Intrested in buying and selling car's for a hobbie

[paddy155]

Does anyone do it ? Any advice.

[michael]

First bit of advice, spell-check all adverts.

[geordie82]

i did it for a while, you can legally sell 10 cars a year without needing traders insurace or needing to pay tax will probably piss they neighbours off though

[Abz]

I did it while I was younger, good fun and I just drive loads of different cars around. Learnt a lot about cars as well, but you really need to know what you are doing with regards to buying cars etc. Have some money stashed away for repairs etc and make sure you know a good mechanic who can work on the cars for a decent price.

[Awisto]

i did it for a while, you can legally sell 10 cars a year without needing traders insurace or needing to pay tax

 

There's a law that says if you sell more than 10 cars in a year you need traders insurance? and that you don't need to declare income from another job?

[paddy155]

i did it for a while, you can legally sell 10 cars a year without needing traders insurace or needing to pay tax will probably piss they neighbours off though

 

I did not know that. You learn something everyday.

[dr_jekyll]

i was doing it, got p1ssd off with anal people wanting a showroom condition 10 year old car being sold for pennies .

[Tony]

Does anyone do it ? Any advice.

 

Yea dont do it

[paddy155]

Yeah mate,i know what you mean. I have sold a few cars before which was like that.

[geordie82]

There's a law that says if you sell more than 10 cars in a year you need traders insurance? and that you don't need to declare income from another job?

 

probably not the clearest post i made, if you buy/sell more than 10 cars a year in the eyes of inland revenue your classed as a trader and need to pay tax as a business, therefor you need public liabilly insance and traders insurance to take cars on testdrive, ofcourse there are people who break these rules and many get away with it.

 

i made a few quid buying cars up north £200ish driving back down south and selling for £500-£800 after a cleanup, but then my uncle is a mechanic in newcastle and i took advantage of his knowledge and made the most of north/south divide

 

small pennies to alot of people but was alot of money to me at the time

[paddy155]

Thanks for the advice guys