Realistically profit made will depend on how efficient you're running your business.
I'd say about 50% to 60% of takings, gross of tax.
Remember you're also benefiting from the fact that you've already got car you use as your own personal transport (unless you got another), and if you want to compare to a normal PAYE job, commuting costs and times are included, though the usual sick pay, pension, holiday benefits aren't included.
Uber fares are calculated by base + distance +time
On UberX the base fare (which is charged the moment you enter the car) is £2.50. Then the fare is £1.25 per mile travelled, and £0.15 per minute for the journey.
So a 10 mile journey which takes 30 minutes would be £2.50 + 10 x £1.25 + 30 x £0.15 = £19.50 (which averages out at £1.95 per mile).
Surge prices occur when the supply of drivers is low, and/or demand is high. This is usually temporary, often when there's a burst of customers coming out of an event, or a tube strike, inclement weather etc. The passengers pay a multiple of the basic fare from 1.2x to 5.0x or higher as seen on New Years Eve. Obviously the driver is going to benefit as they'll be getting paid more.
Drivers who want to get on, don't stay and "grow" with the company.
They get themsevles an operator's licence and start up a company themselves. They can use Uber for extra work, when they are quiet with their own jobs.
I am an Uber driver since early 2013, working in London since 2011 in this business.
I made this forum for all the Uber drivers who need new information and useful ideas for this business.
I do believe that knowing each other and sharing information can bring us many benefits.
Any ideas and pieces of advice regarding the website are welcomed
I want this to be like a big community, where we join and meet each other in the virtual environment.
!!! TOGETHER WE ARE STRONG !!!