How Much Money COULD a London Taxi Driver Earn?

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CODE: taxi-RU-vid
I don't know much the average London cabbie earns, but I share some ideas as to how much a cabbie COULD earn!
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CHAPTERS
00:00 - Intro
00:29 - No fixed salary
02:02 - What about an average?
04:08 - What I think of the job
04:40 - Freehold vs Lease payments
07:48 - You can't multiply hours
09:37 - Working as hard as the meter
12:27 - Working off the meter?
13:36 - The earnings ceiling?

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Опубликовано:

28 май 2024

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Комментарии : 222

@TomtheTaxiDriver Год назад

👉🏻 Get 10% off yFood HERE - bit.ly/TomtheTaxi_yfood_promo Thanks again for their support on the channel! 🎉 🙌🏻

@colinmaynard2879 Год назад

Err you know your income from product placement counts towards a VAT threshold.😢🤪

@hptt3710 Год назад

The best time to work is when you’re young and single, once you’re married with kids you could no longer do the long hours, the older you get the harder it gets to do long hours, and the older you get the more you realise health is your biggest wealth

@exex9378 Год назад

Spot on that comment, it’s definitely not a healthy job.

@TheL184 Год назад

I know a married and middle aged accountant that works 12 hours per day with two children. It kind of has to be a sacrifice to health. But he likes the fact he can't discuss what he watched on tv. I think you you work it in two ways do it young retire early or sacrifice it younger and go back out there. Works both ways

@TheL184 Год назад

@@exex9378 arguably no job sitting down is a healthy job. The majority of us sit down for a living. Most Jobs we do are not particularly healthy. Working out at least balances the books.

@stuartswanuk 11 месяцев назад

I can’t live with my partner with a 1 and 3 year old because of this job I need my sleep and work weird hours 😢

@JB-wc2tc 11 месяцев назад

This is very true

@clarenceishmael9615 Год назад

Some real gems there! Never managed to get into the VAT territory in 25 years behind the wheel, but now I'm kind of glad I didn't. 👏🏾👏🏾

@danidriver4438 3 дня назад

The answer is where you talk about the decorator, who adds the 20% VAT. As a tour guide, if a 50% of your income comes from pre booked tours, you add there the 20% VAT that you can claim back later. This helps you to pay a 10/9% difference instead of a 15% (20%-5% VAT for your energy expenses).

@BalerManSam Год назад

Tom, if your earnings exceed the threshold for VAT, you’ll be able to reclaim VAT on your expenses - fuel, some running costs and the vat you pay on your LEVC. It would probably somewhere near balance out but needs a LOT more accounting and bookkeeping records.

@DuartedeZ 9 месяцев назад

Well done on your setup mate. Its nice to see your diverse income sources.

@bobbrewer5182 Год назад

The VAT is an interesting point, Tom. Here in Australia, we have our Good & Services Tax (GST) equivalent. GST is factored into our metered rate, in our cabs, and therefore, when the GST scheme was implemented 20 years ago, cab drivers are now required to pay GST on every dollar we earn.

@Caroleonus Год назад

That's a bit cheeky from the taxman, if GST has the same "threshhold" concept

@delusion5867 Год назад

@@Caroleonus GST is always included in the price. It's also always 10% on all items and services. Businesses have to collect GST to send to the gov during tax season. I'm happy that's it always included in the price. I'd go insane in the US since they never have tax in advertising (frankly, it's just a reason to lie to people about the actual price)

@jama211 11 месяцев назад

@@Caroleonus Either the customer is paying it for you or you earn under the threshold in which case, happy days. it's a win win.

@jama211 11 месяцев назад

Just out of curiosity if you earn under Australia's GST threshold (I think it's 75k?) does that just mean you get to keep that extra revenue? Or is it paid regardless unlike other businesses?

@JustJayme Год назад

Another great video Tom!

@Benhutchie22386 Год назад

Really interesting video Tom - love your content!

@blackhawk5279 Год назад

as a aspiring ride hailing driver i find this informative and helpful. Gives some indication for comparative purposes. thanks

@markpunt9638 Год назад

Very interesting and if, for example one driver lives in Chiswick he can put his light on as soon as he gets in. Whereas another driver who lives out of town may have to drive for an hour before he can start picking up fares.

@Marktaxi Год назад

The great thing about being a london taxi driver is that you have the ability to earn money if needs require. You can basically call in your own overtime! Need more money-Work more hours. Great vid Tom 🚕

@noahstrainadventures3031 Год назад

Great video Tom thanks

@Lenry1337 Год назад

very interesting point on the VAT!

@sheilam4525 Год назад

Very interesting video, Tom, thank you👍

@tomgruitt6563 Год назад

Nice one Tom!

@aayaanahmed7270 11 месяцев назад

Very insightful video must admit 👍

@btkb1427 Год назад

I never knew that about VAT. I honestly thought it was anything above 85k is taxed at 20%. That's insane...

@michaelorton6808 Год назад

very interestin Tom keep it up.

@04smallmj Год назад

As a driving instructor, a similar answer applies to my job. There are many variables although unsurprisingly the national driving schools always give absurd figures in their adverts that pretty much nobody achieves. Usually they provide a turnover figure rather than profit but aren't transparent about it and/or they will assume a ridiculous number of lesson hours a week. 40 hours a week sounds reasonable for a full time job but 40 hours a week of lessons can easily become 55+ hours due to travelling to and from lessons, admin, diary management, washing the car etc. Personally I rarely do more than 25 hours otherwise I'd go insane and I'll be changing my job in the summer because I'm fed up of teaching people to drive and sitting in a car for hours each day, among other reasons.

@04smallmj Год назад

But to give a vague idea of what I earn, my franchise fee is £250 a week, fuel is about £70 a week and I charge £32 per hour for lessons.

@mkim6017 Год назад

Thank you for your honest message

@philraff7093 Месяц назад

Well explained Tom

@Essential.WP.914 Год назад

Tom! You have inspire me to open my own channel , I've been a cab driver for about 4 years now in my hometown about hour away from NYC and we got a good taxi system out here. If you have any tips, would surely appreciate it. Blessing my man and stay safe on the road in London!

@TomtheTaxiDriver Год назад

Just start and refine it over time 😊 Would love to visit Westchester one day!

@Essential.WP.914 Год назад

@@TomtheTaxiDriver Thank you! You would surely love it!

@KunaevNS 10 месяцев назад

Which town are you in if you don't mind answering? Hello from Québec 🙂

@thomasconboy4636 Год назад

That’s a good and interesting class on your profession

@billybattams-scott Год назад

I guess being a cabbie, you can pick and chose your hours. It’s swings and roundabouts with your earnings.

@quik16 Год назад

This has probably been pointed out in other videos, but I really think this style of presenting would suit a segment on say, The One Show. Informative, concise, good, confident presenting style, genuinely interesting content that could be condensed into a 5 minute film. You could pick any number of topics you've done a RU-vid video on that is to do with cabbies and help dispel some myths around the profession, bring it into the public eye a bit more, and your presenting style is perfect for it. It could even be a recurring segment on London itself!

@TomtheTaxiDriver Год назад

That's the aims of the channel, to dispel the myths of London taxis and keep this glorious trade alive!

@Tuppoo94 5 месяцев назад

So, in essence, the VAT liability threshold makes it so that being a taxi owner-driver isn't about maximizing your turnover, but about minimizing your costs. For example, 60k of costs on a turnover of 85k leaves a much smaller profit than 30k of costs.

@clembu2275 Год назад

I used to be a passenger boat skipper, pay was poor but occasionally we got a decent tip. Once I got £50 for a job which was close to what I earned for a whole shift. Tips vary but if you get someone rich that likes your service, of course you’ll earn more that day. Hard to calculate as you say.

@afr11235 Год назад

That VAT threshold is strangely high. In most countries the rate is set so that someone doing a small part-time "side job" doesn't need to register, but anyone working full-time would fall in-scope. I know sales taxes are quite different, but here in the US the basic rule is that if you make a taxable sale you must register. Period. That said, under a VAT system, you get input credit. If you fall under the registration threshold, you pay VAT on all of your expenses. If you cross it, you can take a credit for any VAT paid on fuel, the vehicle, insurance, etc. This is why the flat VAT scheme for taxis is 10%, because it assumes that on average half the VAT would be credited back if you itemized all the receipts.

@DurhamGooner Год назад

Got a bit of tax/VAT education from you there Tom! Thanks very much!

@mikebuick2332 Год назад

I never thought watching a fella talk about driving a cab would be so interesting. It’s like Clarkson’s Farm but for London Cabbies!

@azizbass Год назад

Wow, Tom. Very well explained I'm so impressed with your intelligence and research 👏 love the videos... I think we need a video on drivers' etiquette as it's going down the pan.

@danielfoxwell3007 Год назад

I left the trade in March 2020 (covid)...never went back. After 23 years it was the best thing to happen to me. I've got my life back. My blood pressure is normal now and my stress levels are manageable. Wait till you settle down, maybe have kids, you become a slave to the meter. That's my take for what it's worth.

@TheL184 Год назад

Not everyone wants kids mate. We're you a London cabbie?

@danielfoxwell3007 Год назад

@@TheL184 Yes, green badge.

@jimmybaldwin737 Год назад

But surely the freedom to work whenever you want. Is great. Isn’t it ? Wouldn’t that be ideal to someone who has kids. When you say a slave to the meter. Do you mean. You would have to work a certain amount of hours to cover the cost of the cab first before you start earning ?

@jama211 11 месяцев назад

Some people find the job more stressful than others - if his youtube channel keeps growing at this rate he won't take to work behind the meter as much as others do, which could strike a nice balance for him! Who knows.

@bambambenito9453 Год назад

im a taxi cab owner and operator in island of hawaii,maui and i charge $100 per hour for island tours and can be done by 3-10 hours regardless by what they want to see on the island like volcanos ,black and red sand beach national parks, waterfalls, turtle beaches, lava fields, whale whatching, rain forest, or a rare sights of billy goats on the mountains

@lewis838 Год назад

Interesting stuff Tom, especially with how you guys have to deal with the VAT, seems bizarre to me that they would just dump a massive load of tax after you cross the £85k threshold, surely it would make more sense to do it gradually, that way the government would actually earn more of this tax from taxis as people wouldn't mind as much going over the 85k limit?

Год назад

Right? There’s a class of workers purposefully not earning what they could and therefore limiting the amount of income tax they’re paying. For certain types of self employed people VAT would work so much better as a progressive tax

@daleykun Год назад

It's more designed to work for larger companies who are working with/purchasing from other companies also being required to collect VAT. The way it's supposed to work is that any VAT you incur from buying supplies from other companies you offset against the VAT you charge to customers and you only set aside and pay the difference to HMRC. With most businesses that are VAT registered, assuming they charge VAT and make VAT charged purchases, all that happens is they collect the VAT on HMRC's behalf on sales they make (which they'll tack 20% or whatever the applicable rate of tax is for that service) on top and pay that and instead of recording an extra 20% in expenses to deduct off their earnings when they buy a supply that has had VAT applied, that 20% deduction just comes on the tax they pay instead and actually makes next to no difference. It's an unfortunate position for Tom and other small businesses that might not get the benefits of buying from other suppliers who charge VAT but cannot charge the extra VAT to customers themselves but are required to collect it and thus take less effective income for themselves.

@whkoh7619 Год назад

That's not quite a complete explanation. Once you pay output VAT, then you can also claim (recover) input VAT on your purchases too. That's not insignificant.

@Gerald69420 Год назад

Im a cabbie and earn just under a taxable income. Thank you very much Mr Tax man.

@KSIOjedibt Год назад

Tom one thing to clarify is that you aren't taxed VAT on income you earned before registering. So if you hit the threshold (£85,001) you would have to register, but you would not need to pay VAT on those earnings - it would be all earnings from that point. Your point still very much stands though, as if you earned a similar amount over the following 12 month period, you would pay full VAT on those earnings. Without a way to charge it through the meter, you're right - it's a completely unfair system.

@TomtheTaxiDriver Год назад

Thanks Jay 😊

@jamesjohn4994 Год назад

Earn a lot yes but expenses are crippling. There’s many people very well off in the taxi trade and none of them are driving cabs. 😊

@SouthLondonCyclist Год назад

how do you mean? selling the cabs?

@regularguy3665 6 месяцев назад

Sort of like the gold rush. It was the people selling the axes and shovels and Levi’s who made bank. NHS is similar. So many companies are propped up by the work they do for the health service.

@stewartmurray5830 10 месяцев назад

If you are VAT rated you get the VAT back on everything you buy, fuel, vehicle, parts for maintenance, phone bill, house bills if business related. laptop, etc etc etc

@pablojp3498 21 день назад

Still not worth it

@zulfqarali905 Год назад

Hi Tom keep it up 😁 you are a superstar London taxi driver well done Ali Walsall west midlands england

@nathan_ro Год назад

Friend of mine is a tube driver and is on 60k thought might be a random bit of useful knowledge

@SouthLondonCyclist Год назад

You can reclaim the VAT on purchases for your business. So a lot of people like this won't actually end up losing the VAT amount. Especially if they need a new camera!

@theo1881 Год назад

Am I right in saying tips are taxable but not subject to NI? Always checking with service staff now if they get them when paying by card etc

@LazarkGaming 3 месяца назад

There's a more tax efficient model I'm seeing people use in the hire and reward trade for VAT. I'd speak to an accountant about it, but I use a model that's perfectly legal and my VAT isn't 20% on the big turnover, but instead a smaller more practical figure - but in your case it might 'only' apply to the meter, so other kind of jobs wouldn't work under it.

@mtty1988 Год назад

At start of video when you say people say u should be a bus driver or hgv driver it’s not all bout money but enjoyment and also the situation ie flexibility as you ur own boss and can choose your own shift pattens and times hours to work

@tobyskinner94 Год назад

Have a great weekend Tom :) I'm still trying to spot out for you on the roads!

@kiradotee Год назад

2:16 looking at one particular size of ones manhood doesn't necessarily dictate the average size of manhood. Such a perfect comparison. 😆

@michaelfrancis8692 Год назад

Cash work has gone its all Apps and credit cards you can't show peanuts anymore HMRC have a special unit looking into low turnover. Last thing you need is an investigation and a 10k tax bill.

@frankieking1941 Год назад

Love the videos Tom A point though, on your comparison between Dinosaur Dave and Butter boy Ben, you made no provision for depreciation. This would close the gap between them.

@TomtheTaxiDriver Год назад

This is true. There's a lot of ways to skin the cat. Drivers who rent for example. or drivers who live in town so can claim 100% of their vehicle and fuel, vs the commuting driver 😊

@JenDre Год назад

Would being VAT-registered mean though that you could claim back all the VAT from the petrol? Should be quite an amount no :) & is there VAT on charging electric? Not sure haha

@daleykun Год назад

Theoretically he could, however for most forms of energy VAT is only 5% not 20% that he'd have to collect so it doesn't really help to offset that much. Also, even if he could do that, because he can't charge the extra 20% VAT to the customer, that is still coming out of earnings and effectively reducing his hourly rate compared to someone earning less than £85k. At that point as a sole trader, I think I'd probably choose to work less hours for more hourly pay and still have a comfortable living - like Tom said I think quality of life becomes the deciding factor not the money

@oneteaminbristolbcfc Год назад

All about returns!!!!

@Zyphera Год назад

They should remake vat to only be applied to the part going over.

@TomtheTaxiDriver Год назад

Would be interested to know how long it’s been £85k.. surely with inflation, a lot more professions will be going into that number

@NoNonsenseJohnson 11 месяцев назад

@@TomtheTaxiDriverabout 2017, chancellor frozen it until at least 2026. Stealth Taxes.

@emeraldbonsai Год назад

You can just express how much is earned perday to deal with the edge cases

@AM2K2 Год назад

You must go through a fair amount of podcasts/audiobooks...one perk of the job I assume?

@TomtheTaxiDriver Год назад

Massive amounts! Best learning!

@jameslane411 Год назад

Interesting point re the VAT that I didn't think of. Fortunately with my business I can add it onto our invoices. I wonder if there's a way that TFL could allow foreign tourists or visitors to travel VAT free, and then you can reclaim remaining VAT on fuel and expenses.

@lloydeelloyd Год назад

I have been a cabbie a few years now , I only do 40 hours a week cos of my life outside. Was single the first half of those 3 years and in a relationship the second half . Anyhow my social life and seeing the gf is always at the weekends, so I just work in the week. Still make a decent living most weeks just doing those hours . Haven't really worked a weekend for last 2 years as my weekends are always stacked , starting from Friday Evenings till Sunday night

@TomtheTaxiDriver Год назад

Sounds quite similar to mine Lloydee, weekends are a rarity for me to work!

@JoshuaHall72 4 месяца назад

I’m 17 and want to do the knowledge and have my badge by 20. Every cabbie never wants to say their annual figure. Can you tell me yours? Just to know what I’m getting myself into

@lloydeelloyd 4 месяца назад

@@JoshuaHall72 Just wanted to say that , if you get your badge at 20 you wouldn't be allowed to drive a cab till your 21. However 3 years is the absolute minimum to do the knowledge these days , could take longer may as well start now

@JoshuaHall72 4 месяца назад

Yeah I’m going to buy myself a scooter and complete the blue books. Still, can you tell me your yearly annual figure?

@mohammedhussain-wp6hn Месяц назад

A private hire driver can earn 400 a week after expense. I earn 700 a week including expense. After car rental and petrol ,i make 400 a week.

@williamhudd3180 5 месяцев назад

Does anyoke know how to fet to get tour guide badges

@ryanoverlay4592 Год назад

Why is it disrespectful to share your income? Doesn't it help everyone learn more about the trade and understand how well they're doing or how they could improve?

@EuanBCFC Год назад

I guess because they all earn different amounts, one doing fairly well and sharing it could be seen as showing off to those not doing so well

@zackaplowitz Год назад

@@EuanBCFC Or it could help those being underpaid to realise that they’re being exploited. The stigma around discussing pay is directly opposed to the interests of workers.

@cypher686 Год назад

People need to be more open with their earnings. The only person who loses out is the employee when we don’t share earning info

@matt3642 Год назад

It's pathetic mate that's what it is

@georgedoty-williams2085 Год назад

@@zackaplowitz Not everything is a conspiracy

@Shyted Год назад

Could you run two companies and have each under the VAT threshold?

@patpending8134 Год назад

Yes, providing they were limited companies, i.e. incorporated companies registered with Company's House. That was, each of those companies is a separate legal person. If instead you were a sole proprietor, then the legal person is YOU, so you couldn't, say, claim to have two separate businesses and each was under the VAT threshold. That would be diagregation - artificially trying to split up something you can't - and the VATman would rub his hands with glee and go after you. VAT has existed in the UK for 50 years, so all sorts of tax avoidance schemes, fraud etc. has played out and there's lots of case law/legal precedents, in other words, it's all been seen and done. Actually, nearly all VAT is collected by BT, Tesco, British Gas etc. from their customers/consumers. Small builders, plumbers, or taxi drivers, even if they are VAT- registered, pay relatively nothing in comparison into the VAT pot, but the same rules must apply to them as BT, Tesco etc. Also, Tom glossed over that VAT-registered busineses can reclaim VAT they are charged, e.g. on fuel, goods/services etc., so they get that 20% VAT back. It's not simply £85,001 turnover = £17K VAT due.

@Willdu87 Год назад

Do you have a limit to driving hours per day or averaged over a month like hgv drivers do?

@pandarcywalkington6595 Год назад

No it’s unlimited

@mtty1988 Год назад

2 Hours Heathrow wait would you not use that as your brake and time to do ur finances books or the likes. Maybe if your studying use it as study times book holidays or the little jobs you you never get around to aka usingthe time wisely

@TheL184 Год назад

Im pretty sure it's working out for him. After all you are leaving a comment on his popular RU-vid channel ;)

@jama211 11 месяцев назад

But... how much are you earning? Haha all good if you don't want to say. But this was super interesting regardless, and doesn't have a clickbait title, so nice work!

@Dave-ko2pr 9 месяцев назад

The media are good at making false wage statements online. Just like a few years ago with the HGV driver shortage was on. Daily mail saying average wage was £70 k per year. Not accurate. Most standard drivers don’t earn that kind of money, for for doing average hours.

@dionlindsay2 5 месяцев назад

HMRC could work out a pretty good average if they wanted too, couldn't they?

@justanothercourier Год назад

Self employed van courier here... Great video as usual buddy. Long time lurker on your channel and a lot of your issues are the same as mine with regards to limitations on earnings. Just a bit more of a layman's explanation of VAT registration for people... Being VAT registered can be advantagous when being a sole trader or running a business but it depends on who your customers are... it wouldn't really work for Tom as if he were VAT registered it would mean he would have to charge VAT on all of his fares which, because the average punter who uses him couldn't claim the VAT back, would make him less competitive with pricing and therefore potentially loose him custom. The work I do on the other hand is all business to business meaning that it is advantagous for me to be VAT registered as it is likely that the companies I'm working for are too. Meaning that when I charge them VAT, they're able to claim it back and so on and so forth for their customers. You can also claim a percentage of the VAT back on your expenses too (and in transport most of your expenses have VAT). Meaning you can claim VAT back on fuel, vehicle purchases, tyres etc... I'm on the flat rate scheme which means that I can claim (for my first year anyway) roughly 11% back on all the VAT purchases I have. Also just for reference you can register to charge VAT if your turnover is less than £85k, it just becomes mandatory if it is more. Great video pal, keep them up.

@EdthePlumber Год назад

The real answer is how much go though the books!

@NoNonsenseJohnson 11 месяцев назад

Mostly card payments nowadays.

@EdthePlumber Год назад

Really Vat need to be changed so everyone pays it say above £1000 (which is the untaxed hobby earning) It’s actually stopping people growing there business And it’s so easy to do these days either app based accounting systems

@kaelon9170 Год назад

This is actually how it works in the Netherlands, and I think most European countries. There 21% VAT is applied on every euro earned in a professional context, starting at €0. For hobby purposes the first €1000 is VAT free, but professional transactions do not enjoy this exemption. Seems a bit weird that the UK has a 85,000 pound VAT exemption really.

@adamyt0 Год назад

so does a cab driver register as self employed or can they do limited company? and if so what are implications for VAT

@TomtheTaxiDriver Год назад

Majority of cabbies are self employed. But self employed of limited company, the VAT liability will remain the same.

@adamyt0 Год назад

@@TomtheTaxiDriver thanks for replying. I find it mad that once 85k it hit turnover-wise,VAT is liable. ridiculous! would've thought profit-only and then at least expenses can count against it

@seankirk333 Год назад

Income Tax and VAT! There is no insensitive or ever as been for the ordinary person to try and better themselves because of it, simple is simple as, always as always is, in one hand out the other,...............

@Caroleonus Год назад

"Unless there's another business interest, or he can funnel the VAT bill elsewhere..." he says, on RU-vid 😏

@greigs9384 Год назад

I do three days a week. As you get older I think driving 5 or 6 days a week in London just loses its appeal. Obviously I’m more dinosaur Dave 😂

@wloffblizz Год назад

At the same time, working just three days a week and making a living (even if you make a bit less) is the dream for a lot of people!

@jimmybaldwin737 Год назад

How much do you earn doing 3 days a week. I’m doing the knowledge atm. Or can’t you say 😂😜. It must be ok. If your only doing 3 days

@greigs9384 Год назад

@@jimmybaldwin737 I’m semi retired. I have an early pension from another career every month 👍

@kbee6223 Год назад

I heard all cab drivers have a yearly gross profit of £12570, is that true?

@omarbaly3895 Год назад

They create meter £10 h when is wok is steady And tell you we we are the cheapest meter in Europe

@sw01ller Год назад

yeah, i'll stick to driving trains thanks!! its so much easier than the shite you have to go through!

@ginashiel105 Год назад

The taxi drivers outside Heathrow charging anything they want ..its a disgrace they are getting away with too...they need to be regulated and very tightly.....

@robertfisher632 Год назад

I gave up Taxi got my Gas ticket I made £80 k pre tax last year and I should be making a bit more this year.

@shaftt4067 Год назад

you mean gas engineer?

@robertfisher632 Год назад

@@shaftt4067 Yes.

@shaftt4067 Год назад

Where you make the course? Do you done the college or just courses That s,a good move happy to see people get proper trades

@robertfisher632 Год назад

@@shaftt4067 I was a time served plumber before I was a taxi driver so it was just a refresher course yo get my gas safe.

@jimmybaldwin737 Год назад

Wow. I’m doing the opposite 😂. I did a gas engineer training. Got my gas safe. But I’m doing the knowledge now. Why did you give up the taxi trade ?

@chrisbaxter5041 Год назад

Anything under £300 a shift would not be viable time you pay all your expenses and take a wage

@TheL184 Год назад

You should Google the definition of a wage

@80skid83 Год назад

Sad but true

@TheL184 Год назад

@@80skid83 bull shit lol. You are also not exchanging wages. wages and gross earnings are very different. So many people are drips

@godish_tv8623 6 месяцев назад

VAT is just ridiculous you should be able to work and earn as much as you want and not have to worry about earning too much money that you lose money from your net income. Cab drivers need to starts talking to their local MPs to get this legislation changed or at least to give them a tax exemption or you pay VAT. Also idk how being a cab driver is classed as your own business when you work under the TFL umbrella. Its not like if you were a painter and decorator where you get to make your own rules for your company and how you do your job its not like there are regulation on how you have to paint a wall or what you can charge. Being forced to work at a set rate doesn't sound like its completely your own business.

@hwgusn Год назад

Do you have to pay a rank charge at every rank?

@jimmybaldwin737 Год назад

Do you mean to wait on the rank ? I wouldn’t of thought so

@millwalldarren2792 11 месяцев назад

These older drivers putting younger people off the trade do my nut in! See one tell a kid on the knowledge to give it up. Must want us to move aside and just give the work to Uber! Divs. I’ve been doing it 9 years and never been busier!

@lgx2410 8 месяцев назад

How can you live comfortably in or around London for less than £100k a year?

@TomtheTaxiDriver 8 месяцев назад

I can’t/don’t. Live way out of london

@AB-dr8wq Год назад

Yes but all those cash jobs, no ones seeing that money. And card jobs, theres ways around it

@kphedges1 Год назад

Those days are gone, it's pretty much all contactless now.

@lisnamoljoseph4681 Год назад

Isthere an app for Black Cabs?? Like Uber???

@TomtheTaxiDriver Год назад

Taxi App

@80skid83 Год назад

Gett also

@danieloscolos8508 Год назад

so somewhere between 30 and 85k then

@reptongeek Год назад

How do you track your earnings, so you don't go over the £85,000

@TomtheTaxiDriver Год назад

Count your money, credit card providers usually have good apps/portals that show takings.

@ceesmith Год назад

Am I being daft here? If the driver is VAT registered doesn't it mean they add vat to the cost of the journey, so the customer ends up paying the VAT. I thought the whole idea of VAT is that the customer always pays, while the supply chain pay one another so none lose out?

@EdthePlumber Год назад

Only is the company (sole trader) terns over £85k a year There are some benefits, you can them claim back vat off costs. To cab, fuel, card payments, maintenance. I bet it’s worth changing vat if you can turn off £75k

@barrydoherty636 Год назад

There is not one London taxi driver that would be vat registered

@barrydoherty636 11 месяцев назад

@@NoNonsenseJohnson because yo have to be earning over £72k

@NoNonsenseJohnson 11 месяцев назад

@@barrydoherty636 85k? Bet there’s a few grafters earning that.

@harrisonjames7489 Год назад

And Dinosaur Dave will still try and nick work from Butterboy Ben

@mrrocket400 Год назад

i got lost at the end because im a thick bastard

@JulianShagworthy Год назад

Whilst I'm delighted that my comment made it into one of your videos, I also now feel kind of a dick about it. What a conflict of emotions and, indeed, what a time to be alive...

@TomtheTaxiDriver Год назад

Haha! Take it as a positive, I've made a whole video about it 😊

@jasrai5129 Год назад

reason is due to tax man and what is declared to them - you would be ambushed if you revealed all!

@TheL184 Год назад

The critical difference between a sole trader and an employee is that usually, there is only a certain amount an employee can earn.. Business is in the sense of a direct transaction between a customer and a provider, in a buzzing city on a 'good day' will have a significant difference in gross between someone who is paid a wage. However this will involve a cyclical process in that the cab driver will eventually have to reinvest in the business and the employee will likely not

@TomtheTaxiDriver Год назад

Indeed! A “good year” will likely be far higher costs than a normal year. Something someone who is salaried doesn’t have to experience

@TheL184 Год назад

@@TomtheTaxiDriver yes sir. It's all relative but unless I had a handsome salary + equity, I know what I'd rather be doing!!! Nice one tom 👍

@yazMillz1990 Год назад

The games dead 😂😂😂😂 they’ve been saying that for the last 30 years.

@MatrixFuse Год назад

Who declares exactly what they earn to hmrc anyway 😁

@GrahamPlays 6 месяцев назад

Hah butter boy Ben.

@AlexanderWojciech. Год назад

Hi Tom, big fan, just reaching out to say that that Thumbnail looks demonic.

@mother7007 Год назад

How much on average do you gross a hour?

@TomtheTaxiDriver Год назад

Varies, £100-£200?

@mother7007 Год назад

@@TomtheTaxiDriver so your meter charges including waiting approximately £7 per mile. That's scandalous compared to Uber which isn't even £2 mile.

@TomtheTaxiDriver Год назад

@@mother7007 I’m clearly joking. funny how our proposed meter increased wasn’t enough for the ACDU. twitter.com/ADCUnion/status/1631070891114209282?s=20 denotes that our meter earnings are clearly linked to what the other mob charge. Hourly rate is a bit different in an Uber when they charge, 2x, 3x or 4x. As apposed to a meter that remains fixed.

@mother7007 Год назад

@@TomtheTaxiDriver I'm Uber driver and trust me surge fares are rare probably 1 a week. Your meter charges are equally complex they change many times according to the time of day . Uber drivers gross approximately £25 a hour at under £2 a mile so I dare say you're around treble that when the work is consistent.

@mother7007 Год назад

@@TomtheTaxiDriver so how much your meter charge per mile , average, I reckon around £7 ?

@cercelliviugeorge8591 3 месяца назад

O freci varule 😂😂 ca toți taximetriști 😂

@davidjordan7964 Год назад

Fuck me, that's totally unfair - £85k is fuck all in London - was earning more than that but moved up north so that could actually buy a house. Surely there could be some kind of dispensation given as you guys are essential to keep the big smoke moving? There are other crazy thresholds in our tax system mind, even if on PAYE. £100k a big one to lose child care and of course subsequently lose your personal allowance gradually. Meanwhile at the lower end (and frankly this is much more important than us relatively fortunate people on six figures) the treatment of vulnerable low income people transitioning off universal credit is horrific, they can end up on 80% marginal rates cause of the taper. Hopefully the latter can be sorted out after next election cause we probably gonna get a wipeout of tories, can't think who the hell would vote for them atm.