Whats needed? how do you become one i know correct insurance is needed for it (can adrian flux offer this, as i am halfway through a policy)

when buying a car from an auction lets say or from whoever do we need a registered name and company/vat number?

was only thinking of doing this part time on the side

 

You dont get a VAT unless a company has 50k turnover.

 

you will need the insurance and the rest you can do without declaring anything.

buy..sell.....who is going to know.

 

you only need to be vat registered if you turn over more than i think its 60K might be 63K? You can still register if not there are advantages and disadvantages your accountant will help you out.

 

your neigbours... who report you to the council from running a car business from your house!!!!

Been there - what a waste of time that was!

Alex

 

lol ok

so traders insurance is sufficient

 

ive got that prob now i buy and sell a few cars a month and the council wrote me a letter saying im not allowed to run business from home and threatend to evict us i work full time which takes the piss i went mad

 

Look into it careful - I've been told (but not confirmed it myslef) that you have to offer warranty...

Alex

 

all im doing at the moment is buying a car for myself, using it and selling it afterwards then i go back and get another from aucition

that cant be bad can it?

 

more than 6 a year and DVLA send letters

also earning money and not paying tax on it isn't popular with some goverment departments lol

 

I've been told the Tax man starts sniffing around at 12 cars a year? Is that right?

 

just get back to normal Dave

 

i conclude from this topic - fuck trading

 

"Warranty?"

 

Fucking LEGEND

 

 

Dave

I cant believe you think that nobody will know

1, You have to register with nearly All auctions now ( if not all then you will by the end of the year ) ,, they pass on ALL info to the TAX office

2, DVLA, Pass on info also about who owns / has owned a few more cars than you would expect the normal man to own in a year

3, You also have to register with your local council if you wish to sell more than 3 cars a year ,,if you dont and they find out through a unhappy neigbour etc , your in the shit

We now live in a world where the TAX man has many many spies for him so if you want to risk it then good luck ,, but you are much better of going legit and paying a little tax etc IMO
Any more than 3 cars owned/ bought and sold in a year and by law you are classed as a trader , and dont just think ,,oh , if i dont put the car in my name "who will know "

 

Ps,, when you buy a traders policy ,that info is also passed on to relevant departments

You can run but you cant hide

 

You were told wrong.

There are easy ways to avoid selling a car with any guarantee or warranty.

Like telling the person "THIS HAS NO GUARANTEE OR WARRANTY" and writing it across the receipt.

Almost as simple as whoever told you that you had to give one.

You can't SELL a used car warranty without being FSA registered which is a waste of time. But you can give one away We use Auto Protect, great value and there is NO point getting invovled in administering your own warranties without a workshop and permanent staff.

 

I stand corrected!

 

PS just stolen somthing from you

 

if you do wanna become a trader. have you thought about SOR'ing cars to a garage? (sale of return)
this way the cars wont be on your home, and you dont have the hard job of actually selling the things, but of cause the downside is profits are less but you can have a normal dayjob aswell

 

interesting read, thanks Paul i was hoping you were going to post here

GARETH T
thats not the same as underwriting isit?

so more than 3 cars in a year? im on my 3rd car now oh shit

first was my levin drift car, then the vectra now i have got another car

i dont wanna get my arse fined

Shall i ring dvla to find out more?

 

No, Gareth is talking about stocking someone elses premises with a few of your own cars. They sell them, keep a bit for themselves and give you a small bit on top of what it owes you. If you're rolling in it and can provide someone with 20 cars then it's a great idea. If not, don't bother as the 1 or 2 cars you provide will be the last ones they try to sell probably! It's the way it works.

Underwriting is when someone [for the sake of argument a maindealer, let's say Hondas - but not the location, make your own contacts ] rings me up and says "I have a lady here wants to part exchange her 2002 Civic SE on a new one, how much would you value it at?" I tell them what I want to buy it for and Voila I have underwritten, or promised to buy, that car at that price.

If you want to see a copy of the sales invoice I use on cheap part exchanges [sub £1500] declaring no warranty, I will try and scan it for you tomorrow as I've taken the day off and I'm currently wanking loads on the internet

Thank the years of physio and special correctional shoes with calipers they made you wear when you were younger for that.

 

if you nwant to avoid paying tax when you buy the car fill in the trade slip for them to send off but put whatever name and address you like on it, they still send it off and it comes out of there name so there fine


no trace you have owned it on paper

when you sell again you can do as you wish, i loose many cars through the system every year


you dont need to add cars to your traders policy unless you keep them more than two weeks so every car you have youve only just bought if ya get my drift

auctions are limited now i have trade accounts with them but as you lot say above they will tell the tax man if you buy sell loads, if you buy from an auction private you only get the green slip and have to wait for the v5 tgo come back in your name so thats no good


to be honest the best way is to declare and pay tax but only declare one of every 3 cars, atleast then the tax man gets his chunk and he wont be watching you

 

i was planning to do it part time at home just as a hobby type thing and for a bit of money, what would i need to do then?

 

To be honest mate ,,as said above its better you do it legit even if only part time ,, a good accountant will make sure you only pay the min tax so its worth while ,,and you can sleep at night

You may make a few extra quid doing it on the side ,,but if you get caught your fooked

 

if your dealing with larger garages i agree,, but with smaller ones who want a few tody cars on there front it can work very well for both of you

 

It's a lot of hassle mate, if you're trying to balance it with a full time job as well you find you never have enough time to do enough to keep it going and the amount of people you get messing you about is unreal (ask any of the traders on here and I'm sure they'll tell you that). I tried it when I was a bit younger but you get to a point where it's just not worth the effort. And with cars as cheap as they are now from dealers I don't think people are buying much 'privately' unless they're something very specialist like Cossies or extremely cheap. And then of course if you're dealing in stuff like Cossies even if you're experienced it's still possible to get stung and lose a lot of money.
Just trying to be realistic and give you both sides of the coin mate.

 

I'm all for people having a go mate [obviously in the confines of PF, one would hope they are having a go under "Trade" Memberships ] But it takes a while to build up relationships like that. I'm lucky, my old mans been doing it for 35 + years and I've been around it all my life....

I admit, I leave a few bits all over the place as it's horses for courses. My mate has a place down near Gatwick and he can sell older hondas/toyotas/mazdas like they're going out of fashion but round here, no joy!

My best bit of advice for Ultimate Sleeper would be choose a make of car, possibly a model too that you know. You're on a Ford site, use all the knowledge you have to hand! Mondeos sell well! As do sub £1000 Escorts if you can find them, which I'm sure you will!

I've always bought and sold because I get bored with cars easily, but I supplemented my income [declaring everything!] doing Hondas from home. Mostly CRX's as they were selling like hotcakes 4-5 years ago. I always preferred doing this to working for other people so as soon as the opportunity came along to get my arse in one of my dads places I grabbed it!

But I can't be arsed doing stuff from home now unless it's a tidy cheapy as members of the public, invariably are total cunts

Remember that the secret of making money is in the buying. Nearly anyone can bullshit and sell a car [look at 99% of the muppets in maindealers] but if you buy right, you won't even have to try

I'll scan that thing in for you in a minute so you can have a read.

 

 

thats a good bit of advice

 

this is something i`ve been interested in also.

i`ve been driving for 6 years and at last count, i`ve owned 85 cars. again like most folk say, i take a car cheap, drive it, sell it and take a part x against it and away we go again. it works well for me as extra cash to plough into projects though i really wanna start "legit" so to speak.

does anyone know of insurance companies that specialise in this type of insurance?

 

the way this thread is going, seems like very soon there will be far too many traders

 

ive seen so many give it a go but they all buy the wrong cars, bloke opposite me i think has started as cars got dropped off by auction houses lorry, he bought a horrid pt cruiser and a doom blue 03 plate vitara with no alloys etc still sat there a month later

 

all depends how much he paid for them

if its a shitload, well more fool him for being a twat

 

he bought them from bca so he paid top money i bet

 

I love the fact there's loads of people selling cars off their driveways, sticking them in lay bys and selling them off ebay!

THEY can have the ignorant cunt punters come to them and we'll have the proper people that don't want to get a bucket of shit dropped on their toes

In theory anyway, in reality we still get the ignorant cunts

And they STILL get the buckets of shit

I didn't say that last bit

 

How much would you expect to pay an accountant per month??

also how much tax would you pay if you sold one car every month for 2500 for example. thanks

 

An accountant charges per year mate ,,mine costs me aprox £1000 a year , worth every penny because i wouldnt know how to sort it all out

you can save quite a lot of money tho if you do your own books and just get them to check them and do any changes required

I do 75% but my fella sort everything for me and sorts what i owe etc etc

Tax is calculated on turnover and proffit and loss ,