How do you 'register' as a motor trader?
24 February 2004, 01:10 PM
#1
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How do you 'register' as a motor trader?
I get the odd car come my way which I can usually make a few quid on - not that often , maybe 4 or 5 times per year.
Should I register as a trader to make the handling of the V5 a bit easier and if so, how do I go about doing that?
If I do, will I have tax implications?
Any advise greatly appreciated.
Marc
** Commercial Content Removed **
Should I register as a trader to make the handling of the V5 a bit easier and if so, how do I go about doing that?
If I do, will I have tax implications?
Any advise greatly appreciated.
Marc
** Commercial Content Removed **
Last edited by Redkop; 24 February 2004 at 02:03 PM.
24 February 2004, 02:29 PM
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If theres only a handful of cars been sold, I personally wouldn't bother. To be on the safe side just put your tax equivalent away somewhere safe in case they do catch up with you. As far as the V5 is concerned, just fill out the traders bit on the bottom and keep the rest of it when you sell it on ......
Nath
Nath
24 February 2004, 03:31 PM
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Thanks guys.
Nath - so I can fill in the trader part of the V5 without being officially registered as a trader? Up to now I've managed to move cars on from one owner to new without having to bother with any extra parts of the V5.
JJ - very good point and enough to make it a simple decision to make.
Cheers
Marc
Nath - so I can fill in the trader part of the V5 without being officially registered as a trader? Up to now I've managed to move cars on from one owner to new without having to bother with any extra parts of the V5.
JJ - very good point and enough to make it a simple decision to make.
Cheers
Marc
24 February 2004, 03:43 PM
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Marc, yes you can m8. I do it all the time when I buy cars, then I can always dispose of them with all the paperwork and without adding another owner or having to wait for a new V5 to arrive.
You can also get some good deals on part time traders policies as well. Mines done via Crowthorne Insurance company and works out less than £500 fully comp. The only downside is you get paid out bottom book money if you do need to claim .....
Nath
You can also get some good deals on part time traders policies as well. Mines done via Crowthorne Insurance company and works out less than £500 fully comp. The only downside is you get paid out bottom book money if you do need to claim .....
Nath
24 February 2004, 03:50 PM
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If your a trader, you've no need to explain as its self explanitory really.
Also if you contact your nearest agent from say Warranty Holdings or the like and speak to them about the numbers you'll be turning over, they'll give a price tariff of warranties available. This will take out some of the headache with problems afterwards if you choose the top level cover and build it into the sale price .....
Nath
Also if you contact your nearest agent from say Warranty Holdings or the like and speak to them about the numbers you'll be turning over, they'll give a price tariff of warranties available. This will take out some of the headache with problems afterwards if you choose the top level cover and build it into the sale price .....
Nath
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