You’re about to embark on a new career as a taxi driver, but what overheads do you need to account for? Read on to find out the main costs you’ll have to lay out before you can start transporting passengers…
You’ve made a decision to become a taxi driver, but what do you need to do before you can take to the road? From getting your licence to ensuring you have the right qualifications, there are several things you need to consider before you can start taking passengers:
Ensure you check with your local authority for any specific requirements.
There are numerous start-up costs you’ll need to think about before you become a licensed taxi driver. From the initial licence application to obtaining clearance from the Disclosure and Barring Service (DBS), it can end up being quite costly.
Here are the main costs you’ll need to bear in mind:
Again, we recommend checking with your local authority as costs around the country can vary.
You’ll also have to take into consideration the cost of a suitable vehicle, if you don’t already have one.
According to payscale.com, the average salary for a taxi driver in the UK is just over £19,000, however it’s possible to earn a lot more than that, depending on where you live and how many hours you work.
What expenses can taxi drivers claim?
Taxi drivers are able to claim for various business expenses – to do so, you must first inform HMRC and submit a tax return. To make things easier when the time comes around to fill in your tax return, it may be worth keeping a spreadsheet to record your income and expenses.
Business expenses a taxi driver can claim for are as follows:
Make sure you get the right cover for your taxi vehicle. Contact Swinton for all your Taxi Insurance needs.