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Oct 15, 2015 14:12:06 GMT
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Hey guys
I am looking at a car tonight but i want to pick it up as trade. IE keep the full V5 and the fill in the slip for a trade sell and the seller can send that off.
So I have 2 questions..
1. If after I play with it / fix I decide to keep - Do I just fill in the V5 as the next owner and sent it off?
2. If I sell to another trader how does that work? I give him the full V5 but it will still be in my trade name?
Cheers
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Current retro - 1996 Alfa Romeo GTV / Daily - 2016 Nissan Qashqai
Previous retros - Prelude, Integra, XR2s, XR3s, Orions, CRXs, Sylvia S12, S13, Pulsar, ZX 16v, 205 Gti, MX5, MR2 etc
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Ryannn
Posted a lot
Posts: 2,421
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Oct 15, 2015 18:20:06 GMT
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Yes and yes
When I last sold a car to the trade I was advised that DVLA just see the car as "in trade" rather than registered with anyone. I haven't heard or read of that being changed.
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Ryannn
Posted a lot
Posts: 2,421
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Oct 15, 2015 18:20:52 GMT
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To be on the safe side, I'd write out an invoice if you do sell it on to trade and get all the details down.
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Oct 15, 2015 18:37:42 GMT
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Do it online and keep the v5 intact
But be warned they are cracking down on non traders doing this
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Oct 15, 2015 19:13:48 GMT
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Government departments trade information so you will be confirming to HMRC that you are buying and selling cars as a business. If you are a legitimate trader and registered with HMRC then no problem. If a "part time" / hobby business then best properly registering in your own name to keep off the official radar  |
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Filling in the trade slip still puts your name as responsible for the car. I know this as I bought a car as trade and filled in the trade section. Sold the car to another trader and gave him the full V5. Couple of weeks later I recieved a speeding fine and a parking fine through the post from said car.
I believe you can change trade to trade keeper online now? But if not always get the buyers details o keep hold of incase you do get any fines through.
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jgtr
Part of things
Posts: 270 
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Oct 16, 2015 16:19:56 GMT
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Think you'll need a traders insurance policy as well as you won't be insured, and could be prosecuted if caught
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Last Edit: Oct 16, 2015 16:21:10 GMT by jgtr
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Oct 16, 2015 22:41:58 GMT
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Think you'll need a traders insurance policy as well as you won't be insured, and could be prosecuted if caught kind of right, if you are using a domestic policy you will be declaring that the car is registered in you name so you need to tell them it is registered 'In trade' which will lead then to question why you haven't declared that you are a trader. you should not use a car as a long term personal car if it is 'In trade'it need to be correctly registered as your private car. To use the traders slip on the V5 you should be registered as a car trader. |
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Oct 19, 2015 23:21:47 GMT
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Think you'll need a traders insurance policy as well as you won't be insured, and could be prosecuted if caught kind of right, if you are using a domestic policy you will be declaring that the car is registered in you name so you need to tell them it is registered 'In trade' which will lead then to question why you haven't declared that you are a trader. you should not use a car as a long term personal car if it is 'In trade'it need to be correctly registered as your private car. To use the traders slip on the V5 you should be registered as a car trader. Um, Registered with who, exactly? I have been in the motor trade for more than 45 years and had my own business since 1982 and the Motor trade insurance to go with it! But i've never REGISTERED it with anyone! The rest of this is true and my daily/regular/retro cars are all registered in my name and taxed or sorned as need be. Though I am primarily a mechanic rather than a salesman, I do, of course, collect cars to sell from time to time and these I invariably put into trade so I don't have to bother with sorn and don't get an extra keeper on the V5. I've never seen a private car policy yet that doesn't expressly forbid "use in connection with the motor trade" and though you may have to wade through a load of small print to find it, effectively all private policies that permit driving other peoples cars insist on that car being separately insured, only trade policies let you drive anything, anywhere, anytime. It's also possible to be a part time trader and still get trade insurance. So many Firefighters do this as a "moonlighting" job that they get preferential terms from specialist motor trade insurers! Oh and if you keep a car more than 3 months, you are not liable for tax on any profit you may happen to make when you sell it! Steve |
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Last Edit: Oct 19, 2015 23:26:44 GMT by carledo
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Oct 19, 2015 23:30:07 GMT
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Wow, trading since 1982 and not paid any business taxes?
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Wow, trading since 1982 and not paid any business taxes? As a retired Revenue Officer of H M Inspector of Taxes I can say this is a classic example of somebody shooting themselves in the foot. There is now evidence in the public domain that somebody admits "moonlighting" for 45 years yet has never declared to HMRC. This is how HMRC get a lot of their information - letting things slip, bragging down pub, having motor trader insurance and such within "earshot" of others who feel it's their duty, whether moral or motivated by just jealousy, to report the person ! |
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Oct 20, 2015 10:25:20 GMT
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Wow, trading since 1982 and not paid any business taxes? Hi, He didn't say "he hadn't paid any taxes" he said "he hadn't registered it (meaning the policy) with anyone" But heed Composimmonites words about 'unguarded comments' as per the thread about IVA,s. Colin |
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Oct 20, 2015 21:07:02 GMT
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Ha! the taxman knows I exist, and even gets money off me from time to time.
What I meant was, I'm not a limited company or registered with companies house or anything like that. which as a sole trader, I don't need to be.
Steve
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Oct 21, 2015 19:42:15 GMT
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Ha! the taxman knows I exist, and even gets money off me from time to time. What I meant was, I'm not a limited company or registered with companies house or anything like that. which as a sole trader, I don't need to be. Steve So you are registered as a trader? |
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What does 'registered as a trader' mean?
When you fill out a tax return you may state what your business is. But where else?
Is there a national database of vehicle traders?
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What does 'registered as a trader' mean? When you fill out a tax return you may state what your business is. But where else? Is there a national database of vehicle traders? You've just answered your own question. |
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So there is no such thing.
Registered as a trader means nothing
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compass
Posted a lot
www.compasstrading.co.uk
Posts: 1,644
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[/quote]
Oh and if you keep a car more than 3 months, you are not liable for tax on any profit you may happen to make when you sell it!
Steve
[/quote]
This is the bit that genuinely interested me. Is this actually correct? Any car, even when registered in trade, and kept for over 3 months is not liable to be taxed on any profit made?
I don't see how this can be correct personally, but would be interested to know what anyone else knows about it? Surely, a profit is a profit, so taxable, no matter how long it takes to acquire?
I hope I'm wrong, as it'll save me paying quite a lot of tax in January!
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Wow, trading since 1982 and not paid any business taxes? As a retired Revenue Officer of H M Inspector of Taxes I can say this is a classic example of somebody shooting themselves in the foot. There is now evidence in the public domain that somebody admits "moonlighting" for 45 years yet has never declared to HMRC. This is how HMRC get a lot of their information - letting things slip, bragging down pub, having motor trader insurance and such within "earshot" of others who feel it's their duty, whether moral or motivated by just jealousy, to report the person ! And as a currently active person who deals with ill informed or over zealous civil servants on a regular basis, this is a classic example of one not bothering to actually read the comments but just pick several words, form their own completely wrong idea and present it as the facts. He did not admit to anything like what you have insinuated. You have now accused him of tax fraud based on your wrong reading of his post. I would say misunderstanding but that doesn't convey the seriousness of the implications of it. |
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So there is no such thing. Registered as a trader means nothing Precisement. |
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