£20,000 PLUS! Tom Hutley reveals the mammoth costs associated with driving a London taxi

A popular London taxi driver and YouTuber has unveiled the true cost of operating a London taxi, amounting to a staggering £20,644.72 annually.

Tom Hutley, also known as ‘Tom the Taxi Driver’, details the figure in his latest video, providing an in-depth look at the numerous expenses taxi drivers face.

As you would expect, Tom's largest expense is the monthly payment for his LEVC TX electric taxi. Insurance costs are high each year due to the need for hire and reward coverage, which protects both the driver and passengers.

He goes on, detailing taxes paid on the vehicle each year and to comply with Transport for London (TfL) regulations, his taxi undergoes two MOTs annually, plus an additional £110 for a TfL taxi inspection.

Tom rents his taxi meter and also forks out every three years to renew his taxi badge. The DBS update service, necessary for maintaining a clear criminal record also comes at a small annual cost.

To manage the financial complexities, Tom employs an accountant and also pays for union membership, which offers legal support and assistance with TfL-related issues. Additionally, he subscribes to Cab's Mate annually, a service providing digital maps. Card machine fees vary based on transactions.

Fuel remains a significant cost, with Tom spending thousands annually. Tyres, servicing and other miscellaneous expenses, such as receipts make up the remaining expenses.

By watching the video Hutley details each expense, but they add up to a mammoth £20,644.72 annually.

The video is the latest whereby Hutley delivers a detailed breakdown offering valuable insights for current and aspiring taxi drivers, highlighting the substantial financial commitment required in this profession. With nearly 100,000 YouTube subscribers, Hutley is seen as the top video influencer within the UK taxi industry.