Tom B
Member
Registered: 23rd May 05
Location: West Midlands
User status: Offline
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I work in the motor trade full time and over last few years bought and sold a few cars for profit. Not many just a couple per year. I've now had a quote for a trade policy and thinking about doing it part time. Only thing that's bothering me is I've been told i had to be registered motor trader and pay tax off the profit? I only want to do a couple a month as a hobby and small profit. How do I go about this? What would happen if I didn't pay the tax? Any comments appreciated
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Archie
Organiser: Scotland
Premium Member
Registered: 18th Dec 07
Location: South Ayrshire
User status: Offline
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Just put them through as making a loss on them...
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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I know people with trader policies that aren't necessarily registered, maybe try elsewhere?
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ShEp
Member
Registered: 9th Aug 05
Location: Dingwall, Highland
User status: Offline
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I was in the trade and sold 46 in 2 years and never registered.
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baza31
Member
Registered: 19th Apr 03
Location: yorkshire
User status: Offline
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quote:
Originally posted by ShEp
I was in the trade and sold 46 in 2 years and never registered.
wait until tax man finds out . 8 a year then your classed as a trader iirc. Also i know they are working with dvla . They come down on a lad i know , They asked him how many cars he sold and he lied, they then produced a print out of all the vehicles , they asked him to right down how much he bought and sold each one for , he lied again . They left and must of contacted the previous owner and new keeper and proved he was lying. They went to the auction with an invoice he gave them, checked his purchasing history and there was a load he didnt register in his name .He ended up with an 28k bill in total. He said he couldn't pay it and they took his house . The guy was almost suicidal and still has fuck all.
There is only one winner and its them, if you go round ducking and diving from paying tax they will win in the end
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ShEp
Member
Registered: 9th Aug 05
Location: Dingwall, Highland
User status: Offline
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quote:
Originally posted by baza31
quote:
Originally posted by ShEp
I was in the trade and sold 46 in 2 years and never registered.
wait until tax man finds out . 8 a year then your classed as a trader iirc. Also i know they are working with dvla . They come down on a lad i know , They asked him how many cars he sold and he lied, they then produced a print out of all the vehicles , they asked him to right down how much he bought and sold each one for , he lied again . They left and must of contacted the previous owner and new keeper and proved he was lying. They went to the auction with an invoice he gave them, checked his purchasing history and there was a load he didnt register in his name .He ended up with an 28k bill in total. He said he couldn't pay it and they took his house . The guy was almost suicidal and still has fuck all.
There is only one winner and its them, if you go round ducking and diving from paying tax they will win in the end
Woah!! Chill out
It's not like I nicked them from a family members loft.
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edd1.0
Member
Registered: 17th Sep 08
Location: kettering
User status: Offline
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if you do are going to declare to the tax man , make sure u make a note of anycars that you make a loss on as you can claim that off against ure next one on tax i think?? , for example if u make a £200 loss , then on the next one make a £400 profit u can just claim the £200 profit difference against the tax if that makes sense ? , im not sure if its common knowledge or not i just thought i would mention it haha
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