The question is after 5 years of TXE ownership will it start costing you more money in maintenance costs, is the battery as efficient as it once was etc… What will you make you decide to trade it in and finance a new one, is it because the asset has value still in the used market and the monthly repayments would be lower for the new one if you did it now… or do you just defer the full payment for a new one 3 or 4 years from now… it’s a very challenging situation
Heavy shit Tom.As an ex-cabbie living in the Provinces the points raised in your informative video were the main reasons i drove for a group instead of becoming a 'taxi proprieter'.Whilst the costs of being in that position were nowhere near yours and your colleagues,it was still a heavy financial burden to manage.What with being strictly confined to a 'rank' and/or being part of a system by definition it was very much frowned upon if a cabbie cruised the area plying for hire.Bad form.So that on its own limited the amount of work one was given,so maybe swings and roundabouts.All said,love the channel been watching for years and oh what a relief it will be once the millstone of taxi finance is lifted!!!!
When you said you left depreciation out of it, I first thought "uh oh... there's another one" - but since you counted the instalments for the loan to pay for the taxi, that is more or less accounted for (assuming you financed the full purchasing price - or most of it). It's a job where lots of stuff can go wrong every day (and some invariably will) - so while I respect and appreciate the work you do, I'm not envious.
Youre awesome Tom! deffo gonna try and catch a ride with you next time I go to London and need to get somewhere! xD As a Norwegian I love the black cab system
Interesting vlog Tom. Once you've paid off the taxi ,you should invest that surplus into you pension plan. Or part of it. Although in the future you'll want or need to upgrade and replace your current vehicle. Massive fixed costs though.
the break even point is mad! It is around the annual salary of a person on minimum wage in the UK (Probably not for London which would be a little higher)
Very interesting! But let's not forget, for a business such as a taxi, all those expenses are tax deductible (you only pay income tax on the takings less the expenses), so they are not directly comparable to what a consumer pays for his/her vehicle.
They're not necessarily deductible, and further anything that is deducted is deducted at a rate of 20% (or 40% if you make more than £50k etc). You can also take out the proportional impact of your personal allowance - the less you make, the less benefit you get from deducting your expenses. Tax deductions are not a magic wand, they are a very conditional reduction of 20% to your expenses which in terms of cash are very slowly straightlined back to you through the payment on account system.
does any cabbie with the LEVC TX know the best straps to secure the passenger doors? i found an Amazon listing but they were weak velcro ones. cheers in advance
You could possibly add another string to you bow by becoming a getaway driver since you know all the little roads in the area to get the crims out of the area the fastest route possible and the payout is tax free. Lol. On a serious note I certainly had no idea that it cost that much.
I’ve seen on some of your videos you like your coffee. I doubt there’s nothing you don’t know but you mentioned an OG spot, Higgins was the queens coffee shop/provider, they had the crest. Coffee is banging too. Hopefully pick up an embassy job too.
I think Peter Jones or Deborah Meadon would say "it's just not a business so therefore I'm out!" You're going to get a lot of heat from the "denial brigade" but the truth is the truth! Well done for doing this video and keep up the good work. 👏🏾👏🏾
Hope youre ok and life is treating you accordingly.Bit shocked at this vlog the amount of money needed to keep your cab in working order.Though I live in the midlands and take a cab every Friday afternoon to come home the 3 miles(The rest of the week I walk)always pay by cash and always tip the cabbie which they tell me is a dying art as most pay by card
I nearly spat my tea out when I saw that monthly purchase cost on the cab. I'm curious to know what margin the people you bought the cab from are making. I recall you mentioned that the type of cab you drive is about seventy grand. If I got a personal loan for that amount at 9.8% over 5 years, it comes in at around £1400 a month. Do you get stuff thrown in as part of that £1800 like you would with a leasing plan?
I ran a furniture delivery service in a medium wheelbase van for 20 odd years. People think you just put fuel and that’s it. I had to have hire and reward insurance, fully comprehensive insurance, goods in transit and public liability insurance. All before turning a wheel. So I for one completely understand where you are coming from.
Hi Tom your videos give us real information on London and the history of London well done you keep it up you are doing a great job and having fun making some brilliant videos superstar Ali Walsall west midlands england junction 10 m6 Walsall churckery up the walsall
Hi the cost of my insurance has forced me off the road. Due to 3 fault claims since August 2021, I have 1 years NCB. Getting a company to quote was a nightmare. Companies that did quote , their price was unbelievable and unaffordable. Car is being returned to the finance by Voluntery Termination.
Tom, thanks for the videos! I am a fan of all London black cab drivers, and the Knowledge. Another thing, odnt take thi the wrong way, but I got the idea for a TV series of a London serial killer that also is a cab driver. I think the profesion itself fits loonies, and of coure, there is the Iconic Taxi Driver with thath crazy leftwinger and shaite, has been actor, Bob De Niro! Anyway, steal that story and write it! It would be a GREAT series. Food, locations in London, etc. If you want to write an outlbe together let me know and I will buy you a ticket to Brazil, where I live, and we can have a meeting! Think about it.
Seeing all the costs you guys have, I can see why the black cabbies got so mad when Uber first showed up and all these new guys were driving around without all the mandatory costs (the Uber guys at the time weren't paying for badges, special insurance, criminal background checks, special inspections, specific mandated vehicles that cost a lot to buy and operate or meter rentals)
As an A-Z lover, have you found any of the deliberate errors, printed to detect copyright infringement? Ps im around £600 per month better off now ive bought my learner car off the lease company!
Hi Tom will you trade in your vehicle or take out an extended 3 year warranty which I believe is another £5500 , between a rock and a hard place as I'm nearly hitting 150k mileage on my levc in Edinburgh, my expenses are around £27k a year doing just over 30k , people think that you make loadsa money in this game are way off as they don't realise the expenses to kick off with I enjoy your channel, be lucky
Yeah but so what? An average yard books its tippers to do 4 jobs a day. Even with cheap material, that’s a £1.5k load so at the very least it’s yielding £6k/day. Even if you only ran it for 150 days (to allow for maintenance, breakdown and work book) that vehicle yields £900k/year - a 10x return on its operating cost.
It seems odd, but the COST to you, of working your Taxi, is MORE than I can earn as a HGV class 2 driver, working every possible shift, and getting a higher payrate for Crane/digger/Forklift licenses too! 😮
@@andywilliams8563 35k pa, but after tax, its less..... walking out the door at the end of the year for 18-26k pa depending on contracts.... Not a lot left over for rent, fuel or a mortgage
@@Craig-wp3pz fair one mate - it is hard. I used to be on the class 1's doing supermarket deliveries - it was good money but constantly maxing hours each week so gave it up in the end
I don't like the LEVC marketing, they put a tiny battery to make it 'zero-emissions-capable' even though they emit more overall than some pure petrols. They could easily fit 200mi+ in there, enough to go to Heathrow and back all day. Nissan Dynamo managed 170 lol, but they were ugly
So with £20k in costs, and the fact you don't want to earn more than £85k due to the VAT threshold, you can probably earn £60/65k after expenses to cover salary & pension in London - interested to know Tom, does the typical cabby usually take close to the threshold>
Let's say 40 hours a week regular Work Week here in the US 50 week what equal 2000 hours a year 10 dollars an hour would be $20,000 that's all I will look at it that way it'll make a little bit more sense than I get swallow a little easier😊
Very rarely got 2 years out of a tyre. Screws, nails and potholes would see to that. A nightmare job now, everything recorded. To me it looks like a way to use up your life years and keep everyone else in employment.
Hi Tom bloody hell it is a lot of money 🤑💰 sir Tom obe well done for sharing this information it is great to know love the videos superstar 😁 Ali Walsall west midlands england junction 10 m6 Walsall churckery up the walsall you are a real London boy Ali Walsall west midlands england junction 10 m6 Walsall churckery up the walsall
I owned a taxi for 5 years tom Worst investment I ever made. The overheads and annual outgoings just got silly for trying to make profit Add to that the stress and anxiety of it all I hope your fair a lot better sir
I have owned mine for 3 years and it was my best ever investment in the job. Because I bought it like a month before businesses reopened from COVID so prices were still low as drivers were not buying cabs because of the uncertainty.
I don't think it's worth doing, too much outlay, public liability insurance is too expensive, it was worth doing before the pandemic, don't think it is now, I did a bit of private hire work in the 90s, that was awful money then, glad I'm retired now
Wow the 'vigilantes' are a bit of a mind blower. These are the same people who decree cops are bastards out doing their very best to be the worst kind of cop
One thing I don’t understand is why would anyone do a 2 to 4 year exam whatever it’s called when you can pass in one day when you work for a taxi company just 50/50 it mot tax and insurance work damage you don’t need to pay for nothing! just 50/50 simple I say
Why is it £13K for the taxi every year? Do you not spread the cost of the taxi over the useful life of the vehicle like 5 years? So £2.5K every year? Just asking because I used to do this and it cost me £200 a month.
Imagine doing a job where the london taxi was the most important tool but you couldnt afford anything more than a crappy old one because getting a new one is tantamount to getting another mortgage and the lack of work meant that you could only afford a rickety old tx1 ...if your lucky it would have been from london. Then youd spend the rest of the year paying an extortionate amount for insurance, and protection money to the local mafia...erm sorry i meant licensing authority praying to god you made enough to scrape a pittance to survive....then you have to pay to go inside the railway station because why shouldnt they exploit you. You wait an hour and 20 mins for a fare and its a £5 fare round the corner whilst you watch PH drivers pirate with impunity. Youve been on the job for 3 hours congratulations, youve made enough to cover the fuel for the day...thats being a cab driver summed up in bham ....Im so glad im out
Not sure what to say, these expensive could be much or little it all depends on your earnings. 1600 pounds of costs a month based on your total vs a day of driving seems to be totally doable but who knows when we only see one side of it. The fact that you nearly payed your taxi off also signalyses that it aint that bad.
@@Roy-qn2ie Exactly. Black cabbies playing the poor man is a tune as old as time. In reality, they make a fortune as they only disclose minimal earnings to HMRC. So when Tom waffles on about his costs, just know that he ain’t paying his fair share to run the country, but he’ll be more than happy to go and use the NHS which others pay for.
Not sure your description of Cyclist wearing cameras sit well with me Tom. I’m also a professional driver and if I was caught doing something wrong I’d fully expect to be punished accordingly. Given the standards of driving these days especially in London, I can understand why so many of them feel the need to wear cameras to protect themselves.
Anyone in any line of work. No matter their expertise or skill level will invariably make a mistake across the course of their workday. The issue I have. Is that when I make that minor mistake across a 9 hour work day, someone is there waiting to capture it. And not only that, take joy in the fact that TfL revoke your badge for 6 point offences. Some of those infractions might include, driving without consideration of other road users, I.e. misusing a lane to gain ahead of other road users, which guess what, using a bus lane is just that. Close passing of a cyclist, but it’s entirely a subjective opinion, I’m forever in fear that my pass (exaggerated massively and times to ensure I have huge amounts of overtaking room) will be deemed as too close. Doing a u turn on the Aldwych to access passengers or the hotels. Mistiming lights because breaking harshly could cause the passenger to slide off their seat (not wearing a seatbelt which is their own responsibility). Any other driving profession, much easier. Taxis by virtue of setting down and picking up passengers are inconsiderate. But that is how the job works. Yet we are penalised for it.
Tom this is the same as my comment a year or two ago when you had a similar video. There’s no mention whatsoever of the tax deductions available for different types of expenses. They don’t cover everything but it’s not correct that you don’t mention this anywhere at all in the video again. I like your content but this feels click-baity and misleading unfortunately.
I mention the depreciation of the taxi in regards to taxes in the accountant section. Tax is incredibly variable based upon income so it’s something I can’t mention. Yes all the stuff in this video is deductible so it’s not as direct as the number expressed, hardly click bait because the that’s price I ultimately pay.
@@TomtheTaxiDriverI appreciate the reply Tom. I think for future similar videos it would just be best to mention it even in passing. Just a thought. Enjoy the rest of the week!
I think this video shows why there is less and less new black cab taxi drivers in the industry. Its not because of the knowledge but because its soo expensive to... work as a taxi driver. These numbers are scarry high and no sight of them going down soon :/
you need a council license and all the insurance even if you want to sign up on Uber. foreign drivers work the same way what's the point of being a bigot
too much effort and money. Lets all get Tom some donations get him off working his socks off as a taxi driver to getting some more YT collabs and showing london to em...
Unviable. Definitely just gonna sell coke and do uber. Was considering getting the badge but sounds a waste of time. I can make a grand a day selling a bit of chonga and doing some ubereats.
people with cameras are not vigilantes, vigilantes take the law into their own hands, they report matters ot the law, if you cannot drive legally you shouldnt drive at all
The "Game" is over , only a handful of people are studying the knowledge anymore , I think 15 years tops and the whole Taxi and Private Hire industry will have been usurped by autonomous vehicles. Look at the age of most cabbies in London , all pensioners with no one to replace them.
I'm certain you could drive more slower and take an even longer route to your passengers destination. ANOTHER TIP, turn off the meter when you get a job to the airport. You can charge what you want and skank the customer further. Dont forget to stay IN ALL BUS LANES and stay behind parked busses. You'll see a return soon enough :D
@@insertyoutubeusername it’s pretty easy to get 6 points, remember London has the most cameras per sq mile, 20mph limits everywhere, militant cyclists that could film you touching your phone (in its holder on the dash) there’s an instant 6 points! I drive nearly 100k a year for work, generally on the same roads but I’ve questioned whether I went past that last speed camera under the limit or whether that car behind me is an unmarked copper watching for a tiny mistake which can come from driving on auto pilot after doing the job for so long! How I haven’t gain a mark on my licence and that same 6 point limit implemented by my employer been hit I don’t know Until you’ve worked as a professional driver you don’t realise how close 6 points are!
@@grahamcutress47 New cars including the TXe have speed limiters, so you can just set 20mph going into town and toggle it off when needed. Many even have GPS databases to move the limiter up and down automatically, or camera systems to read the signs.
No, you're wrong. Laws are not chissled in stone. There're many exceptions for many different people and circumstances actually. As taxi drivers are on a par with the Advanced Driving License AND the additional professional bodies that they belong to; should there be a digression, then they should have a higher threshold. In fact, in a court, you can ALREADY argue a case to go up to 20 points, before a ban in some special circumstances !
@@insertyoutubeusername It has nothing to do, with "whether you can pay" or not. ANYBODY can present mitigating circumstances to a Court. Are you Mr Perfect ?
@@insertyoutubeusername You argue like a baby. You have no concept of how a court works. You don't have to be driving dangerously, to incur penalty points. There're many infractionable offences, some of which, don't even involve driving at all ! A court can even take away your driving licence during a divorce proceeding, if you haven't paid your maintainance. I even got six points about 15 years ago, whilst on PRIVATE land, for loading my classic car onto a trailer. Yes, on private land. The police CAN do that, if there is some kind of public access. That was not dangerous driving ! Do some learning. You're clueless. I'll be happy to talk with somebody who knows what they are talking about, but evidently, you don't. Goodbye.
I can never understand comments like this. Very interesting video about the costs. The video title clearly says this and there isn't any complaining in the video. It's literally exactly what the title says. Why did you watch it and feel the need to comment?
Is it possible to BUMP up the taxi meter?
ua-cam.com/video/FrhdA-CodZ8/v-deo.html
Tom u forgot car wash expensive and maybe food costs
Yeah , if you wannna get done for fraud and lose your Bill.
Always love the content Tom.
Let's go! Been loving your content Tom :)
Here in NYC average insurance for taxi drivers is between $6500 and $10,000 plus another $2000 in licenses fees and charges
Nice one Tom it’s amazing how much you need to work just to stand still
Great video Tom !!
The question is after 5 years of TXE ownership will it start costing you more money in maintenance costs, is the battery as efficient as it once was etc…
What will you make you decide to trade it in and finance a new one, is it because the asset has value still in the used market and the monthly repayments would be lower for the new one if you did it now… or do you just defer the full payment for a new one 3 or 4 years from now… it’s a very challenging situation
Got my taxi plated yesterday tom. my insurance renewal quote went up £700 from last year, it's an absolute scandal.
Mine went up £500 this year too, work has been lean all year too.
How much for the year?
Heavy shit Tom.As an ex-cabbie living in the Provinces the points raised in your informative video were the main reasons i drove for a group instead of becoming a 'taxi proprieter'.Whilst the costs of being in that position were nowhere near yours and your colleagues,it was still a heavy financial burden to manage.What with being strictly confined to a 'rank' and/or being part of a system by definition it was very much frowned upon if a cabbie cruised the area plying for hire.Bad form.So that on its own limited the amount of work one was given,so maybe swings and roundabouts.All said,love the channel been watching for years and oh what a relief it will be once the millstone of taxi finance is lifted!!!!
When you said you left depreciation out of it, I first thought "uh oh... there's another one" - but since you counted the instalments for the loan to pay for the taxi, that is more or less accounted for (assuming you financed the full purchasing price - or most of it).
It's a job where lots of stuff can go wrong every day (and some invariably will) - so while I respect and appreciate the work you do, I'm not envious.
great video tom
Youre awesome Tom! deffo gonna try and catch a ride with you next time I go to London and need to get somewhere! xD As a Norwegian I love the black cab system
Interesting vlog Tom. Once you've paid off the taxi ,you should invest that surplus into you pension plan. Or part of it. Although in the future you'll want or need to upgrade and replace your current vehicle. Massive fixed costs though.
the break even point is mad!
It is around the annual salary of a person on minimum wage in the UK (Probably not for London which would be a little higher)
Very interesting! But let's not forget, for a business such as a taxi, all those expenses are tax deductible (you only pay income tax on the takings less the expenses), so they are not directly comparable to what a consumer pays for his/her vehicle.
They're not necessarily deductible, and further anything that is deducted is deducted at a rate of 20% (or 40% if you make more than £50k etc). You can also take out the proportional impact of your personal allowance - the less you make, the less benefit you get from deducting your expenses. Tax deductions are not a magic wand, they are a very conditional reduction of 20% to your expenses which in terms of cash are very slowly straightlined back to you through the payment on account system.
does any cabbie with the LEVC TX know the best straps to secure the passenger doors? i found an Amazon listing but they were weak velcro ones. cheers in advance
Tom i found you through sonny... And im glad i did... ❤️🌻
Love that man 💪🏻
You could possibly add another string to you bow by becoming a getaway driver since you know all the little roads in the area to get the crims out of the area the fastest route possible and the payout is tax free. Lol. On a serious note I certainly had no idea that it cost that much.
Nice one tom bet your excited u dont have to pay the taxi bill anymore means less stress for you and more money coming in
7:17 bro looking in the distance realising he's shouting out a company for giving him tires
I’ve seen on some of your videos you like your coffee. I doubt there’s nothing you don’t know but you mentioned an OG spot, Higgins was the queens coffee shop/provider, they had the crest. Coffee is banging too. Hopefully pick up an embassy job too.
This is new to me, thank you for the great tip 🙏🏻
@@TomtheTaxiDriver my pleasure. I beat the knowledge. Haha. Seriously though. It’s got some history behind it
Have you had any massive repairs or problems with the cab since owning it?
I think Peter Jones or Deborah Meadon would say "it's just not a business so therefore I'm out!"
You're going to get a lot of heat from the "denial brigade" but the truth is the truth! Well done for doing this video and keep up the good work. 👏🏾👏🏾
What about cleaning costs? Do you also pay for Dartford crossing etc?
Sure you must have some cleaning costs on there too, also can your accountant claim on the fuel cost?
Depreciation if you lease your taxi?
My commercial insurance (the states) is @$4300/yr per vehicle, youre doing pretty good
your fuel is literally half price compared to ours
Tom you forgot the car washes expensive which is a lot of dosh
Yes well spotted.. £15 a week £720 a year.
Hope youre ok and life is treating you accordingly.Bit shocked at this vlog the amount of money needed to keep your cab in working order.Though I live in the midlands and take a cab every Friday afternoon to come home the 3 miles(The rest of the week I walk)always pay by cash and always tip the cabbie which they tell me is a dying art as most pay by card
Thank you for this great breakdown of your annual running costs, Tom!
I nearly spat my tea out when I saw that monthly purchase cost on the cab. I'm curious to know what margin the people you bought the cab from are making. I recall you mentioned that the type of cab you drive is about seventy grand. If I got a personal loan for that amount at 9.8% over 5 years, it comes in at around £1400 a month. Do you get stuff thrown in as part of that £1800 like you would with a leasing plan?
£1087 a month dude! He’s got favourable terms on that deal
I ran a furniture delivery service in a medium wheelbase van for 20 odd years. People think you just put fuel and that’s it. I had to have hire and reward insurance, fully comprehensive insurance, goods in transit and public liability insurance. All before turning a wheel. So I for one completely understand where you are coming from.
lol the pics of cyclingmikey
Saw you in Sunnys video yesterday , hope you did'nt pay for the food and charged him for the taxi fare
Great video
Hi Tom your videos give us real information on London and the history of London well done you keep it up you are doing a great job and having fun making some brilliant videos superstar Ali Walsall west midlands england junction 10 m6 Walsall churckery up the walsall
Thats insane overheads
Hi the cost of my insurance has forced me off the road. Due to 3 fault claims since August 2021, I have 1 years NCB. Getting a company to quote was a nightmare. Companies that did quote , their price was unbelievable and unaffordable. Car is being returned to the finance by Voluntery Termination.
So you’re moaning because you clearly can’t drive properly 😂 I’ve never had a single accident and guess what, my insurance is peanuts.
Well , reap what you sow
Tom, thanks for the videos! I am a fan of all London black cab drivers, and the Knowledge. Another thing, odnt take thi the wrong way, but I got the idea for a TV series of a London serial killer that also is a cab driver. I think the profesion itself fits loonies, and of coure, there is the Iconic Taxi Driver with thath crazy leftwinger and shaite, has been actor, Bob De Niro! Anyway, steal that story and write it! It would be a GREAT series. Food, locations in London, etc. If you want to write an outlbe together let me know and I will buy you a ticket to Brazil, where I live, and we can have a meeting! Think about it.
Seeing all the costs you guys have, I can see why the black cabbies got so mad when Uber first showed up and all these new guys were driving around without all the mandatory costs (the Uber guys at the time weren't paying for badges, special insurance, criminal background checks, special inspections, specific mandated vehicles that cost a lot to buy and operate or meter rentals)
Nonsense , Private Hire have always required specialist Insurance , other than The Knowledge they have the same criteria to meet as Taxi drivers.
@@originalpickaxe IIRC when Uber first launched in the UK, they launched without caring about pesky things like "private hire regulations"
As an A-Z lover, have you found any of the deliberate errors, printed to detect copyright infringement?
Ps im around £600 per month better off now ive bought my learner car off the lease company!
Hi Tom will you trade in your vehicle or take out an extended 3 year warranty which I believe is another £5500 , between a rock and a hard place as I'm nearly hitting 150k mileage on my levc in Edinburgh, my expenses are around £27k a year doing just over 30k , people think that you make loadsa money in this game are way off as they don't realise the expenses to kick off with
I enjoy your channel, be lucky
and you park it where?
I’m a HGV tipper truck owner driver … just the cost of truck and diesel is £80k a year !
I thought most of you boys ran on cherryade most of the time! LOL
Yeah but so what? An average yard books its tippers to do 4 jobs a day. Even with cheap material, that’s a £1.5k load so at the very least it’s yielding £6k/day.
Even if you only ran it for 150 days (to allow for maintenance, breakdown and work book) that vehicle yields £900k/year - a 10x return on its operating cost.
@@imconfused1237 we can do anything from 1 to 10 loads a day , average £600 a day ..48 weeks a year so about £144k a year , driver gets £38k
@@imconfused1237 didn't realise they could earn that. Is it common for a single self employed lorry driver to run his own vehicle?
How about drop off and parking charges at LHR/LGW? Cost me over £2500 last year
Drop off charges can be added to the meter, so customer pays
@@80skid83 customer pays for everything
Just saw you on a food channel
You forgot to add on for all the extra tatoos that you seen to have had !!
That is absolutely mental mate. How do you even make any profit let alone put money aside for a rainy day 🤯
By the time you've paid off the taxi, a chunk of the money you save will have to go towards repairs.
Hi mate who is your account i need one im a taxi driver aswell
Tom you only do 20,000 mile per year ? I do 40,000….. and you get a service for £250 on an LEVC ? Please let me know where you go
5th year service was approx £260. E1 taxis
If you were allowed to drive something like a Dacia Duster you would save a fortune. London cabs drivers seem to have it deliberately tough.
5 days a week does not sound economic. Needs 7 days a week, probably 16 hour+ days on a depreciated vehicle.
It seems odd, but the COST to you, of working your Taxi, is MORE than I can earn as a HGV class 2 driver, working every possible shift, and getting a higher payrate for Crane/digger/Forklift licenses too! 😮
I would look for a different company mate - if your maxing hours/overtime and only getting 20k a year then something is not right there
@@andywilliams8563 35k pa, but after tax, its less..... walking out the door at the end of the year for 18-26k pa depending on contracts....
Not a lot left over for rent, fuel or a mortgage
@@andywilliams8563if you’re maxing all your hours out every week you’d want to earn £45-50k on class 2
@@Craig-wp3pz fair one mate - it is hard. I used to be on the class 1's doing supermarket deliveries - it was good money but constantly maxing hours each week so gave it up in the end
@@andywilliams8563that's right, these days 20k is van work let alone hgv
no brakes? with brake disks ? they are quite expensive.
Regen might mean relatively less disk brake use, to be fair...
I thought your taxi is 100% electric? Couldn't understand why you mentioned petrol or its a hybrid ? Confused
They are hybrids. The battery range wouldn't cover a full working day.
I don't like the LEVC marketing, they put a tiny battery to make it 'zero-emissions-capable' even though they emit more overall than some pure petrols. They could easily fit 200mi+ in there, enough to go to Heathrow and back all day. Nissan Dynamo managed 170 lol, but they were ugly
Range extenders
That's minimum wage for a year in the West Midlands......
So with £20k in costs, and the fact you don't want to earn more than £85k due to the VAT threshold, you can probably earn £60/65k after expenses to cover salary & pension in London - interested to know Tom, does the typical cabby usually take close to the threshold>
Dont forget though that they trouser their cash fares and dont declare.
Hi hi
Let's say 40 hours a week regular Work Week here in the US 50 week what equal 2000 hours a year 10 dollars an hour would be $20,000 that's all I will look at it that way it'll make a little bit more sense than I get swallow a little easier😊
What’s your income for your year kindly
They'll never tell you that
Who do you do pension with ....
You've still left out your weekly contribution to your tax bill which can vary from £100 - £150 a week depending on your earnings.
Very rarely got 2 years out of a tyre. Screws, nails and potholes would see to that. A nightmare job now, everything recorded. To me it looks like a way to use up your life years and keep everyone else in employment.
1600 for insurance is not that bad conserdering how much an 18 year old get charged.
Hi Tom bloody hell it is a lot of money 🤑💰 sir Tom obe well done for sharing this information it is great to know love the videos superstar 😁 Ali Walsall west midlands england junction 10 m6 Walsall churckery up the walsall you are a real London boy Ali Walsall west midlands england junction 10 m6 Walsall churckery up the walsall
I owned a taxi for 5 years tom
Worst investment I ever made. The overheads and annual outgoings just got silly for trying to make profit
Add to that the stress and anxiety of it all
I hope your fair a lot better sir
I have owned mine for 3 years and it was my best ever investment in the job. Because I bought it like a month before businesses reopened from COVID so prices were still low as drivers were not buying cabs because of the uncertainty.
I'm just not a people person so it's my worst nightmare. Even though it's quite an accessible way to work for yourself
Hi Tom keep it up you 😢😮😅😊 Ali Walsall west midlands england junction 10 m6 Walsall churckery up the walsall
I guess once the taxi has been paid off then the real money starts
Sonny brought me here.
That not much more cost than owning a car.
I don't think it's worth doing, too much outlay, public liability insurance is too expensive, it was worth doing before the pandemic, don't think it is now, I did a bit of private hire work in the 90s, that was awful money then, glad I'm retired now
Wow the 'vigilantes' are a bit of a mind blower. These are the same people who decree cops are bastards out doing their very best to be the worst kind of cop
Tom the Tattooed Taxi Driver
Dont forget taxi medical cost every 3 years you renew your badge thats what (£60@) £20 a years?
One thing I don’t understand is why would anyone do a 2 to 4 year exam whatever it’s called when you can pass in one day when you work for a taxi company just 50/50 it mot tax and insurance work damage you don’t need to pay for nothing! just 50/50 simple I say
Not really anything like that in London though, unless minicab office which are largely gone now.
Why is it £13K for the taxi every year? Do you not spread the cost of the taxi over the useful life of the vehicle like 5 years? So £2.5K every year? Just asking because I used to do this and it cost me £200 a month.
Yep.. but in total the cost of the vehicle is £70000 😬
I’m a keen cyclist and a huge black cab fan - idiots ride and drive both
Imagine doing a job where the london taxi was the most important tool but you couldnt afford anything more than a crappy old one because getting a new one is tantamount to getting another mortgage and the lack of work meant that you could only afford a rickety old tx1 ...if your lucky it would have been from london. Then youd spend the rest of the year paying an extortionate amount for insurance, and protection money to the local mafia...erm sorry i meant licensing authority praying to god you made enough to scrape a pittance to survive....then you have to pay to go inside the railway station because why shouldnt they exploit you. You wait an hour and 20 mins for a fare and its a £5 fare round the corner whilst you watch PH drivers pirate with impunity. Youve been on the job for 3 hours congratulations, youve made enough to cover the fuel for the day...thats being a cab driver summed up in bham ....Im so glad im out
Your taxi costs more than I make in a year
I'm glad your taxi investment is getting paid off. You'll be able to earn more or have more free time to do things on your own
Only thing it will be older when it's paid off and then the money goes sideways towards repairs. This is what I'm getting now on a freehold taxi
So after you pay off your taxi, your expenses go down from 20k+ to 7k+? That's got to be a huge chip off the shoulder.
Yeah but his tax bill will go up by 25% on the saved difference.
@@originalpickaxe Not sure how that works?
Not sure what to say, these expensive could be much or little it all depends on your earnings.
1600 pounds of costs a month based on your total vs a day of driving seems to be totally doable but who knows when we only see one side of it. The fact that you nearly payed your taxi off also signalyses that it aint that bad.
@@Roy-qn2ie Exactly. Black cabbies playing the poor man is a tune as old as time. In reality, they make a fortune as they only disclose minimal earnings to HMRC.
So when Tom waffles on about his costs, just know that he ain’t paying his fair share to run the country, but he’ll be more than happy to go and use the NHS which others pay for.
Not sure your description of Cyclist wearing cameras sit well with me Tom. I’m also a professional driver and if I was caught doing something wrong I’d fully expect to be punished accordingly. Given the standards of driving these days especially in London, I can understand why so many of them feel the need to wear cameras to protect themselves.
Anyone in any line of work. No matter their expertise or skill level will invariably make a mistake across the course of their workday.
The issue I have. Is that when I make that minor mistake across a 9 hour work day, someone is there waiting to capture it. And not only that, take joy in the fact that TfL revoke your badge for 6 point offences.
Some of those infractions might include, driving without consideration of other road users, I.e. misusing a lane to gain ahead of other road users, which guess what, using a bus lane is just that. Close passing of a cyclist, but it’s entirely a subjective opinion, I’m forever in fear that my pass (exaggerated massively and times to ensure I have huge amounts of overtaking room) will be deemed as too close. Doing a u turn on the Aldwych to access passengers or the hotels. Mistiming lights because breaking harshly could cause the passenger to slide off their seat (not wearing a seatbelt which is their own responsibility).
Any other driving profession, much easier. Taxis by virtue of setting down and picking up passengers are inconsiderate. But that is how the job works. Yet we are penalised for it.
Tom this is the same as my comment a year or two ago when you had a similar video. There’s no mention whatsoever of the tax deductions available for different types of expenses. They don’t cover everything but it’s not correct that you don’t mention this anywhere at all in the video again. I like your content but this feels click-baity and misleading unfortunately.
I mention the depreciation of the taxi in regards to taxes in the accountant section.
Tax is incredibly variable based upon income so it’s something I can’t mention. Yes all the stuff in this video is deductible so it’s not as direct as the number expressed, hardly click bait because the that’s price I ultimately pay.
@@TomtheTaxiDriverI appreciate the reply Tom. I think for future similar videos it would just be best to mention it even in passing. Just a thought. Enjoy the rest of the week!
I think this video shows why there is less and less new black cab taxi drivers in the industry. Its not because of the knowledge but because its soo expensive to... work as a taxi driver. These numbers are scarry high and no sight of them going down soon :/
Bet the foreign drivers don’t pay owt
you need a council license and all the insurance even if you want to sign up on Uber. foreign drivers work the same way what's the point of being a bigot
too much effort and money. Lets all get Tom some donations get him off working his socks off as a taxi driver to getting some more YT collabs and showing london to em...
That's one overcharged trip south of the river, so what you worried about.
congratulations....youve paid off your cab. Oh dear its worth 50% of what you paid for it! also age restrictions
Unviable. Definitely just gonna sell coke and do uber. Was considering getting the badge but sounds a waste of time. I can make a grand a day selling a bit of chonga and doing some ubereats.
people with cameras are not vigilantes, vigilantes take the law into their own hands, they report matters ot the law, if you cannot drive legally you shouldnt drive at all
Donut
@@mrblobby1841 you sure are
The "Game" is over , only a handful of people are studying the knowledge anymore , I think 15 years tops and the whole Taxi and Private Hire industry will have been usurped by autonomous vehicles.
Look at the age of most cabbies in London , all pensioners with no one to replace them.
I'm certain you could drive more slower and take an even longer route to your passengers destination. ANOTHER TIP, turn off the meter when you get a job to the airport. You can charge what you want and skank the customer further. Dont forget to stay IN ALL BUS LANES and stay behind parked busses. You'll see a return soon enough :D
I think the 6 point rule is incredibly unfair! If anything, you guys should have 24 point rule as you are constantly keeping London moving!
@@insertyoutubeusername it’s pretty easy to get 6 points, remember London has the most cameras per sq mile, 20mph limits everywhere, militant cyclists that could film you touching your phone (in its holder on the dash) there’s an instant 6 points!
I drive nearly 100k a year for work, generally on the same roads but I’ve questioned whether I went past that last speed camera under the limit or whether that car behind me is an unmarked copper watching for a tiny mistake which can come from driving on auto pilot after doing the job for so long!
How I haven’t gain a mark on my licence and that same 6 point limit implemented by my employer been hit I don’t know
Until you’ve worked as a professional driver you don’t realise how close 6 points are!
@@grahamcutress47 New cars including the TXe have speed limiters, so you can just set 20mph going into town and toggle it off when needed. Many even have GPS databases to move the limiter up and down automatically, or camera systems to read the signs.
No, you're wrong. Laws are not chissled in stone. There're many exceptions for many different people and circumstances actually. As taxi drivers are on a par with the Advanced Driving License AND the additional professional bodies that they belong to; should there be a digression, then they should have a higher threshold. In fact, in a court, you can ALREADY argue a case to go up to 20 points, before a ban in some special circumstances !
@@insertyoutubeusername
It has nothing to do, with "whether you can pay" or not. ANYBODY can present mitigating circumstances to a Court. Are you Mr Perfect ?
@@insertyoutubeusername
You argue like a baby. You have no concept of how a court works. You don't have to be driving dangerously, to incur penalty points. There're many infractionable offences, some of which, don't even involve driving at all ! A court can even take away your driving licence during a divorce proceeding, if you haven't paid your maintainance. I even got six points about 15 years ago, whilst on PRIVATE land, for loading my classic car onto a trailer. Yes, on private land. The police CAN do that, if there is some kind of public access. That was not dangerous driving ! Do some learning.
You're clueless. I'll be happy to talk with somebody who knows what they are talking about, but evidently, you don't. Goodbye.
Didn’t you make this video before zzzzzzzzzzzz
Arrest the bicycle guy mikey.
Why..??
Bit of a non video, if you wasn’t making money and living well then you wouldn’t bother so your obviously doing ok.
Don't watch it then, I thought it was pretty interesting.
He telling u how much it is u 🔔 end.
I can never understand comments like this. Very interesting video about the costs. The video title clearly says this and there isn't any complaining in the video. It's literally exactly what the title says. Why did you watch it and feel the need to comment?
Given that people keep asking, there is a lot of interest in what it costs.
@@TypicalDutchSaysHi exactly pal. I found it a good watch
And still you are not allowed to fly your own country's flag in your own vehicle, because of Mr Khan(T)!