Like every thing its getting your sums right making sure you have enough work at a price that’s sustainable
So as a couple on here are having a dig, and therefore you know so much more than myself, I currently own 1 truck a vacuum tanker with jetter when I buy my next vehicle what do you think I should buy & why?
Another vacuum & jetter
A vacuum only (a lot cheaper)
A gully emptier
A 18t sweeper
A dustbin waggon (600 front lift)
A skip wagon
A 4,6 or 8 wheel aggregate tipper
My intention would be to gain own work max 20% subbing
shirtbox2003:
muckspreader you seem unsure with your figures as to turnover or take,also you cant repay yourself £400 per week towards initial cost,what about income tax,vat, insurances and national insurance etc.you seem to have been lucky with maintenance costs up to now.who is going to drive the other trucks you may get and how much do you think a driver will cost you.tread carefully mate.
…can I ask why not? If a business has loaned money to start up, all be it from a bank, from a relative or from the business owners own pocket, then surely you can pay it back however and whenever you can! If the loan was from a bank then you would have monthly re-payments so if you have funded your own business start up out of your own pocket then why not make monthly re-payments back to yourself?
bullitt:
Yes, that’s exactly what I do, my company generally pays me back £1,000 a month towards the money I lent it to start up. From what I read before I started up, and my accountant’s confirmation, this is the most tax-efficient way for a director to pay himself from money made by his Limited Company.
Firstly, because it’s a loan repayment there is no PAYE or NI due on it, and secondly because it reduces the profit shown by the company which reduces its liability for Corporation Tax. If, at the end of the business year it looked as though I was going to show say £5,000 profit, then the company would just transfer £5,000 into my personal account so that it showed no profit and paid no tax.
It’s not about “tax evasion”, it’s simply the most legal advantageous way to arrange things, my accountant would certainly not risk his professional repute by “fiddling the books” for some tuppeny-hapenny hairy-arsed lorry driver. 
Harry Monk:
…Yes, that’s exactly what I do, my company generally pays me back £1,000 a month towards the money I lent it to start up. From what I read before I started up, and my accountant’s confirmation, this is the most tax-efficient way for a director to pay himself from money made by his Limited Company.Firstly, because it’s a loan repayment there is no PAYE or NI due on it, and secondly because it reduces the profit shown by the company which reduces its liability for Corporation Tax. If, at the end of the business year it looked as though I was going to show say £5,000 profit, then the company would just transfer £5,000 into my personal account so that it showed no profit and paid no tax.
That was my understanding Harry, however, I think the key words are “Limited Company”. Surely if you are NOT a Limited Company, but a sole trader or partnership, just not “Limited”, surely you can still pay yourself back the money you lent your own business?
This could get complicated! 
bullitt:
That was my understanding Harry, however, I think the key words are “Limited Company”. Surely if you are NOT a Limited Company, but a sole trader or partnership, just not “Limited”, surely you can still pay yourself back the money you lent your own business?This could get complicated!
You probably can, but I really don’t want to get into another “Limited Company v. sole trader” bunfight. 
As an LLP I have been paying back the loan I used to set up my business for 2 Years at a average of 750 a month.
I’ve had an audit and they never batted an eye lid at it.
The loan came from my current account (my money) to my business account.
You definitely can pay yourself back to be honest I couldn’t be bothered to attempt to educate the likes of shirtbox or Danpunchard.
So bullitt, harry & Tipper tom your right.
As for Ltd v’s sole trader for most people sole trader is probably the best option, if your profit is quite high or you intend to sell your business (of which I do) then Ltd is probably the most straightforward way to go, also capital gains tax is lower.
I’m not aware whether Dan or Shirtbox are actually OD’s though if you are it might be worth paying an accountant to look at your books as if your missing out on claiming your start up costs back you may be missing out on other expenses too. It could be the difference between a profit and a loss.
Happy new year
In fairly confident Dan Punchard is either an OD or his family have trucks.
The other know nowt helmets I’m not so sure about
Muckspreader:
You definitely can pay yourself back to be honest I couldn’t be bothered to attempt to educate the likes of shirtbox or Danpunchard.
So bullitt, harry & Tipper tom your right.
As for Ltd v’s sole trader for most people sole trader is probably the best option, if your profit is quite high or you intend to sell your business (of which I do) then Ltd is probably the most straightforward way to go, also capital gains tax is lower.I’m not aware whether Dan or Shirtbox are actually OD’s though if you are it might be worth paying an accountant to look at your books as if your missing out on claiming your start up costs back you may be missing out on other expenses too. It could be the difference between a profit and a loss.
Happy new year
I haven’t mentioned repaying your self ,I said your figures don’t look like general road haulage ones and I was right ,as for needing an accountant iam on my 2 nd one ,And in your 6 months as a owner driver if you’ve learnt anything I’ve missed up to now iam willing to learn as the mistakes of others have saved me a lot and got me to niche market iam in now.
Tipper Tom:
In fairly confident Dan Punchard is either an OD or his family have trucks.The other know nowt helmets I’m not so sure about
Would that be because you’ve only been on here 5 minutes?
It might be to do with that. It might be because I have a very effective filter for bull ■■■■. It might be a combination of the two
Does it work both ways?
know nowt helmets, who do you mean?
Iam a know nowt helmet and a bull zb then .
Hi Guys,
Well just to add my penny’s worth, if you are running a business and looking after or transporting other people’s
goods/property then you really should be operating as a Limited Company, because if you damage or lose the
property and your insurance do not pay out, the Limited Company are liable not you personally.
So you have a loaded container with goods valued at 150,000 pounds and your policy says it must not be left unattended or trailer detached at anytime when loaded, and your driver go’s for lunch or the loo and it gets stolen, they will not pay out, and you are now in deep trouble.
I know it’s not nice, but as a Limited Company you have a chance (and that’s all I’m going to say) you can make up your
own minds what you have to do !!!
But, if you are a sole trader, you will be held personally liable and lose everything !! your home etc.
So it may be a bit more inconvenient and cost a little more, but for peace of mind, it’s worth it to be a Limited Company.
Furthermore, if you run as a sole trader and operate 3 or 4 trucks and your drivers get stopped by the Police and they get nicked for speeding etc, you can have your licence endorsed as well for there offences !! but as a Limited Company, they cannot do this because the Company do not have a Driving Licence ?
So, there are a lot more things to take into account when looking at starting your own business.
Regards
JJSL
Muckspreader:
If this helps
I became an OD 6 months ago after owning and selling another business.
I turn over an ave of £1980 a week £450 for fuel, £60 tax & Insurance
Maintenance for past 6 months has cost £1240 = £50 a week incl tyres
I paid for the truck outright though I consider £400 a week towards truck reasonableI could therefore take £1000 a week
My aim is to buy another truck probably late 2014 then 1 a yearGame on, I think you get negative comments from people who have either failed or are scared of competition.
£450 a week on fuel? you on rebate stuff or pushing it every where?
robbo863:
Muckspreader:
If this helps
I became an OD 6 months ago after owning and selling another business.
I turn over an ave of £1980 a week £450 for fuel, £60 tax & Insurance
Maintenance for past 6 months has cost £1240 = £50 a week incl tyres
I paid for the truck outright though I consider £400 a week towards truck reasonableI could therefore take £1000 a week
My aim is to buy another truck probably late 2014 then 1 a yearGame on, I think you get negative comments from people who have either failed or are scared of competition.
£450 a week on fuel? you on rebate stuff or pushing it every where?
Could be that he’s on a decent job that doesn’t require wearing out the lorry and lining the pocket’s of the oil companies 
If Muckspeader is working on those margins and the work is likely to be consistent, then my advice would be to put a second (and third) truck on the road now, rather than at the end of 2014 and beyond.
If I could get a truck to earn £1,000 a week before paying the driver’s wages, then I’d fill up my O licence tomorrow.
Harry Monk:
If Muckspeader is working on those margins and the work is likely to be consistent, then my advice would be to put a second (and third) truck on the road now, rather than at the end of 2014 and beyond.If I could get a truck to earn £1,000 a week before paying the driver’s wages, then I’d fill up my O licence tomorrow.