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Self employed HELP!??

Astraguy09

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Hi guys,

Looking at getting myself a 2nd Job as a Taxi driver, however many of the roles require being self employed, does anyone know anything about this.

I think I know a few basics like paying own NI & tax however I really need some more advice before I get my nose to the grindstone!!

Cheers in advance!!
 
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basicly its the same as being employed but you needs to note down your earnings, keep your tax by to pay off 6 monthly, fill out your tax return and youre away

you'll want to read up about putting tools/equipment of your trade against your earnings to pay less tax

the basics are all you need to know really to get started

however the taxi part is the difficult part since you'll be handling cash all day, with out giving too much away you can basicly make up what you earn.......

from what i can tell you need to do a lisence which costs about £500, and mot the car you use alot, you'll need to go through several checks etc like police checks (i hope) this part definately needs a bit of reading into

i hope it all goes well for you though, some taxi drivers earn £500 a weekend! :o
 

Astraguy09

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basicly its the same as being employed but you needs to note down your earnings, keep your tax by to pay off 6 monthly, fill out your tax return and youre away

you'll want to read up about putting tools/equipment of your trade against your earnings to pay less tax

the basics are all you need to know really to get started

however the taxi part is the difficult part since you'll be handling cash all day, with out giving too much away you can basicly make up what you earn.......

from what i can tell you need to do a lisence which costs about £500, and mot the car you use alot, you'll need to go through several checks etc like police checks (i hope) this part definately needs a bit of reading into

i hope it all goes well for you though, some taxi drivers earn £500 a weekend! :o

Well the initial idea is that I would join a company (they would lease a car to me) and bank all cash taken minus fuel expenses that would be documented with receipts. It would be banked into a seperate and basic account and Tax would be calculated as soon as possible (that way I could keep it aside and pay it straight away) and anything left over gets transferred into my account (my wages)
 
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sounds like a plan mate, a company can still stop your tax if you're self employed iirc so you may not even have to worry about it :beer:
 

Astraguy09

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hmmm well im having a word with my uncle who is a taxi driver and has been for a while tomorrow so I might be able to see where he started, also been looking about on jobcentre website.

The only trouble for me is the taxi licence outlay...... well at the moment
 
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When your self employed and want to work for companies you provide them with your UTR (unique tax reference) and they will automatically take out your tax, 21%

If you are going direct to a customer then you have to work out your own tax, make sure u keep note off all your outgoing's as well as your income as you can claim back for alot of things while being self employed, even clothes.

If you can afford it then a book keeper is a good idea, then all you need to do is provide them all your receipts and they do that hard work for you, a bookkeeper is around £1000 a year, tip u can also claim back tax on the book keeper :D
 

Astraguy09

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When your self employed and want to work for companies you provide them with your UTR (unique tax reference) and they will automatically take out your tax, 21%

If you are going direct to a customer then you have to work out your own tax, make sure u keep note off all your outgoing's as well as your income as you can claim back for alot of things while being self employed, even clothes.

If you can afford it then a book keeper is a good idea, then all you need to do is provide them all your receipts and they do that hard work for you, a bookkeeper is around £1000 a year, tip u can also claim back tax on the book keeper :D

Yeah been told I can claim back tax on pretty much everything, I would prefer not to pay for a book keeper as thats more cash that could be spent on rent and my family.

I know from another source that NI is paid a certain way (class 4 under £5125/year profits class 2 above which is calculated) however its just getting the tax bit sorted out then I can give the HMRC a call and see if i can put the final pieces in the puzzle then start giving companies a ring see if they have afternoon/evening cars available.
 
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easiest way i found was go to inland revenue ad they will tell you what to do at least then your all above board if you do what they say, but its petty much as lee said,

i was self employed but worked as a sub contractor so just gave them my reference and they paid my tax etc :D then i did my tax return and got back about £2k a year just frm tools, clothes, fuel etc,. . . . which paid for my LET :lol:
 

Astraguy09

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Only things that I could claim back for is food on the job and fuel, maybe "Work Clothes".

deffo going to have a word with the boss at work & arrange to pop into the local HMRC office now, think this is definatly a goer for me :D
 
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My brother is a private hire driver and leases the car from his company. What with his pay-in each week that comes to £250........Then he has to pay for his fuel.
Good thing about it is that he does not have to pay for servicing.
You might also have to pay for the 'plate test' which is far stricter than a normal MOT, have heard that Havant council took a taxi off the road because he had a slight scratch in his door !!!!
Best of luck in getting you license mate, should sail through the medical................lol
Phil.
 

Astraguy09

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Well spoke to my uncle who is a driver last night and he said I would need to earn more than £300 per week and put a LOT of hours in to actually make any money, however he has suggested that I give first a bell and get my name down to drive the busses!!
 

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