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Buying and Selling

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Buying and Selling

sutera1996

sutera1996

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Parked in the garage
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Apr 3, 2012
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Location
Surrey
Hi all.

In a month and a bit I will be having 13 weeks free of doing nothing :D:D

Anyway Im always doing up a car in my free time at week ends when i have a free hour or so, each one usually takes me about 3 months and I always register them in my name as im not a trader..

So I plan to work doing up cars throughout these 13 weeks (most likely more fiats :D:D) but because ill have all this time ill probably do one per week/ 2 weeks but if i start registering a car every couple of weeks and then deregistering it the DVLA alarm bells may start rining!!

Is there anyway to get round this??
 
From my own experience DVLA don't give a monkies ;)

Just make sure they are all declared SORN or have valid tax.... they do care about that very much so in fact! :cry: It can get costly if you get that bit wrong........... :bang:
 
Unknown Being said:
I thought tax wasn't on car sales
Click to expand...
Not on a personal car sale [cars are under the 'special' personal possession rules under the Capital Gains Tax regime].

However, if cars are being fixed up for a profit, on a regular basis, then there is a potential Income Tax issue and it could be deemed as a trade. This will also affect benefits, etc.
 
Last edited:
Most Easterly Pandas said:
As above, however the taxman might not see it that way, and more importantly, both your motor and home insurance!

I'd check that the companies providing insurance for both are happy with this setup, a lot of home insurance companies won't be!
Click to expand...

If it was a full time business then yes I agree home insurance might have something to say, but as it's for the summer months I'd class it as a hobby and wouldn't tell them, I think OP intends to only have one or two cars on the go at any time? So it's no different than a lot of us on here with a spares car and a daily driver... both of which are wallet sapping garden hogging beasts..... (n):cool::bang::devil:

As for motor insurance as long as OP isn't driving the cars on the road it's of no concern to them.

I don't think the DVLA would mention it to the tax office, but to be honest I'd worry about that bridge if and when it happens.
 
Last edited:
Dani the Punto said:
Thanks all for the responses

Basically all the cars either have tax or sorn when they are in my ownership

But how would the tax man find out?? Would the dvla tip them off ?
Click to expand...

DVLA probably wouldn't, but neighbours etc might.
jenks69 said:
If it was a full time business then yes I agree home insurance might have something to say, but as it's for the summer months I'd class it as a hobby and wouldn't tell them, I think OP intends to only have one or two cars on the go at any time? So it's no different than a lot of us on here with a spares car and a daily driver... both of which are wallet sapping garden hogging beasts..... (n):cool::bang::devil:

As for motor insurance as long as OP isn't driving the cars on the road it's of no concern to them.

I don't think the DVLA would mention it to the tax office, but to be honest I'd worry about that bridge if and when it happens.
Click to expand...

But you classing it as a hobbie doesn't mean insurance company will, the OP will be maining profit / gain from this, and is doing it to do this. If he's getting a car, doing it up over the summer, perhaps using it or something then I'd agree, but '2 cars on the go' at once implies what I've said.OP could call his home insurance and find out, they might be fine, but like I've advised, worth checking.
 
Hi all thanks for the replies :D
Yeah I only do/ will do one at a time and the only time I do have two is when one is forsale!!
Yeah when I get a car they sit on my driveway and are usually moved in and out of my garage and yeah they never go on public roads!
 
Dani the Punto said:
Hi all thanks for the replies :D
Yeah I only do/ will do one at a time and the only time I do have two is when one is forsale!!
Yeah when I get a car they sit on my driveway and are usually moved in and out of my garage and yeah they never go on public roads!
Click to expand...

basically,if you buy an item to sell
then you are a trader
 
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