danthedriver Posted August 8, 2016 Report Share Posted August 8, 2016 Uber is saying if youre near 80k in on year you have to pay the VAT. But those 80k is the gross fare, so they take 25% from those 80k and then they are saying i have to pay another 20% vat from those 80k or the remaining of 60k? £80,000 gross fare £20,000 uber commission 25% £60,000 remaining before VAT £16,000 VAT tax £44,000 after VAT Now lets cut the costs of working for Uber from the remaining £44,000: Car rent/lease/finance - from £4000 to £8000 , depending of the car Fuel - from £5000 to £7000 Insurance - Minimum £2000 Car maintenance - minimum £2000 if you're lucky not to have major work done TOTAL=minimum £15,000 £44,000 minus the costs of being able to work= £29,000 AND now lets talk talk about the other TAX like NIN and profit TAX which can be another another 20% or a minimum of 10% right? and again your earning will drop This is around £2400/month your real income!! but bare in mind how many hours you have to work to make those 80k What a trap, i feel sorry for those who have to pay VAT, is better to work less and not pay VAT I am sure you can avoid VAT tax using different companies but still..... SO guys, don't work too much, if you re getting close to £80,000 get ready to register some LTD ANything below £70,000 , continue what are you doing Quote Link to comment Share on other sites More sharing options...
danthedriver Posted August 8, 2016 Author Report Share Posted August 8, 2016 fullpower 1 Quote Link to comment Share on other sites More sharing options...
fullpower Posted August 8, 2016 Report Share Posted August 8, 2016 NO worries guys, just do like the rest of the people..TAX AVOIDING is legal, just change yoour payment details with a new set up LTD company and you will have another year , next year if again make too much money do the same, put a new ltd company , if you open your eyes you will see alot of companies are doing the same Quote Link to comment Share on other sites More sharing options...
george Posted August 23, 2016 Report Share Posted August 23, 2016 On 08/08/2016 at 5:23 PM, fullpower said: NO worries guys, just do like the rest of the people..TAX AVOIDING is legal, just change yoour payment details with a new set up LTD company and you will have another year , next year if again make too much money do the same, put a new ltd company , if you open your eyes you will see alot of companies are doing the same You can do this but then again you still have to pay at some point in the next 3 years... Quote Link to comment Share on other sites More sharing options...
josh Posted September 6, 2016 Report Share Posted September 6, 2016 i cant even dream of making anything close to 80k/year Quote Link to comment Share on other sites More sharing options...
basescu Posted September 21, 2016 Report Share Posted September 21, 2016 On 06/09/2016 at 9:03 PM, josh said: i cant even dream of making anything close to 80k/year hahahaha, same here, only if work minim 80 hours a week from 170 hours. 50 you need to sleep, you have 40 hours to actually live but you need to do shopping, shower, eat, so basic no LIFE Quote Link to comment Share on other sites More sharing options...
