Thinking of buying and selling cars

On_the_move_3

Can anybody tell me if your allowed to sell cars from your home address? It will only be part time as i will be a full time student in sep. How much tax will i have to pay because as a student if you work under 16 hours you don't pay tax. However i need to know the facts and how much tax i will owe if i sell cars. Is there a set limit or is it the amount you earn in the year. Can anybody help me thanks.

Chippy_Minton_2

Not really a good time to be getting into that. The scrapage scheme has killed the second hand car market.

Sidmon

Also you'll need trade insurance which will not be cheap if you're young, if you want to be a "fly by night" Dellboy type go ahead. If you want to do it properly and keep everything "above board" and offer dependable cars that you're willing to risk your reputation on, then budget for an expensive initial outlay!

Premier_2

On_the_move wrote: »

Can anybody tell me if your allowed to sell cars from your home address? It will only be part time as i will be a full time student in sep. How much tax will i have to pay because as a student if you work under 16 hours you don't pay tax. However i need to know the facts and how much tax i will owe if i sell cars. Is there a set limit or is it the amount you earn in the year. Can anybody help me thanks.

You really think you can earn an unlimited amount and not pay any tax as long as you earn it in less than 16 hours per week?

Welcome to the real world, Delboy!

Chippy_Minton_2

Premier wrote: »

You really think you can earn an unlimited amount and not pay any tax as long as you earn it in less than 16 hours per week?

Welcome to the real world, Delboy!

I'd liken him more to Trigger.

Volcano

Try the small biz board: http://forums.moneysavingexpert.com/forumdisplay.html?f=27

You should get some sensible answers there.

nomoneytoday

Tax is on earnings, not your hours
How will you source the cars, how much to prep them, and who is your target market? Can you fix issues? What warranty will you give?

mrscb

Chippy_Minton wrote: »

Not really a good time to be getting into that. The scrapage scheme has killed the second hand car market.

I would disagree.......scrappage only applies to cars of a certain age...the rest are still around.
Dont forget you will get comebacks as a trader so you need to be sure cars are running well etc.
Good luck

Premier_2

#No income tax, no V.A.T.
#No money back, no guarantee.


He's a student, no doubt planning to do a runner come September! :cool:

1jim

If he just bought and sold cars for his own personal use then he wouldnt need to pay tax, he could buy one car for his own use and sell the next day,,surely no limits to this at all

amcluesent

>Can anybody tell me if your allowed to sell cars from your home address?<

Nope. Even if the neighbours don't complain to the council you're operating a unlicensed business, existing traders will if they clock your game. Or they may just give you a 'frightener'