As wife is coming out of work to have our first child.i need to declair how much i am earning.so we can get family credit.
Does anyone know how much i can earn before tax.
Thankyou fellow cab drivers
caerphilly lad.
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| Author: | CaerphillyCab [ Mon Nov 08, 2004 10:12 pm ] |
| Post subject: | How much can i earn a year before paying tax |
As wife is coming out of work to have our first child.i need to declair how much i am earning.so we can get family credit. Does anyone know how much i can earn before tax. Thankyou fellow cab drivers caerphilly lad.
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| Author: | steveo [ Mon Nov 08, 2004 11:12 pm ] |
| Post subject: | Re: How much can i earn a year before paying tax |
CaerphillyCab wrote: As wife is coming out of work to have our first child.i need to declair how much i am earning.so we can get family credit.
Does anyone know how much i can earn before tax. Thankyou fellow cab drivers caerphilly lad. it depends not on your take each week but what is left over once you have paided out everything in the course of being a driver. i know someone who does loads of hours but still manages to blag a fair amout from the family credit. get your self a good accountant they are worth every penny. |
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| Author: | Yorkie [ Tue Nov 09, 2004 2:24 am ] |
| Post subject: | Re: How much can i earn a year before paying tax |
CaerphillyCab wrote: As wife is coming out of work to have our first child.i need to declair how much i am earning.so we can get family credit.
Does anyone know how much i can earn before tax. Thankyou fellow cab drivers caerphilly lad. you will get family credit you need to be clearing the ranks single handed at LUTON airport to make too much. |
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| Author: | Stinky Pete [ Tue Nov 09, 2004 3:26 am ] |
| Post subject: | Re: How much can i earn a year before paying tax |
CaerphillyCab wrote: As wife is coming out of work to have our first child.i need to declair how much i am earning.so we can get family credit.
Does anyone know how much i can earn before tax. Thankyou fellow cab drivers caerphilly lad. Be very careful out there, ok maybe a bit on the safer side being a rental driver, even better if the cab is double driven, we have some lads on the taxi rank who rent a plate, get family credit etc etc, but they are allowed to work 16 hours to top up their income, it doesn't state how you do the 16 hours, the few that are on the system cream it on the busy nights but be very careful, I was hauled in to the tax office, [I am full time hack driver, wife has good job with Ministery of Defence, all my kids grown up and got their own kids, but they still come to me for handouts] The tax office have books thicker than yellow pages with all the ins and outs of taxi driving, scams as well, and can work things out to fine detail, very fine detail. .get a good accountant, even better get a Chartered Accountant, the tax office trust these more than they do with ordinary accountants. hope this helps I know I have been down that road, be careful |
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| Author: | Stinky Pete [ Tue Nov 09, 2004 3:46 am ] |
| Post subject: | Re: How much can i earn a year before paying tax |
CaerphillyCab wrote: As wife is coming out of work to have our first child.i need to declair how much i am earning.so we can get family credit.
Does anyone know how much i can earn before tax. Thankyou fellow cab drivers caerphilly lad. Link to Inland Revenue, re Taxi Drivers http://www.inlandrevenue.gov.uk/bens/ben25.htm regards |
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| Author: | trigot [ Tue Nov 09, 2004 3:39 pm ] |
| Post subject: | |
u dont have to pay anything if its your first year, up until your accounts are ready,, |
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| Author: | Sussex [ Tue Nov 09, 2004 5:27 pm ] |
| Post subject: | Re: How much can i earn a year before paying tax |
CaerphillyCab wrote: As wife is coming out of work to have our first child.i need to declair how much i am earning.so we can get family credit.
See I have to wonder what any of us are doing in this trade if we have to rely on family credit. It seems that we are selling ourselves cheap. If you are driving a HC, then ask your council why they think the taxpayer should subsidise the local taxi tariff. If you work for a PH firm, then leave for one that doesn't expect drivers to work for a pittance. 
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| Author: | Eric the viking [ Tue Nov 09, 2004 8:41 pm ] |
| Post subject: | |
Hi I had a driver who was claiming Family tax credits, he had five kids, betwen a few months and ten, he told me the rules went like this. You have to work for more than 16 hours per week, for the self employed you are entitled to more money if you work more hours, you will need to double check the breaks here, for both employed and self employed the more kids you have the more you can earn and the more you can claim. Again you need to check the breaks. If you have been self employed for less than a year you need to submit an income and outgoings sheet and they will work out your entitlement, on what they consider to be your nett earnings, self employed seem to do better here than employed. If you have been doing this for more than a year then they will award the amount on the earnings on last years self assesment form regardless if you earn more this year than last. If you find yourself working less hours hours and therefore earning less, because of family commitments then you can request they assess it on your actual earnings as the circumstances have changed. Remember to include all your expenses, fuel repair insurance uniform, if you have to be suited and booted, mobile phone, license fees ect. The other benefits you get are free school meals, child care allowance should your wife decide to work part time, (but make sure her earnings don't take you over, so you are then entitled), free eye tests, a voucher for glasses, free prescriptions and free dental care. My guy used to earn good money, because of his circumstances his top up was substantial. I heard recently that a family could earn as much as £30k and still be entitled to it. As for Accountants, well a friend of mine asked his accountant to look into it when he had his second child and the accountant said he earn't too much, his wife subsequently claimed and they were awarded about £50 quid a week, so I would not trust them to know what they are talking about. Get the missus to apply for a claim form, it's her it will get paid ro not you. Incidently there is also a scheeme called working persons credit, this is for the people who do not have children. Good Luck with it, it's a dammed good benifit and well worth looking into. Let us know how you get on. Regards Eric. PS The tax allowance is £4700 ish these days, that is the amount you can earn before tax, if you pay your wife for doing your books for you for example then as a couple you can claim twice the amount of allowance, you do this by reducing your own income to the equvilent of her allowance, the £4700, so you save on tax, at the same time you can still claim the same in Family tax credit as this is assessed on the household income which will be the same, less of course the tax you save which will make little or no difference. Make sure your wife actually does do some work though as just saying she does is dishonest and who wants to do that? |
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| Author: | CaerphillyCab [ Tue Nov 09, 2004 10:47 pm ] |
| Post subject: | Thankyou |
I thankyou all for replying to my topic.i am very gratefull and will be very carefull in which steps i am going to take. Thankyou CaerphillyCab |
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| Author: | trigot [ Wed Nov 10, 2004 1:16 am ] |
| Post subject: | |
nice post eric the viking, very informative !!!! |
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| Author: | Yorkie [ Wed Nov 10, 2004 2:16 am ] |
| Post subject: | Re: How much can i earn a year before paying tax |
Sussex wrote: CaerphillyCab wrote: As wife is coming out of work to have our first child.i need to declair how much i am earning.so we can get family credit. See I have to wonder what any of us are doing in this trade if we have to rely on family credit. It seems that we are selling ourselves cheap. If you are driving a HC, then ask your council why they think the taxpayer should subsidise the local taxi tariff. If you work for a PH firm, then leave for one that doesn't expect drivers to work for a pittance. I know what you are saying Sussex but the way you put it is dreadfull and appauling people in all sorts of occupations get family credit and with all due respects its a right. I would be wonderfull to think no one on our taxis will face poverty. Nige hit a point a bit back, one I disagreed with in principle its this at the end of the day there is a ballance to be struck, between not enough working for nowt and too much no customers. poor areas get poor tarriffs rich areas get good tarrifs, thats a fact of life. please stop making drivers feel inadequate that have families to feed, your point which is valid could have been much better put. |
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| Author: | Sussex [ Wed Nov 10, 2004 8:12 am ] |
| Post subject: | |
The fault isn't with the drivers, but the trade. Is it right that the taxpayers of Sussex should subsidise the pathetic taxi tariff in Hartlepool? 
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| Author: | Yorkie [ Wed Nov 10, 2004 1:04 pm ] |
| Post subject: | |
Sussex wrote: The fault isn't with the drivers, but the trade.
Is it right that the taxpayers of Sussex should subsidise the pathetic taxi tariff in Hartlepool? you are not subsidising the trade in Hartlepool, but giving relief to poor families working in any trade. it could be worse you could be subsidising the family whole cost. |
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| Author: | up north cabbie [ Wed Nov 10, 2004 5:29 pm ] |
| Post subject: | |
hartlepool may have the lowest tarrif but when you look at there tarrifs on a whole e.g times for different tarriffs and talk to the drivers tey are all on good money |
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| Author: | Eric the viking [ Wed Nov 10, 2004 8:40 pm ] |
| Post subject: | |
Yorkie wrote: Quote: you are not subsidising the trade in Hartlepool, but giving relief to poor families working in any trade.
it could be worse you could be subsidising the family whole cost. Spot on, this is not a benifit aimed at or soley provided to the Taxi & Private Hire Market place it is a comprimise, between government and industry/business's in general. If the minimum wage had kept up with, for example the rate at which house prices had inreased over the past ten years then it would be around £30 per hour. Business's large or small could not sustain this and would not want to as then inflation would spiral out of control. Also the government abolished the additional personal allowance for married couples and units with children a while ago now, this was also intended to bridge that gap. This credit makes it worthwhile for people from all walks of life to work, rather than collect benefits and work on the sly, it incorages honesty and keeps the unemployment figures down, you maybe interested to know that most of the families that have breadwinners in paid employment in government offices like the DSS are claiming Family Tax credit also. Seems mad but there are good economic reasons for this system, well for the government anyway, if others can also benefit, why not? Tax payers have always subsidised families as far a tax is concerned so nothing changes here, it is just another method of achieving it. Regards Eric |
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