jimreidvehicle

Fire away:-) It's almost like a self fulfilled prophesy isn't it, if you only advertise your cars on Autotrader and your website that is where you will get all your leads from, almost the reverse of us, who don't advertise on Autotrader and guess what.....don't get any leads from Autotrader. Jim

Phil, hope this helps:- CCR007 – Key data for credit firms with limited permission 1 Revenue from Credit regulated activities = this is the total commission inc any volume bonus for the period between when you were first registered and the date given for the report (only thing I was not 100% sure was if you removed the amounts that were debited back for what ever reason, I left these in , just to make sure I was not under reporting) 2. Total revenue (including a from activities other than credit related activities) = quite simply your total turnover from your management accounts 3 Number of transactions involving credit-related regulated activities in reporting period = total number of proposals within the reporting period however you have to include those that were declined and or didn't go ahead 4. Number of Complaints = this should be easy to work out and hopefully NIL 5. Credit - related regulated activity which generated the highest turnover in reporting period = use drop down box SECONDARY CREDIT BROKING 6. Total annual income as defined in FEES 4Annex 11BR for the pupose of FCA fees reporting = this would normally be the same as question one however if this is your first report it may well not be a total of 12 months, so this would be for the total of 12months so if its your first report then should be higher value than question 1 This IS MY understanding of the reporting however this is substantiated by two rather lengthy calls with the FCA, who were very helpful. https://www.handbook.fca.org.uk/form/sup/sup16_annex38B_20151231.pdf best of luck, Jim

Hi Guys, yes it's important to get this part right however it's also really important to get the images especially the main image of the car spot on and the eye catching description, have you also popped in what interest these customers may have? Happy to look at what you have done before promoting if you would like a second opinion? We normally boost for 7 days for £20, you can always give it a second boost. Jim

This is an interesting poll, who doesn't agree with the findings? http://cardealermagazine.co.uk/publish/dealers-missing-out-on-billions-because-a-lot-of-buyers-dont-use-car-sites/111974

After successfully helping guide a small start up in it's infancy to greater things I now find myself at the point where I'm more than happy to help anyone in the motortrade looking for assistance. This doesn't have to be a start up , maybe a business that feels that it has gone off the tracks a little or someone just looking to get some business ideas bounced about. Now I'm NO self confessed car guru or expert however I have learned many things over the last 30 years in the trade and especially the last 13 + years building my own business and I am happy to share this experience FREE of charge if anyone feels they would benefit from it. Many of you won't know me or my business so I have attached my LinkedIn Profile as a link, https://uk.linkedin.com/in/jimreidvehicle If you feel you can benefit then contact me on jim@jimreidvehiclesales.co.uk I'm eager to get my teeth stuck into something very soon! Jim

Be more specific, focus on small areas for a start and widen from there, what you have to remember with Facebook it's NOT a classified site, you are pushing out adverts mainly to people who up until the point they have read the advert hadn't thought in changing their car, YOUR advert is the catalyst! Try your nearest city , 50 miles surrounding area etc, it works!

It is a bit of trial and error, but doing a bit of research and thinking about what ages groups have interest wise but it's very fulfilling when you get it spot on agree 100%

Please above, we paid £22 for 4 days boost, these are the results we got, just to give you an idea, the interest and the areas is very specific also the age profile , some great pictures filtered through Instagram to show dramatic look and a great description, loads of interest in this car, although not sold yet, many Direct Messages that you don't see

Max we enjoy great success with Facebook advertising, most of which is done with boosted posts, one of the main things is the eye catching pictures that you MUST use, take alook at what we do on our Facebook page, https://www.facebook.com/jimreidvehicles , you also have to be available to reply quickly and put up with some really stupid questions but if you persist then it will pay off Quite happy to share what we have learned Jim

Hi Danny More than happy to talk through how we have been really successful on Facebook, it's a gold mine! 01467634000 Jim

Ibrahim, Welcome to OUR World! To help answer your questions:- 1. I have to to be vat registered? Even tho I don't know what the turnover would be this year? > As Phil has quite clearly stated once your turnover hits £83k in one year you MUST register for VAT, this is not an option, without doing this then you are breaking the law. ALL reputable Full Time car dealers are registered for VAT. 2. If I make £1000 profit then £200 would go to Hmrc? (20%) > If you Buy a car for £5000 then sell it for £6000 then you will pay £166.67 of Margin VAT to HMRC, however you will be able to reclaim the vat that you have spent on any reconditioning you have carried out on the car. 3. If I'm a limited company then do I pay corporation tax? So again from £1000 £200 to Hmrc? (20%) So total from £1000 profit I would be left with £600? > If you become a Limited Company then you will pay 20% coloration tax on your total annual profit, however it would be in your interest to get a reputable accountant involved at this stage , because there are advantages to running a limited company but likewise there are benefits to registering as a sole trader instead, seek advice! 4. Again if I'm a limited company which most prefer to be, if Hmrc was to investigate and found problems then is it true they can't come to my house? Or touch personal assets? > If you become a Limited Company then you will be a Director and Shareholder however your company will have a limited liability based on what shares you have. You will become a employee of your company, and once you start showing profit you can start drawing dividend, however again you need to get the proper advice. You HAVE to do things right, 3 years ago , completely out the blue we received a VAT & HMRC inspection which as Phil said above is not a pleasant experience, but if you do things right like we do, then you have nothing to worry about, keep all records and record everything, every penny spent and if in doubt don't reclaim the vat, you won't go far wrong. Hope this helps Jim

Jack, why not get it fully prepped, looking the dogs b******s then get fresh 'arty' style pictures taken, use a filter like Instagram, and get it on the Social Media platforms. Facebook advert could cost you as little as £30 to get in in front of 20k local potential customers, have along think about how you will describe it but don't look desperate. Get some pictures on Instagram and Twitter too and start treating it like a new car into stock rather than something you feel is a like having a noose around your neck, a change of attitude towards a car works amazingly well, don't ignore the car, have it at the front of the pitch and talk positively about it. Failing that, mark it as sold for a week, sod's law dictates that you will get more people asking it if it has a sold label on it, it certainly works like that once you have genuinely sold it! All the best, you better get it sold soon, I'm fed up valuing it for you! Just kidding! Jim

6 yesterday which was a boost to the confidence, hopefully keep the momentum up, Feb is shaping up nicely, much better feel than same time last year Jim

VAT registered 2- Trade References Traders Licence or FCA Registration All of the above or 2 out the three

NO WAY STEVE, that was me that phoned you!!!!!! About the chap selling the Golf GTI ? How small is the world???? thats crazy! Lol

Not to open the can of worms again, but did you not mention previously that ALL dealers are welcome on the Forum, part time, NON VAT registered, home traders etc, so excluding them from this would mean that they are only welcome when asking questions not actually dealing?

It's a shame the future cannot be predicted! But as already stated its a numbers game the more you sell the bigger the chance of something big happening like this. However you have acted like a true gentleman and professional , the customer will be glad now he picked your car over the one that was getting sold 'roadside ' By doing the honourable thing you will be repaid many times over, that's how life works. Well done!

well unless things have changed recently! As far as I'm concerned if you are changing the keeper of the receiving car at the same time (which I believe you are?) it can only be done by posting away extract from DVLA site which clearly states that it can be done, BUT the car must be registered in your name....... When you buy a personalised number, you’re buying the right to assign the number to a vehicle. The vehicle can be registered in your name, or in the name of someone else (‘the nominee’). To get a personalised number, you need to: buy a personalised number from DVLA Personalised Registrations assign the registration number to your vehicle get your personalised number plates made up You can renew the certificate for a further 10 years.

Yes agree with Umesh, road tax the car he is buying, and send a copy of the road tax receipt along with original v5 doc of the car he is buying filled in with customers name and address and adding when he bought it, make sure they are both signed at the bottom and send along the paperwork for the cherished number, which will have to be signed by your customer too and add the details of the car it is going on to, and send all off to DVLA and it will be back with a week

Have you sent away the yellow slip to say it's into trade yet, if not there is a way round it, actually a couple of ways in fact! however if you have sent away the yellow slip the only thing to can do is register the car in your name

Everyone's a Car Dealer.................oh actually they are!

LOL, BRILLIANT!

Yip, 100% correct and well pointed out, however remember Sales & turnover also include extended warranties and upsells and if you buy it at £2000 and sell it at £3000 then its the £3000 that goes towards the vat threshold ,so as I suggested it does't take long to get to the vat threshold especially if you are dabbling in £10k cars. But you are right " DO IT RIGHT AND SLEEP AT NIGHT" or as I always say "DO IT RIGHT OR NOT AT ALL" amen! But as SK Motors has now pointed out he his looking to go vat registered and trade from trade premises, so I'm sure you will join me in wishing him all the best in his future.

SKMotors I don't run this forum so have no control over who joins in and who asks questions, last time I checked it was an open forum. However maybe it wasn't your wisest move stating that you were dealing with cars priced around £10k and not being vat registered , it's like a red rag to a bull. I think you will find that I am not twisting your words it's just my interpretation of what you have said. Vat registration in my view is a minimum requirement, in fact apart from establishing our limited company it was the first thing I did. However I do agree that it's most likely not the best idea to continue on this forum as we are getting nowhere! This is not personal and to prove it I'm more than happy to discuss offline? More than happy to help you if your intentions are to grow the business into something bigger and better, move into premises and becoming vat registered, just give me a shout. Honestly no hard feelings and sorry that you feel it got personal , not my intentions at all! Jim

Your comment "I've made sure I'm as legal as I need to be" certainly sums everything up in a nutshell! I wish you all the best in your continued success, it's maybe us in the trade that are doing things wrong! But trust me Reggaj 'jealousy' certainly doesn't come into it! We are all different and all allowed to have our own opinion even if these differ, that is what makes these Forums interesting! I will never agree fully with how you trade and obviously you feel the trade are all unscrupulous when you get to a certain size , that's cool, but there is an open invitation to meet up to discuss this face to face at our premises, genuine offer, then we can show you what we do and all the regulation that we have to adhere to along with the costs, then you may understand why your thread has irritated some on here. Thanks again, Jim