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Transparent Benchmarks
http://www.taxi-driver.co.uk/phpBB2/viewtopic.php?f=1&t=25942		 Page 1 of 2
Author:  youbeenbusy [ Sun Jan 11, 2015 8:55 pm ]
Post subject:  Transparent Benchmarks
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.
Author:  grandad [ Sun Jan 11, 2015 9:21 pm ]
Post subject:  Re: Transparent Benchmarks
youbeenbusy wrote:
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?
Author:  youbeenbusy [ Sun Jan 11, 2015 10:19 pm ]
Post subject:  Re: Transparent Benchmarks
Too high they are in the 50s
Author:  x-ray [ Sun Jan 11, 2015 11:56 pm ]
Post subject:  Re: Transparent Benchmarks
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.
Author:  Skull [ Mon Jan 12, 2015 12:19 am ]
Post subject:  Re: Transparent Benchmarks
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. :badgrin: :badgrin: :badgrin: :badgrin:


Never mind Starbucks, Amazon and the likes, it's the cabbies the Tories want to screw into the ground...sounds like a plan... :badgrin: :badgrin: :badgrin: :badgrin:
Author:  wannabeeahack [ Mon Jan 12, 2015 5:30 pm ]
Post subject:  Re: Transparent Benchmarks
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)
Author:  grandad [ Mon Jan 12, 2015 5:44 pm ]
Post subject:  Re: Transparent Benchmarks
wannabeeahack wrote:
1



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

Where do you get that figure from? based on that figure, I need to use more fuel for the money we take in.
Author:  wannabeeahack [ Mon Jan 12, 2015 7:25 pm ]
Post subject:  Re: Transparent Benchmarks
grandad wrote:
wannabeeahack wrote:
1



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

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


my accountant told me, just before i sacked him
Author:  gusmac [ Mon Jan 12, 2015 7:26 pm ]
Post subject:  Re: Transparent Benchmarks
grandad wrote:
wannabeeahack wrote:
1



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

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


Mine is between £5 and £6 per £1 of fuel. Not the world's most fuel efficient cab either. :lol:
Author:  bloodnock [ Mon Jan 12, 2015 7:36 pm ]
Post subject:  Re: Transparent Benchmarks
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.
Author:  Cabby John 1 [ Mon Jan 12, 2015 8:29 pm ]
Post subject:  Re: Transparent Benchmarks
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 :lol:

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.
Author:  Sussex [ Mon Jan 12, 2015 8:31 pm ]
Post subject:  Re: Transparent Benchmarks
youbeenbusy wrote:
They are looking at figures between 29% to 49% for taxi drivers.

Best they look again then.
Author:  grandad [ Mon Jan 12, 2015 8:37 pm ]
Post subject:  Re: Transparent Benchmarks
Cabby John 1 wrote:
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 :lol:


It is only the up hills that eat fuel. The down hills must save fuel so maybe this cancels it all out.
Author:  gusmac [ Mon Jan 12, 2015 8:50 pm ]
Post subject:  Re: Transparent Benchmarks
grandad wrote:
Cabby John 1 wrote:
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 :lol:


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


I wish :sad:
Author:  roythebus [ Mon Jan 12, 2015 8:58 pm ]
Post subject:  Re: Transparent Benchmarks
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.
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