Taxi Driver Online

Hi, I'm on the road (ouch) to becoming a cabbie - just need to pass my local knowledge test . I have a firm wanting to take me as a PH driver and just wanted some advice.

I have enough savings to buy a car instead of HP - should I?
Should it be a hybrid which everyone is buying?

Do I need an accountant for the first few years until I know what I'm doing?

Are there any (serious) really helpful tips or hints that you wish you knew when you started out? (I can deal with the hours and boredom)

Ta !

better to put down a larger deposit with some of your savings and thus reduce monthly repayments while keeping money by for a rainy day and unforeseen problems, EG Slack times, Loss of Earnings through ill Health Etc.


I'm not convinced Hybrids are any cheaper in the long term, they tend to be less spacious and that lack of space may cost you work and they cost more initially than modern diesels which are catching up on real MPG fuel economy.


I suggest yes, they can save you more than they cost if you get a reliable one and also free up more of your time from doing the Year End Accounts.
By all means Fill in your own Books on Income and Outgoings, but then Submit them to an accountant for finalising at the years end.



Take out of the Business as few Drawings as you can survive on for the first couple of years until you can build up a Financial buffer Zone, Repay the HP off sooner if possible, Don't get flash with the Cash as around every corner there is a potential Pothole to drive into.

OR simply put...just be Canny with the Cash.

There's a couple of threads about hybrids on the "good the bad and the ugly" section below.

Thank you!

Welcome aboard.

Try it out for a month or so before you take a big financial plunge. Interested folks in your manor are buying hybrids.

Do your accounts via the self assessment online tax form. But you will need to tell the tax folks you are now self-employed.

Good book, look after your punters, don't ever go home early if it's crap.

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IDFIMH

Thank you Sussex - East or West?

mmmmm, not sure about that, if youve done 10 hours at 50% of the average, will 2 extra good hours make much diff?

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

You don't need an accountant.

What's the point in stopping out if it's crap? You're just wasting fuel keeping warm in the winter.

East.

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IDFIMH