Taxi Driver Online

Petrol prices: 'Fairer fuel' dropped in Budget

Promises to help control petrol prices are set to be quietly dropped in tomorrow's emergency Budget.

The Conservatives pledged in April to introduce a system that would cut fuel taxes when oil prices soared and raise them when they fall.
The Liberal Democrats said they would reduce fuel duty in rural areas.

But both proposals are expected to be kicked into the long grass.



The Coalition vows to investigate how to help with fuel costs, but this is expected to be limited to smallscale pilot schemes.



http://www.thisismoney.co.uk/bargains-a ... 9&ito=1565



In May, the outgoing Labour Government hiked fuel duty by 1p a litre as part of programme of automatic fuel escalation orginally launched by the Tories in the 1990s.

Fuel duty is now 57.2p per litre, and VAT a further 17.9p. Labour announced a 1p rise in duty on April 1, followed by two more increases. A further 1p rise is due in October with a final 0.76p increase in January 2011.

http://www.thisismoney.co.uk/bargain...53949&ito=1565

Fairer fuel prices FFS that's 2.5% on fuel 2.5% on delivery and 2.5% on the petrol stations selling it plus the already mentioned rise

But if you are VAT registered you can claim it back. Ah but that also means that you loose an extra 2.5% from the fares because VAT is included in the fare not added to it.

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Grandad,

but your account work will be at 20% vat, if your not on a meter add 2.5% to your cash fares.... or add vat and offer an invoice

If it is hackney work within your district then the meter has to be used and these fares include VAT.

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Grandad,

And if your not VAT registered then it must be a godsend...at least you dont have to fill in Quarterly VAT returns and all the other work thats foisted upon you as an unpaid Tax Collector...

And don’t forget the extra admin you need to do. The extra accountancy bills that multiply your non-vat account by up to 5 times! I think it any works creditably if you do more than 50% account work and are grossing over £100,000 per annum.

The VAT threshold is a lot lower than that.

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Grandad,

I worked it out once based on my annual takings I would be £5000 a year worse off if I was Vat registered these days getting within 20 % of the VAT threshold would be a miracle