Ash wrote:
Is this common?
What do you think?
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| Difficult question. http://taxi-driver.co.uk/phpBB2/viewtopic.php?f=5&t=11086 |
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| Author: | Ash [ Thu Mar 26, 2009 6:48 pm ] |
| Post subject: | Difficult question. |
Whilst I appreciate it would not be sensible to admit this on a forum a few of the guys I have been talking too have basically come out and said they under inform the books as it were. Either just pocketing a certain amount of takings without declaring the income or knocking some off of each fair. Is this common? I can see how easilly it would be done. I guess I'm hoping you tell me some horror stories so I don't find myself silly enough to do it! |
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| Author: | Sussex [ Thu Mar 26, 2009 6:49 pm ] |
| Post subject: | Re: Difficult question. |
Ash wrote: Is this common?
What do you think?
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| Author: | Ash [ Thu Mar 26, 2009 6:50 pm ] |
| Post subject: | Re: Difficult question. |
Sussex wrote: Ash wrote: Is this common? What do you think? Well, I do apologise if I've caused any offence. I guess this isn't the place for my new guy questions! *runs along* Sorry. |
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| Author: | Sussex [ Thu Mar 26, 2009 6:52 pm ] |
| Post subject: | Re: Difficult question. |
Ash wrote: Well, I do apologise if I've caused any offence.
You haven't, but if drivers didn't pay as much tax as they legally should, do you think they would say so on an open forum on the worldwide web? 
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| Author: | Ash [ Thu Mar 26, 2009 6:54 pm ] |
| Post subject: | |
I wasn't suggesting they would, I suggested the opposite in fact. Just asking is all. |
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| Author: | toots [ Thu Mar 26, 2009 7:01 pm ] |
| Post subject: | |
Ash wrote: I wasn't suggesting they would, I suggested the opposite in fact.
Just asking is all. I think you may find some are a little evassive with their earnings, but, not on this forum cos we're all extremely honest 
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| Author: | bloodnock [ Thu Mar 26, 2009 7:54 pm ] |
| Post subject: | |
A fare out and a Return fare back...Two fares one journey..of course we would declare it...we are good,good people.. 
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| Author: | Over & Out [ Fri Mar 27, 2009 10:50 am ] |
| Post subject: | |
The taxman works to formulas based on your mileage, fuel & other costs & if investigated that's where they'll base your gross earnings on. |
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| Author: | Stationtone [ Fri Mar 27, 2009 5:28 pm ] |
| Post subject: | |
as they say your mileage is your cash register |
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| Author: | charles007 [ Fri Mar 27, 2009 9:45 pm ] |
| Post subject: | |
toots wrote: Ash wrote: I wasn't suggesting they would, I suggested the opposite in fact. Just asking is all. I think you may find some are a little evassive with their earnings, but, not on this forum cos we're all extremely honest Were ever did you get that from, i would not help any one who did not pay what they had to, i dont know any one like that myself. |
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| Author: | wannabeeahack [ Fri Mar 27, 2009 10:58 pm ] |
| Post subject: | |
my tips are my own..... 
HMRC (the taxman) has "The Book", which has every trades costs:takings ratios, so for £1 fuel you should take (say) £10 declare you took only £5 and they may dig deeper mileages are not accurate, especially when the vehicle may aslo be family transport, more likely with a PH or saloon/mpv,etc than london cab then again, personal use of a vehicle is taxable... if you have a high percentage of account work then going VAT regd could be a boon Ive just got some work, going vat regd will make me an extra £800 a year.... (flat rate scheme and cash accounting system) |
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| Author: | toots [ Fri Mar 27, 2009 11:03 pm ] |
| Post subject: | |
wannabeeahack wrote: my tips are my own.....
HMRC (the taxman) has "The Book", which has every trades costs:takings ratios, so for £1 fuel you should take (say) £10 say you took only £5 and they may dig deeper mileages are not accurate, especially when the vehicle may aslo be family transport, more likely with a PH or saloon/mpv,etc than london cab then again, personal use of a vehicle is taxable... They only allow a certain % for personal use of business vehicle anyway so it doesn't really matter how much you say you use it personally
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| Author: | wannabeeahack [ Fri Mar 27, 2009 11:05 pm ] |
| Post subject: | |
toots wrote: wannabeeahack wrote: my tips are my own..... HMRC (the taxman) has "The Book", which has every trades costs:takings ratios, so for £1 fuel you should take (say) £10 say you took only £5 and they may dig deeper mileages are not accurate, especially when the vehicle may aslo be family transport, more likely with a PH or saloon/mpv,etc than london cab then again, personal use of a vehicle is taxable... They only allow a certain % for personal use of business vehicle anyway so it doesn't really matter how much you say you use it personally and if you only have the one vehicle for use business and pleasure they INSIST you must have used it and pay tax on the estimate, ive known some buy an old car and keep it just to avoid the taxman trying this |
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| Author: | bloodnock [ Fri Mar 27, 2009 11:11 pm ] |
| Post subject: | |
wannabeeahack wrote: toots wrote: wannabeeahack wrote: my tips are my own..... HMRC (the taxman) has "The Book", which has every trades costs:takings ratios, so for £1 fuel you should take (say) £10 say you took only £5 and they may dig deeper mileages are not accurate, especially when the vehicle may aslo be family transport, more likely with a PH or saloon/mpv,etc than london cab then again, personal use of a vehicle is taxable... The bigger percentage you say you use the car for private use only comes back to bite you by way of the same percentage of other tax deductable purchases being disallowed from your assesment...tis better to be 100% business use... They only allow a certain % for personal use of business vehicle anyway so it doesn't really matter how much you say you use it personally and if you only have the one vehicle for use business and pleasure they INSIST you must have used it and pay tax on the estimate, ive known some buy an old car and keep it just to avoid the taxman trying this |
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| Author: | toots [ Fri Mar 27, 2009 11:23 pm ] |
| Post subject: | |
I don't actually think there is anything difficult about this question. You either declare everything you earn and pay the due tax or you don't and pay the due tax. If the tax man thinks you're taking the pi$$ he will investigate if not happy days
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