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Showing content with the highest reputation on 07/27/16 in Posts

  1. 1 point
    Hi, I have done a similar thing, small unit 3 months ago, 12-15 cars ( Mainly Mini's ) Sunk my life savings/begged/borrowed/looked under the mattress etc.... I went Ltd and Vat straight away as from home I was turning over 15/20k per month and now that's risen to 60/70k Few things i've found.. I started using IWOCA who were very helpful and allow me to draw down on a pot of £££ as and when I need it for short term funding. I borrowed £10k from them last week and paid it back within a week and it cost me around £50 in interest. Most stock funders wont look at me until i have 2 years trading. Just signed up with MotoNovo finance, who have been great, and I can definitely see my profits increasing by being able to offer funding. I self warrant with Lawgistics warranties, I find this has saved me over £500 already in 3 month warranties. I sell £4-8k cars that I source myself, so i'm rather picky in what I sell and like to think that I do the job properly so haven't had much trouble ( touch wood!! ) Got an accountant, £50 a month and she does my payroll ( sends me a payslip each month! ) Vat return and Accounts. Saves me a headache as I hate admin. I just keep all my receipts and send them to her each month. my first VAT bill was for £1500 for the 1/4 so i didn't think that was too bad. I use this forum for advice, which is great, there's a lifetimes worth of experience on here and I have alsways been a big believer in sharing knowledge ( and also taking other peoples!! ) Good luck for the future. Mat