Taxi Driver Online

I received a letter from HMRC about Transparent Benchmarking, Apparently its to do
with income- profit ratio .It appears they want to try it out in this country as it has been successful
in other countries. The maths behind it is, divide your net profit by your turnover and then multiply
by 100 . This result is your net profit ratio .They are looking at figures between 29% to 49% for taxi drivers.

Well my figures for this year and last fall outside these numbers.

To high or to low?

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Grandad,

Too high they are in the 50s

I received the same letter. HMRC have always used "parameters", a type of benchmark. they know that in a given area, the average driver earns, say, £20,000 gross. Any drivers earning say £18,000 to £22,000 won't flag up on their system as an immediate investigation. Anyone outside these figures may well be investigated.

Aye the Tory noose is drawing tight around the necks of the working man. Saying that, it's not like you Cabbies can't afford to pay that little bit extra with all the money you earn.


Never mind Starbucks, Amazon and the likes, it's the cabbies the Tories want to screw into the ground...sounds like a plan...

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All animals are equal but some animals are more equal than others.
George Orwell, "Animal Farm"

1 in 100 S/E get looked at

1 in 10 LTD Co will get looked at

All my records got stolen along with my briefcase and laptop



and they use fuel as an indicator of what your takings should be, roughly 4:1 (£4 takings:£1 fuel)

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Of all the things ive lost, i miss my mind the most

Where do you get that figure from? based on that figure, I need to use more fuel for the money we take in.

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Grandad,

my accountant told me, just before i sacked him

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Of all the things ive lost, i miss my mind the most

Mine is between £5 and £6 per £1 of fuel. Not the world's most fuel efficient cab either.

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http://wingsoverscotland.com/ http://www.newsnetscotland.com/

If the Government allows Volunteer Drivers 45p per mile just to cover running costs only then does that same governments HMRC expect us professional drivers to do it for any less..and we have Higher Insurance, Licences and wages to pay for out of the takings...so out of the 80ppm mile you may charge you'll be luck if you clear 25 or 30 Pence of it for yourself after all costs....and thats taxable.

Makes I smile when I hear these silly generalised 4.1/5.1/6.1 figures!

So a guy in Norwich who lives on land as flat as flat gets, is going to be to be classified on the same ratio as a land like Wales where they make hills/mountains that eat fuel

I would always put an argument forward as to why there is no general comparrison to be used - as we all drive differently in any event.

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Common sense........is just not that Common.

Best they look again then.

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IDFIMH

It is only the up hills that eat fuel. The down hills must save fuel so maybe this cancels it all out.

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Grandad,

I wish

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http://wingsoverscotland.com/ http://www.newsnetscotland.com/

According to my usually reliable calculations, a diesel car at 56mpg gives a ratio of about 6.8% of turnover of £20k; a car doing about 30mpg will give a ratio of about 3.8% of £20k turnover.