Taxi Driver Online

UK cab trade debate and advice
It is currently Wed Dec 24, 2025 4:38 am

Board index » General » Restricted taxi numbers

All times are UTC [ DST ]



Post new topic Reply to topic  Page 4 of 5
  [ 61 posts ]  Go to page Previous  1, 2, 3, 4, 5  Next
  Print view Previous topic | Next topic 
Author Message
MR T
 Post subject:
PostPosted: Mon Aug 13, 2007 6:29 pm 
Offline
User avatar

Joined: Thu Sep 07, 2006 8:26 pm
Posts: 8529
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

_________________
Justice for the 96. It has only taken 27 years...........repeat the same lies for 27 years and the truth sounds strange to people!
Top
 Profile  
 
JD
 Post subject:
PostPosted: Wed Aug 15, 2007 6:20 pm 
Offline
User avatar

Joined: Thu Nov 04, 2004 5:53 pm
Posts: 10381
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

_________________
Copyright notice © The contents of this post are copyright of JD and are not to be reproduced outside of TDO without written permission.
Top
 Profile  
 
gusmac
 Post subject:
PostPosted: Wed Aug 15, 2007 6:38 pm 
Offline
User avatar

Joined: Tue Apr 24, 2007 6:31 pm
Posts: 12045
Location: Aberdeen
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

_________________
Image
http://wingsoverscotland.com/ http://www.newsnetscotland.com/
Image
Top
 Profile  
 
TDO
 Post subject:
PostPosted: Wed Aug 15, 2007 7:24 pm 
Offline
User avatar

Joined: Wed Oct 20, 2004 9:51 pm
Posts: 5795
Location: The Internet
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.

_________________
Taxi Driver Online
www.taxi-driver.co.uk
Top
 Profile  
 
Renfrewshire Driver
 Post subject:
PostPosted: Fri Aug 17, 2007 10:59 pm 
Offline
User avatar

Joined: Fri Oct 22, 2004 1:08 pm
Posts: 317
Location: Glasgow area
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' ?

_________________
http://en.wikipedia.org/wiki/Taxicabs_around_the_world
Top
 Profile  
 
TDO
 Post subject:
PostPosted: Sat Aug 18, 2007 4:15 am 
Offline
User avatar

Joined: Wed Oct 20, 2004 9:51 pm
Posts: 5795
Location: The Internet
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.

_________________
Taxi Driver Online
www.taxi-driver.co.uk
Top
 Profile  
 
Sussex
 Post subject:
PostPosted: Sat Aug 18, 2007 6:08 pm 
Offline
User avatar

Joined: Wed Sep 03, 2003 7:30 pm
Posts: 56830
Location: 1066 Country
Even the head of street cleaning wants the end of quotas. :lol: :lol:

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

_________________
IDFIMH
Top
 Profile  
 
JD
 Post subject:
PostPosted: Sat Aug 18, 2007 6:28 pm 
Offline
User avatar

Joined: Thu Nov 04, 2004 5:53 pm
Posts: 10381
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?

Regards

JD

_________________
Copyright notice © The contents of this post are copyright of JD and are not to be reproduced outside of TDO without written permission.
Top
 Profile  
 
TDO
 Post subject:
PostPosted: Sat Aug 18, 2007 6:36 pm 
Offline
User avatar

Joined: Wed Oct 20, 2004 9:51 pm
Posts: 5795
Location: The Internet
One or two strange comments, but otherwise quite a wiley article from Mr Willey :lol:

_________________
Taxi Driver Online
www.taxi-driver.co.uk
Top
 Profile  
 
MR T
 Post subject:
PostPosted: Sat Aug 18, 2007 8:01 pm 
Offline
User avatar

Joined: Thu Sep 07, 2006 8:26 pm
Posts: 8529
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

_________________
Justice for the 96. It has only taken 27 years...........repeat the same lies for 27 years and the truth sounds strange to people!
Top
 Profile  
 
Sussex
 Post subject:
PostPosted: Sat Aug 18, 2007 9:48 pm 
Offline
User avatar

Joined: Wed Sep 03, 2003 7:30 pm
Posts: 56830
Location: 1066 Country
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:

_________________
IDFIMH
Top
 Profile  
 
badger
 Post subject:
PostPosted: Sun Aug 19, 2007 5:54 am 
Offline

Joined: Wed Jan 17, 2007 6:12 am
Posts: 590
Location: North Of The Tyne
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:

_________________
www.youtube.com/watch?v=z07K29Fc15U
Top
 Profile  
 
Stinky Pete
 Post subject:
PostPosted: Sun Aug 19, 2007 6:01 pm 
Offline
User avatar

Joined: Sat Sep 25, 2004 4:31 pm
Posts: 1409
Location: Grim North, Carrot Crunchers and Codhead Country, North of Watford Gap
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
Top
 Profile  
 
Sussex
 Post subject:
PostPosted: Mon Aug 20, 2007 8:25 pm 
Offline
User avatar

Joined: Wed Sep 03, 2003 7:30 pm
Posts: 56830
Location: 1066 Country
Another sob story, or mug? Take your pick. :-k

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

_________________
IDFIMH
Top
 Profile  
 
TDO
 Post subject:
PostPosted: Mon Aug 20, 2007 10:08 pm 
Offline
User avatar

Joined: Wed Oct 20, 2004 9:51 pm
Posts: 5795
Location: The Internet
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

_________________
Taxi Driver Online
www.taxi-driver.co.uk
Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  Page 4 of 5
  [ 61 posts ]  Go to page Previous  1, 2, 3, 4, 5  Next

Board index » General » Restricted taxi numbers

All times are UTC [ DST ]

Who is online

Users browsing this forum: No registered users and 45 guests

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Jump to:  
Powered by phpBB® Forum Software © phpBB Group