Attending a taxi school is what you will need to do if you live in New York City or nearby and want to become a taxi driver to earn a dependable living. When you go to taxi school and become a taxi driver in New York City, you can work either part-time or full-time exploring one of the busiest cities in the world today.
Becoming a taxi driver means you can earn as much as $300 a shift. However, this can only happen for you if you know how to get around the city the best ways. To learn your way around, you will need to take some training to be a taxi driver.
And when you are working, you can drive around Greenwich Village, Manhattan Island, Times Square or the downtown Manhattan financial district as well as other famous places. You are your own boss and your only job is to wait for people to hail you and then take them where they want to go. You will stay busy because people are always hailing taxicabs.
If you want to become a taxi driver, prepare to spend at least $400 including fees and the minimum required classes training to be a taxi driver at taxi school. To get your hack license, you will need to know your way around the city. You are required to take some classes in local geography so that you have the knowledge to navigate successfully.
Here is the deal. We all need to make a living and you are probably no exception. If you have rent coming up or if you are otherwise short of cash, then put in several shifts driving in your yellow cab. This will take care of any financial crisis you might be facing.
And if you need some time to put your feet up for a while or take some time off as a New York City taxicab driver, you will have the freedom to do just this. Leave work and then come back as you want to, not beholden to any company or schedule. You are your own boss. It is a great way to work.
If you want to become a taxi driver, you will first need to pass the New York City Taxi Drivers Exam. To study for the exam, you will need study materials from where you take your training.
Training to be a taxi driver programs have the titles of Hack 1, Hack 2 and Hack 3 and you can come to classes until you pass the test and your license is on the way. The Hack 3 program provides you with the maps and rule books, manuals and practice exams plus necessary fees to the Taxi and Limousine Commission.
To qualify and become a taxi driver, you need to be at least 19 years of age and have a relatively clean driving record. You also need a New York State Class E driving license. Licenses from Connecticut, Pennsylvania or New Jersey are also allowed as long as they are of a similar class. If you do not have one of these licenses, you need to visit the New York State Department of Motor Vehicles and they will give you a New York State license.
You cannot have a probationary license if you want to be a cabbie. However, if your New York State drivers license is more than six months old, you can apply and take classes at a city approved taxi school so that you too can be a yellow cab driver.
When you become a taxi driver in the city, it is likely that you are going to meet interesting and famous people along with ordinary citizens. With this license, you can also drive any limousine or car service in New York City as well as the famous yellow cab.
Get ready to become a taxi driver and be part of one of the most interesting jobs anywhere. And the money you will make will be most rewarding too.
Self employed taxi drivers in common with other self employed businesses are required to submit a self assessment tax return form each year reporting the main totals from the taxi drivers accounts. The final submission date for these accounts to enable the tax authorities to calculate the tax payable is 30th September while the final deadline for submission of the self assessment tax return is 31st January. Miss the 31st January deadline and the penalty fine is 100 pounds.
The simplest solution to preparing the taxi driver accounts is to collect all the taxi receipts and expenses together, hand them over to an accountant who will prepare your self assessment tax return and might charge between 150 to 450 pounds for the privilege. That is taxing. Taxi driver accounts does not have to be that taxing. You can prepare your taxi driver accounts and self assessment tax return yourself but do something.
These taxi driver notes in preparing the taxi driver accounts and completing the self assessment tax return are to assist that process.
Mileage Allowances
Taxi drivers can claim as an alternative to vehicle running costs mileage allowances of 40p for the first 10,000 miles and 25p per mile thereafter. You may not claim mileage allowance and vehicle running costs. Should you choose to claim the mileage allowance then keep good records of mileage covered, purpose of journey.
Taxi Capital Allowances
If you bought a vehicle in the financial year 2007-08 and used the vehicle as a taxi you can claim a first year writing down tax allowance of 25% of the cost of the taxi, restricted to 3,000 pounds for vehicles costing over 12,000 pounds. On vehicles purchased in previous tax years you can claim 25% writing down allowance on the balance not yet claimed. Many taxis are bought and sold each year and where a taxi is sold the capital tax allowance that can be claimed is the difference between the written down value for tax purposes and the amount of sale proceeds. First year allowance on non vehicle assets in the current tax year 2007-08 is 50% for small businesses.
Taxis bought on Hire Purchase
Claim capital allowances on the original cost of the vehicle, interest and other charges count as business expenses and go in the self assessment tax return box 3.61 Other Finance Charges
Taxi Running Costs
When completing the self assessment tax return taxi drivers should enter fuel costs in box 3.46 cost of sales not motoring expenses. Do not claim fuel expenses in the taxi accounts when you are on holiday, the revenue will check should they inquire into your self assessment tax return. Taxi running costs also include repairs, servicing and parts including tyres, road tax, taxi insurance and AA/RAC membership. Include radio hire and taxi office costs in general administrative expenses.
Household expenses
If you run your taxi business from home you can claim a proportion of household expenses as business expenses in the taxi accounts. Household expenses are likely to be disallowed unless they are either specific to the business or a specific area of your home is devoted entirely to your taxi business. Using part of a room part time would not be sufficient to include the household expenses in the taxi driver accounts.
Spouse Costs
You can claim expenses for partners who work for your taxi business and payments up to 100 pounds per week would not attract income tax or national insurance however any payments claimed in the taxi driver accounts must be real payments for real work done. The Revenue naturally adopt a strict view on taxi expenses claimed for partner work as it is an area some people might use to reduce the tax liability. Care is required to justify the partner as an expense.
Other Expenses
Enter all business expenses in a named expense box on the self assessment tax return. Avoid entries in box 3.63 Other Expenses if possible as any significant amounts in this box may give rise to an Revenue enquiry into the self assessment tax return.
The better and more detailed a taxi driver keeps records of incoem and expenditure throughout the year offers the best chance to pay the least taxxes at the end of that year. This is because with meticulous records every self employed taxi driver can then do the calculation of whether to claim mileage allowances ot vehicle running costs. Without good records the most tax efficient option cannot be made. The decision to claim mileage allowance or taxi running costs can and often does change during the financial year. In general when a more expensive taxi cab is purchased then the capital alloweance of 3,000 pounds will often outweigh the potential mileage allowance although if the vehicle is low value the mileage allowance might be the best option and a method of saving valuable tax pounds which you are entitled to. The best taxi accounting software will automate the comparison of taxi mileage allowances with taxi running costs doing the taxi accountants work for you.
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