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MR T
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PostPosted: Mon Aug 13, 2007 6:29 pm 
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gusmac wrote:
MR T wrote:
The point is that we are talking about the person who paid £60,000 for the plate , his own money from redundancy. tax paid, if he sold the plate for 60,000 he would only be getting his own money back , and as for the person that sold him the plate, there is no information. :wink:
In this case there would be no capital gain to pay tax on. I still think it would push him into VAT registration for the 12 months up to the sale. (unless he had very little other turnover)


Just a 1000 a week..... less 6 week;s holl's eusasmiles.zip

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JD
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PostPosted: Wed Aug 15, 2007 6:20 pm 
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MR T wrote:
The point is that we are talking about the person who paid £60,000 for the plate , his own money from redundancy. tax paid, if he sold the plate for 60,000 he would only be getting his own money back , and as for the person that sold him the plate, there is no information. :wink:


In this scenario it's not known whether this particular 60 grand business investment was ever declared to the inland revenue? But nonetheless capital gains is only an issue when the business is sold and if this person bought the plate as a business then he still has that business. The only problem is that he made the mistake of buying something that holds no material value.

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JD

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gusmac
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PostPosted: Wed Aug 15, 2007 6:38 pm 
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JD wrote:
MR T wrote:
The point is that we are talking about the person who paid £60,000 for the plate , his own money from redundancy. tax paid, if he sold the plate for 60,000 he would only be getting his own money back , and as for the person that sold him the plate, there is no information. :wink:


In this scenario it's not known whether this particular 60 grand business investment was ever declared to the inland revenue? But nonetheless capital gains is only an issue when the business is sold and if this person bought the plate as a business then he still has that business. The only problem is that he made the mistake of buying something that holds no material value.

Regards

JD
It's certainly a can of worms

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TDO
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PostPosted: Wed Aug 15, 2007 7:24 pm 
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JD wrote:
In this scenario it's not known whether this particular 60 grand business investment was ever declared to the inland revenue? But nonetheless capital gains is only an issue when the business is sold and if this person bought the plate as a business then he still has that business. The only problem is that he made the mistake of buying something that holds no material value.



I think the revenue would treat it as a business asset rather than as a business per se.

Thus if the council derestricted, even though the business was still viable and a going concern, HMRC would probably treat the plate as a capital loss which could be offset against other capital gains.

The problem is that the average plate holder would be unlikely to have any capital gains to set the losses against, thus the loss would have no taxation consequences.

Of course, the only appreciable capital gain that the average taxi driver is likely to see is on a house sale, but a person's place of main residence is exempt in any case.

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Renfrewshire Driver
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PostPosted: Fri Aug 17, 2007 10:59 pm 
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What about Capital Gains Tax ?

How does this work with the sale of taxi plates ?

In Scotland are 'goodwill' payments taxed when local authority owned licences are 'sold' ?

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TDO
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PostPosted: Sat Aug 18, 2007 4:15 am 
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Well they should be, but in many cases probably aren't.

The position may be slightly complicated by the companies that are set up to handle the plates in Scotland and to enable them to be sold.

I don't think a company pays CGT - if I remember correctly the capital gain is just added on to its profit and thus corporation tax will be paid on the gain, but obviously there a lot of factors involved in how much tax will actually be paid, if any.

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Sussex
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PostPosted: Sat Aug 18, 2007 6:08 pm 
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Even the head of street cleaning wants the end of quotas. :lol: :lol:

http://www.yorkpress.co.uk/display.var.1626052.0.0.php

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JD
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PostPosted: Sat Aug 18, 2007 6:28 pm 
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Sussex wrote:
Even the head of street cleaning wants the end of quotas. :lol: :lol:

http://www.yorkpress.co.uk/display.var.1626052.0.0.php


Quite a good letter from someone who gives the impression he is clued up on the Taxi trade. Perhaps he is an ex cabby who has diversified into greener pastures?

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JD

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TDO
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PostPosted: Sat Aug 18, 2007 6:36 pm 
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One or two strange comments, but otherwise quite a wiley article from Mr Willey :lol:

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MR T
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PostPosted: Sat Aug 18, 2007 8:01 pm 
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another article written by someone who hasn't a clue about taxis , but he probably went on a training course on how to use a brush which makes him an expert on transport

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Sussex
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PostPosted: Sat Aug 18, 2007 9:48 pm 
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MR T wrote:
another article written by someone who hasn't a clue about taxis.

But aren't they the ones who know best? :roll: :roll:

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badger
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PostPosted: Sun Aug 19, 2007 5:54 am 
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Sussex wrote:
Even the head of street cleaning wants the end of quotas. :lol: :lol:

http://www.yorkpress.co.uk/display.var.1626052.0.0.php
Anyone know how quick the streets of york are swept clean :?: :lol:

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Stinky Pete
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PostPosted: Sun Aug 19, 2007 6:01 pm 
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badger wrote:
Sussex wrote:
Even the head of street cleaning wants the end of quotas. :lol: :lol:

http://www.yorkpress.co.uk/display.var.1626052.0.0.php
Anyone know how quick the streets of york are swept clean :?: :lol:


http://www.yorkpress.co.uk/search/displ ... treets.php

http://www.yorkpress.co.uk/news/readers ... leanup.php

who next is going to write in, NHS or even Cab Direct with their theory on York taxis
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Sussex
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PostPosted: Mon Aug 20, 2007 8:25 pm 
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Another sob story, or mug? Take your pick. :-k

http://www.thisisyork.co.uk/display.var ... future.php

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TDO
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PostPosted: Mon Aug 20, 2007 10:08 pm 
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So if he thinks he's being hard done by, why did he say that when he asked the council about restrictions they were non-committal - shouldn't he have kept quiet about that?

And also the usual claim that taxis would be difficult to find during the week - I think I'll head for York if it delimits - make a fortune without even going near the drunks. :D

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