Taxi Driver Online

Hello
I am a newbie and recenlty joined the forum. This is my first post.

I work in IT sector, age 53- planning to take retirement at 60, so decided to get into this now. Planning to drive few hours in the weekday evenings and most of the time will be weekends.
I have signed in for the wolverhampton driving assessment day program.
My question is -
Since I am already on a 40% PAYE, I was thinking of starting a limited company for taxi service.
Also, if I take a lease for business use, I should be able to use the same for my work and leisure travel too, right?

Appreciate your response.
Thanks in advance.

Very few sole drivers run a limited company. What benefits do you think that it will have?

Of course, you could be VAT registere,d and that might help.

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IDFIMH

I seem to remember something about drivers using limited companies in the trade many years ago, but I think it was put a stop to - isn't this what the whole IR35 thing is about in the wider economy?

But I'd guess it's exceptionally unusual for individual drivers, and a very niche area, and would require specialist knowledge to properly evaluate it.

Of course, there's a huge debate about employment status in the trade, so the limited company route is a slightly different thing, but not unrelated.