Black cab questions

iron_bored

bruciebounus wrote: »

Hi PJ ans John, no, not a silly observation as that was what I had been doing So how is it calculated? I am also trying to find an accountant at the moment, so should all be made clear soon!

Think of it as:

Income (fares) X
Minus Expenses (petrol etc) -X

Gives Profit X

And THIS is the figure you pay tax on

bruciebounus

iron_bored wrote: »

Think of it as:

Income (fares) X
Minus Expenses (petrol etc) -X

Gives Profit X

And THIS is the figure you pay tax on

Ah thank you!!!

xylophone

http://www.taxfix.co.uk/forum/articles/tax-return-for-taxi-drivers-what-you-should-know.html
http://webarchive.nationalarchives.gov.uk/20100512173947/http://www.hmrc.gov.uk/bens/ben25.htm
might be worth a look.

John_Pierpoint

The only known survey conducted into this subject was undertaken several years ago and so its findings may be of limited value. However, it suggested that 98% of all passengers tipped, and a fifth of them tipped more than 25% of the fare.

Dream on ?

CKhalvashi

John_Pierpoint wrote: »

The only known survey conducted into this subject was undertaken several years ago and so its findings may be of limited value. However, it suggested that 98% of all passengers tipped, and a fifth of them tipped more than 25% of the fare.

Dream on ?

Saying that, and this is from someone that owns a cab firm, most of mine go to the next £1, a few operate a metered fixed fare (for example one tHat always used to pay £7 for a £5.40/60 fare.

CK