I've won a car I don't need, what should I do?

Noonescores

Hi everyone, first time on this forum. I've won a Hyundai i20 in my works lottery. I'm chuffed to bits but it's too small for me keep as I have 2 young children and the pram won't fit in the boot.
The car is worth approx £8,500. I can take the car or take £5k cash instead.
I would like to take the car, and immediately sell it, either back to Hyundai for the ease of it, or sell privately.
Has anyone on here ever sold a brand new car-what is the best way to do it?
Do people buy brand new cars for cash, or should I take the easy option and sell it to Hyundai for presumably a lot less?

What do you think?

Thankyou for reading

Matt

Daza

webuyanycar.com

Also as you won it at work - you are liable to pay tax on it

So if you take the £5000 .... the taxman will want £1000 of it
And if you take the car worth £8,500 .... the taxman will want £1700

Neo187

Congratulations....

You could sell it straight away to webuyanycar for about £7.5K? better than taking £5K cash straight away?

d0nner

Congrats on your win. TBH, if it were me in that position I'd just take the £5k and not bother with the hassle of having to sell it.
Can't offer any words of advice for selling, but good luck whatever you choose!

Daniyella

Id take the car and sell it, or simply give it to me ;o)

stormbreaker

Daza wrote: »

Also as you won it at work - you are liable to pay tax on it

We have a lottery at work which is run by a union. I have never known anyone to have to pay tax on their win?

Daza

stormbreaker wrote: »

We have a lottery at work which is run by a union. I have never known anyone to have to pay tax on their win?

If you win a prize and are employed or associated by the company running the competition or supplying the prize you are liable to pay tax ---- Read up on HMRC
http://www.hmrc.gov.uk/payerti/exb/a-z/p/prizes.htm

Prizes - cash prizes for employer-run competitions

Definitions or restrictions

You pay a cash prize to an employee for a competition run by you and open only to your employees.
What to report, what to pay

The prize money counts as earnings, so:

• add it to your employee's other earnings
• deduct and pay PAYE tax and Class 1 NICs using your usual payroll procedures

Work out the value to use

The value to use is the amount of the cash prize.

leftinthemiddle

Now that's a title you don't see very often!

Well Done on your win.

swatmough

If you can afford to trade your win and existing vehicle for a newer family car.

duchy

Daza wrote: »

webuyanycar.com

Also as you won it at work - you are liable to pay tax on it

So if you take the £5000 .... the taxman will want £1000 of it
And if you take the car worth £8,500 .... the taxman will want £1700

Can you quote the applicable Tax section on that ?

If it was a performance related award (eg top sales person award) it'd be taxable -if it was a lottery(equal chance for everyone draw) my understanding is it wouldn't be ?

Daza

duchy wrote: »

Can you quote the applicable Tax section on that ?

If it was a performance related award (eg top sales person award) it'd be taxable -if it was a lottery(equal chance for everyone draw) my understanding is it wouldn't be ?

See post #7