Why Uber drivers are quitting in London

uber has less drivers in London despite the fact that tfL is giving away hundreds of licenses each week

[AndyP]

For every ten drivers that quit there are 50 waiting to come on...

[San-vinr]

Bro trying to stop new drivers coming in🤣

[ghostmalek]

This guy hasn't heard of tax deductible. It's simple people, if it was this bad no one would be doing it. The fact is you need to be motivated and smart. Teach yourself and understand what tax deductions are and how you could benefit highly with it. You think big company owners would be millionaires by paying the same taxes as general employees. I've worked in many sectors from self employment to being employed and I will tell you that being self employed is far better. Being your own boss, not answering to anyone and main thing is having the ability to be able to make more money whenever you want to. You need to motivated to wake up early and on weekends come home late. In a time like this were the cost of living is ridiculous, being able to make more money the more hours you put in is a blessing.

[pennyfa]

I was a bus driver. I tried Uber for a month until I realised I make more money as a bus driver. And went back to drive a bus. Also you can’t work 40 hours a week. You need to work at least 50-60 to make some profit.

[stephenkewn]

I’ve worked Uber/taxis for 6 years on average I earn £2k per month after all outgoings but then am up north where most things are cheaper (well for now at least) it’s a flexible job & it’s about working the right hours I suppose! The pros & cons to every job but I do wish Uber would stop lowering fairs all the time! Honestly working more for less theses days!

[otablott]

Its 500 new minicab drivers per week in London

[RealEyesRealiseRealLies]

Uber and ride hailing apps are the best to work for if you own your vehicle. I started my own business from working for uber

[omarlondon]

i agree with you, also you forgot to mention the cost of maintaining a car which is being used all the time

[zhh]

Don't rent or only rent until u can buy don't buy new car or finance always get a second hand car that meets phv requirements... Work busy hours n events... Have another job on the side or do chauffeur.. Get a good accountant or manage ur expenses n records.. Its not all bad 40000 ppl wouldn't b doing it if it didn't work. It's not great but it's not bad if ur clever about it. Ur doing the knowledge.. Its a lot of time spent learning on a moped with demand constantly decreasing.. Give the right advice n get ppl to do hgv etc better paid driving jobs out there wouldn't say black taxi is that great either

[FancyaBevMate]

I've been in the taxi industry for 24 years and I'm always amazed how many new drivers don't know what net and gross profits mean. Personally I blame the councils for not having clear guidelines and breakdowns for those that aren't upto speed on such things but I won't change as they just want to get more licence fees😢😢😢 Cheers

[toxophillus]

A big thing you missed out, if you get ill or take a holiday or have an accident unlike working for Tesco for example, you won't get paid. In a normal year some or all of that WILL happen

[kagescar]

Started uber like 3 months now honestly 6 to u hours driviing i make like £120 to £130 that is not worth if you consider i have not yet been deducted for taxes and the food and petrol and uber keep reducing driver wages but on the positive side i do have my felixilbity but i am planning on quiting soon its not worth it at all! In my opinion ofcourse

[rexuk]

I have my own car, I left nhs and started working in private hire. I made £10, 000 in 3 months, £8000 profit took 2 weeks off went holiday and came back and still haven’t worked. That’s the beuaty you work hard and go offline don’t worry about it. Don’t have to ask my manger for time off etc I like it really chilled! But I am in a good situation where I bought my house and don’t have massive outgoings or anything I can make £300 a week and still live comfortable

[kriskasa]

Working as a mini cab driver is giving you the opportunity to work hard and make money. If you want to be poor and lazy, go do 8 hours shifts at Sainsbury’s or any other mid salary Company.

[daaminmurray]

You do have to be aware of putting money to the side for tax, he is slightly incorrect about paying tax up front the following year, you can pay as little as you want monthly but obviously near the end of the year you need to get HMRC (tax) all settled the advance amount they estimate is only a guide and you may end up earning less so that would mean you would be paying too much tax in advance which would be counter productive, HMRC are flexible and will send letters saying you need to pay abc now but you ignore until you know you are earning enough to cover tax in the first place

[onderdogan]

I've changed my mind. This feels like modern-day slavery because drivers cover all expenses and labor while Uber takes the profits. Costs; Rent or lease, fuel, 20% income tax, 9% class 4 tax, congestion, TFL costs, food, maintenance, cleaning, accounting - these all add up. Earning £16 per hour minus these expenses just doesn't make sense. It's disrespectful to oneself. This job is very unhealthy, as it involves sitting for 60 hours a week and stressing about covering expenses, not to mention dealing with potentially rude passengers. And for what? To make a clean profit for Uber! Drivers could make a 25% profit, but it's taken by Uber! This is unacceptable 😡.

Please don’t be fooled earning by other drivers. They won’t tell you clearly they have massive taxes and expenses! Plus sitting 60 hours a week and stress non stop working. Very very unhealthy. Better if you have license, get a job at local minicab offices but don’t sell your soul to Uber!

[bitiescu]

I told you’re not right but after 6 months I realized you have right

[TheL]

TAXES CORRECTION. As this man is misquoting the entire thing. ALL self employed professionals are required to make 'payments on account'. Payment on account is paying an estimate of what your tax will be based on what you previously or should make. For that reason self employed professionals should get an accountant. An accountant will likely say to you, keep aside roughly 30-40% of your gross earnings as you will need to consider this for making your payment on account. Now, if you cannot keep your finances in order you will be able to edit your payment on account to a lower estimate, or request to wipe it to £0.00. However, only consider paying £0.00 in year ONE..
.Making it £0.00 in year ONE, is mostly okay as HMRC have no estimates to form the basis of your payment on account.
Should you make it less or waiver it to £0.00 in year TWO....Bare in mind that if your PROFITS are more than you took home this year than in year ONE, you will pay 4% interest on top of your payment on account for your misjudged estimate
. But IMPORTANTLY, IF YOU CANNOT KEEP YOUR FINANCES IN ORDER YOU SHOULD NOT BE SELF EMPLOYED. Also for anyone who is put off by payments on account. Have your wits about you if doing this part time, it's usually a lot better to do cab driving part time if you have an already stable full time job. Example, you're a family chauffeur, solicitor, account manger, engineer etc etc who wants to and is comfortable enough to do cab driving part time. But remember, even if you work in Tesco (let's not devlalue anyone's job here), and wish to do Uber part time, consider the insurances, accountancy fees, maintenance and sit down with a spreadsheet, yes self educate yourself, speak with your accountant and map out exactly what you and how often you think you'll work in the cab. But remember you're a part timer and your costs will be relative to your hours and if you already have a full time job your likely not going to work insane hours and that means you likely won't pay a lot extra if not any additional costs as you will be covering majority under your PAYE position.. But you should seriously consider getting an accountant and even have a chat before you commit to anything. But that's common sense.
Back to payments on account.
My friend is a tennis coach and because he knows pretty well that there are multiple Reasons that could jeopardize his earnings, he is able to waiver his payment on account rather easily. Cab drivers and Uber drivers generally get business in all weather's so just bear this in mind. THE VEHICLE BIT. you can claim tax relief on your vehicle for capital allowances and again correction HMRC DO tell you this. IF YOU LEASE, you'll be able to claim the entire weekly cost as business costs. Anything that you do and touch and speak into with regards to your car, maintenance and phone is all business deductable expenses. so if you compare someone who grosses 50k per year to a account manger on 50k per year, the driver will pay considerably lower tax than the account manager. The driver has business expenses, the account manger does not. Hope this is helpful. The gentleman recording this video is getting his understanding of business costs and taxe procedures considerably incorrect.

[corineberry]

I notice is easier now to get an uber than it was a few months ago, the service is improving

[t.m]

Looks like an expert may I ask you one question little curious if someone live in London and have TfL licence already but now need to move to Luton can they still be registered with TfL and work in London and luton ?