Leaderboard

Wait until the new digital tax system comes in...this could be a nightmare if you do not keep accurate records.

no its just basic accounting software, just allows you to keep on top of it, maybe even a free trial www.xero.com

Accounts are a nightmare What you need is a wife, I have one and find my accounts are done for me on a regular basis. She is not bad looking either which is also a bonus

Hi, sorry you have misunderstood my post I never intended to imply you had something to hide from the revenue, only to suggest that the revenue in my dealings with them viewed every single error I made as a plot to defraud them, so if they did turn up and things where way behind they would put two and two together and make six i would suggest every quater is to long a period to be trying to allocate every single spend and equal a base line profit maybe monthly, unless you have an on the ball book keeper or an expensive accounts package.

Keep a stock book as you buy (think this is a legal requirement actually), then enter the selling price for vehicles as you sell them and have it work out VAT owing. I keep a separate spreadsheet of all expenses and give these to my accountant annually. I'd estimate I spent around 45 mins a week entering data into respective sheets, so extremely manageable.

The Consumer Rights Act The Consumer Rights Act came into force on 1 October 2015 and covers the purchase of goods, digital content and services including new and used cars from official dealers (it doesn't apply to private sales) as well as servicing, repairs and maintenance work. Like the Sale of Goods Act that preceded it, the Consumer Rights Act states that products must be: of satisfactory quality fit for purpose, and as described (For cars purchased before 1 October 2015 the Sale of Goods Act still applies) The dealer must have the right to sell the vehicle and is liable for faults with the vehicle - that mean it was not of satisfactory quality - that were present at the time it was sold even though they may only become apparent later on. Satisfactory quality Satisfactory quality means that the vehicle should be of a standard a reasonable person would expect, taking into account factors such as: age value history mileage make durability safety, and description An old car with high mileage would not be expected to be as good as a younger car with low mileage but each should still be roadworthy, reliable, and in a condition consistent with its age/price. Wear and tear The dealer is not liable for fair wear and tear, where the vehicle broke down or the fault emerged through normal use, nor are they liable if they drew your attention to the full extent of any fault or defect before you bought the car. Fit for purpose Fit for purpose means that you must be able to use the vehicle for the purposes that you would normally expect from a vehicle including any particular purpose that you tell the dealer about before you buy, or which the dealer has advertised or gleaned from your conversation. This would include towing or short journey use. Faults, repairs and refunds Under the new act, if a fault renders the product not of satisfactory quality, not fit for purpose or not as described, then the buyer is entitled to reject it within the first 30 days. Between 30 days and 6 months If a fault comes to light after 30 days but before 6 months have passed then you are entitled to a repair, replacement or refund. It is assumed in law that the fault was present at the time of purchase unless the seller can prove otherwise. During this period, unless you have agreed otherwise, the seller (dealer) has only one opportunity to repair (or replace) the faulty vehicle after which, if they fail to repair it, you are entitled to a refund. In the event of a refund following a failed attempt at repair during the first six months the seller is permitted to make a 'reasonable' adjustment to the amount refunded to take account of the use that you have had of the vehicle since you bought it. After 6 months For faults that arise after six months the burden is on you to prove that the product was faulty at the time of delivery if you want to pursue a claim for repair or replacement.

Hi Dylan I pre warn you, You may get some negative feedback here from some members. First off the golden rule for any business to have a good chance of success is to know your trade and have experience in it. I fear you have not come from a motor trade or at least a sales background. If you dont have the experience you have an uphill struggle. If you are only making a small amount as you suggest, you need to think is this for you. You must by law stand by your vehicles for warranty, if you sell a banger and the clutch goes 1 month later, like it or not you're liable. Trust me you will be bitten and someone will take you to small claims, For the amount you are making you need to stop or radically change your game plan. For cheapies, say 300-£1k in my opinion BCA is not the way, you need a plat card to get the fee's down to the level worthwhile and most people with platinum or black card are not buying bangers. Try other local independent auctions, there fee's will be much more reasonable and alot of dealers use smaller auctions to get rid of bangers rather than use the BCA or Manhiem. Trust me on that point I used to run a Car Auction. You can try going to dealers and asking for cheapies, beware that if a dealership has cheapies on its pitch and there offering off trade sales, Ask yourself why ? Don't be afraid of vehicles that have no mot at an auction, this is common with swappers, you can now check the reg to see if its been in for mot before the auction with the gov app. These sub £1k vehicles can be very cheap as people think they are opening a can of worms. You just need do your homework on the day and make a call, Main agent vehicles thrown in are normally a better standard of car and former owner. an example, I bought from the block the other day a (Main agent Entry) 2006 Mondeo TDci Edge, very clean car, with 120K, No mot, not been tested since expired, I payed £140 in the block cost me £200 out the door. it needed a Tyre and a wiper SIV is £240 I will £1195. I also bought a 2006 Punto Grande, clean car with 92K in 5 door. Listed with a clutch fault, for £280 out the door. The thing was barely moving through the block, A clutch for this car is £48 and a you can get a mechanic (go on FB and ask about) to throw it in for £100. Lucky for me I own a garage but the point is anyone can do this if the profit margin is there. Am not sure what to suggest about your warranty position, either supply a third party warranty but you need to get your margin up first. You can just try winging it for now but it only takes one screamer to come back and no there rights and you will be in miver. a Limited company will limit your personal liabilities. Good luck Lee