local company in teeside area. the rental fees are rising with different companys, i have the go ahead from companys to purchase a vehicle through them ie  skoda,  vectra,  £70 per week  4 years hp.  Insurance at 900+,  works out at roughly , car + ins. + radio= £160- £180 per week  what i am paying at this moment in time for days only. Ineed the freedom to work when i can as i do 2 days work p/t if i was a driver owner i would have the freedom to work as and when, i was ready to go ahead untill some one told me that when i get the Plates from council  they imform inland revenue  so become liable from day 1 as self employed  to pay tax  without anyfree time . is this true,  Would i benefit in long run   what way can i keep my figures down to show less profit  Do they contact companys to get  accounts from log in systems etc apart from my own, can i claim to work part time  yet still provide myself full time . As we all know this is a stressfull job enough with out making any rewarding proffit for yourself, and giving it away to taxman.  Sorry for the long speech  but i  would still like my own car  if it would be vesiable   THANKS IF YOU REPLY  ANY ADVICE INTO THIS HEADACHE WOULD BE MUCH APPRECIATED.

I take it you are on PAYE at the moment?

 

 

For a start the council will not tell the I.R. you have gone self-employed but you must tell

them yourself.

 

 

Although you will be liable for tax from day one you will not have to actually pay any tax for over a year, I promise you will be paying a lot less tax being self-employed.

 

 

As for keeping profit down just claim for as much expenses as possible, getting an accountant might be a good idea for you.

 

 

Just go for it bud

couldnt agree more hopper.


you could claim for a percentage of your fuel costs over the year but if your mileage is more than 40.000 then your better off claiming mileage allowance as you'll get more this way than claiming a percentage of fuel back as they will always try and say some of it was private useage.


a good accountant are worth their weught in gold, dont forget you can claim for your accountants costs the following year as they are a business cost so you put it into your accounts and claim some of it back.

where abouts are you jasper ?

always fill up your motor at the start of every shift and at the end this way theres no doubts about your mileage and usage so they cant say its personal use. even keep a mileage record if you want to go that far. do it once again from start of your shift.

middlesbrough

if you went self employed would they check with your taxi company for records of your hours worked ie via cars pin log in number on company records. Or do they just take your accounts and leave it at that. Is it a lot less frightening than it seems are there any pit falls.

how would inland rev. catch up with you, is there any way round it

 

 

jasper my son, it is a lot less frightening than it sounds, there is plenty of good free advice out there for business start -up...........go get it

if your accounts are done proffessionally then you wont give them any reasons to check up on you.
its the drivers who do their own accounts that make a mess of them and draw attention upon themselves


go to your job centre and they'll point you in the right direction for free advice.

take what you here on the ranks and taxi rank lawyers have to say with a pinch of salt.... go get advice from proffessionals its for free as hopper says business start it up. you'll be a sole trader, trading under your own name its nothing hard or what you need a business degree for, and theres many benefits to it compared to being salaried and employed.

I highly recomend it, i wouldnt have it any other way

well maybe there is another way i'd like to have it....ha ha     

like i said    new car to plate  =£ 500    new car  =£70 per week   ins. = £20-£30 per week  radio = £90 per week  =£ 190 plus weekly diesel = £ 60 - 80 per week  grand total = £ 250 - £ 270 per week is there much benefit, you might have bad days  money still has to be paid. out. I DONT KNOW . I WENT TO EVANS HALSHAW TODAY    I WAS NEARLY READY TO GO AHEAD  WITH A VECTRA 1.9 TDI   BUT A LITTLE VOICE IN MY HEAD  STILL SAID NO.

 

Jasper my son,

 

 

You have asked for advice and been given it but you seem to want to talk your self out of going it alone, why is that?

 

 

Some people like to be their own man and some don’t, which are you?

 

 

Just carry on working for someone else if that’s what you want, your boss will love you for it.

 

 

You have done your sums which is good, it shows you have some sort of business head on you. You know what your outgoing are going to be, now work out what your incomings are lightly to be.

 

 

I don’t know what the trade is like on Teeside by if you can’t take over £500 a week I will eat my hat!

 

I have been in the taxi business for over 30 years so I think I am qualified to give some advice.

 

 

So, I will say this just one more time.

 

 

GET OUT THERE AND FUCKING WELL DO IT…….YOU WILL NOT REGRET IT!!!!!!!!!!!!

Jasper down here we reckon your x,s to around £80 a day before you get a portion! nice eh? obviously theres very many giving you good advice from all over the country, some with immense experience, it might pay to heed that advice, the only way to avoid tax is to go and live the with scum in Buckingham Palace, or become a city adventure capatilist! but seriously the only mistake you look like making is buying VAUXHALL, no way best motors at best prices these days SKODAS, and for the best deals the TAXI CENTRE GLASGOW, get your FREE years membership of GMBPDB and HALF PRICE CREDIT PROTECTION ,plus FREE GAP insurance ask for Allan McGinness on 0141 334 3999!!!!!!!!!!!!!and free delivery anywhere in mainland UK!
EDUCATE ORGANISE AGITATE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

Yet more good advice Jasper, I have not used the TAXI CENTRE my self but that sounds like a good deal to me!

 

Just had another lok at your figures again, £90 a week for fuel? that is serious mileage. I know I am a hack and I don't know what your fares are like but that sounds like serious takings to me!

i've had my last 3 from there and i wont go anywhere else. im also insured with them now. i got my new car and insurance from them this april i got all the benefits Terry said, but i didnt want the membership of the union, not because i dont rate them, but because i dont want to personally go down the union route. my choice i know, its every individuals choice to join or not who or what they want to.

highly recomended the taxi centre is there anyone else on here who's bought off them ?

alright steptoe   can you tell me if you are hakney or ph  i am ph and if you have advice how to claim less takings to show in records, and how much  can you save when paying for car from  taxi centre or equivelent  how much does it work out equivently weekly for your skoda etc. thanks.  hope im not bothering you. just trying to see what  benefits and savings to be saved.

If it was not profitable no one would do it, but beware you need a slush fund for holidays sick and vehicle repairs.

Jasper many people do their savings on entering this idustry.
So remember your judgement on vehicle purchase, insurance,system of working PH or Hack? could possibly decide whether you have your house REPOSSED!
We say quite clearly we believe what we offer is unbeatable! you will need a slush fund if you do not availe yourself of Gap Insurance,credit protection, vehicle warranty, and of course SICK PAY all available through GMB at unbeatable cost! add to that FREE legal cover for you and your family on all issues, we cant be beaten. Be aware you will stand or fall on these decisions you are about to make. Ask yourself would 600,000 people be members of an organisation without benefiT???? an organisation that has been in existence for 150 years????????????????
ORGANISE EDUCATE AGITATE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!