Liverpool black taxi driver earnings ?

willt

Hi, I'm facing redundancy from the bank I work for, and with the way the banking industry is at the moment I'm not too confident of finding something else quickly. My mountain of debt means a back up plan is essential so was thinking of getting a taxi licence just in case.

Does anybody have a rough idea of earnings ? I've asked a few cabbies but they were a bit cagey, think they thought I was from the revenue

Thanks

Why_oh_why

According to Learn Direct, Drivers working an average of 40 hours a week in a major city can expect to earn between £12,000 and £20,000 a year.

This site has a bit more information about being a taxi driver.

Also a bit more info on this thread and this thread.

Have no idea about all the taxes etc. involved but the above may be a good starting point.

ThinkingOfLinking

It depends what sort of hours you want to work, eg Bank Holidays, Weekends, Nights, make more money. I take it you know Liverpool City Centre, so a recent example is I got a black cab from Berry St to Mathew St and it cost me £3.80, at 11pm on a Thursday.

siren13577

willt wrote: »

Hi, I'm facing redundancy from the bank I work for, and with the way the banking industry is at the moment I'm not too confident of finding something else quickly. My mountain of debt means a back up plan is essential so was thinking of getting a taxi licence just in case.

Does anybody have a rough idea of earnings ? I've asked a few cabbies but they were a bit cagey, think they thought I was from the revenue

Thanks

Sorry for your problems. My brother in law is a private hire taxi driver, he paid around £300 for test and medical certificate and some sort of insurance, there were a few other things too. The test he took was directions and he was given the answers. You have to pay a settle to the cab company regardless of sickness etc, you can hire/buy a car from the tax company but you may be able to use your own, it's down to the company. I think with black cabs you'd have to buy into the cab and maybe share the income? Maybe someone else knows this. Don't forget you will be self employed and will have to sort out tax etc. My BIL makes the best money at the weekends and the nights, you can work when you chose, the settle is paid weekly by the way.
If you need anymore info, pm and I'll find out for you. Good luck.

Ebe_Scrooge

It will vary according to the specific rules set by the council, but I've personally known 2 taxi drivers. One just drove for a minicab firm, worked regular hours ( 9 - 5 ish ) and got a salary, regardless of how much he earned in fares - the fares went to the company. That suited him, and the licensing restrictions seemed much more relaxed - he just had an ordinary car licence, not a PSV or anything.

The other guy owned a black cab. It cost a fair bit to buy and maintain, also he paid a fee to the council for his licence to operate. He also paid a fee to another company who took phone bookings, so he could get fares by either picking up off the street, or by radio.

He earned a fair old wage by doing that, but he did work mostly nights and weekends, which paid better. And because it was of course all cash, he told the taxman that he earned a lot less - not that I'm suggesting you do the same ! But he could legitimately claim tax back on the running costs.

But he did say the night and weekend work was a young man's game because of all the aggro, although it paid well. When he got older, he switched to doing days, and rented his cab to someone else during the nights, so the other guy kept what he earned and paid my mate a rental fee.

Hope this gives you some food for thought.