poor-trader

NextGear are probably more flexible in that you can use it as much or as little as you want.

Correct. But it would be exactly the same on a margin car if you didn't reclaim the VAT. Total purchase price is £12,000. Sale price £15500. Gross profit £3500. £3500 x .1667 margin VAT rate = £583.33 VAT owed. Basically if you are VAT registered you will be paying 16.67% of your gross profit to HMRC on any vehicle. Doesn't matter on the scheme used.

I guess the question is whether these count as "VAT qualifying" cars. There is actually no difference normally on the VAT you end up paying on a margin car or VAT Qualifying. The nett amount is always the same percentage of your profit. Presumably you reclaim the VAT on your purchase and then charge VAT on your sale? You will then be paying the difference between the two to HMRC which will be the same as a margin car. To put it another way: On a car bought for £5000 and sold for £6000: VAT Qualifying: Car cost £4166.67 + VAT = £5,000. Reclaim £833.33. Sell for £6,000 (£5,000 + £1000 VAT). Total amount payable to HMRC is £1000-£833.33=£166.67 Margin Car: Buy for £5000. Sell for £6000. Profit = £1000. VAT Margin rate is 16.67%. 16.67% of £1000 profit = £166.67 to be paid to HMRC.

mdecoder.com for BMW (free). Also outvin.com from the same people for VAG but you have to pay (about €2 a pop). carinfo.kiev.ua used to do Mercedes - not sure if still does (free). Also does Renault Register for Ford ETIS and that'll get you Fords. Regsiter for servicebox and the Citroen equivalent will get you PSA.

I'm happy to buy the properly assured stuff online within reason and did so before Lockdown but the older, higher mileage stuff with no report or the dreadful "essentials" from Aston Barclay or BCA you have to be incredibly careful on. It is the lack of consistency which annoys me - random cars will have full checks and others none. I find the proper Manheim Silver/Gold check pretty good but the others are very iffy.

Story in local paper today that some people were fined for travelling from Birmingham to Essex to collect a new car. Non-essential travel fixed penalty.

On this basis someone can give Primark a £1 deposit and have a quick look around?

On most policies I have had it has been the opposite - i.e. a car owned by the business (whether registered in their name or not) is always covered but once a car becomes privately owned by a director or employee I should contact the insurer and ask for cover to be extended to a private car which they may, or may not, do. That's with AXA.

The only time losing on a car you benefit from VAT is if it is a VAT qualifying car. Then, if you make a loss, the VAT man loses as well.

On non-qualifying used cars you pay margin VAT. If you buy a car for £3k and sell it for £4k you will pay 16.67% of the margin in VAT. So, for that car, the VAT man will relieve you of £167 of your profit. You will be able to claim VAT back on any prep work costs incurred on the car.

I find the eastern Europeans in general good to deal with. They tend to show up when they say they will, know what to look for, know used cars will never be perfect and recognise a decent car at a decent price when they see it.

Every day is a school day!

Yep, just needs to be valid at time you tax it. Be careful that you're 100% sure it is roadworthy if selling it as such. Apart from making it easier to sell a new MOT covers a lot of potential liabilities.

I'm pretty sure you have to pay in advance of booking your collection slot. Generally they are not allowing anyone into the buildings at all.

I actually got two very good buys out of Colchester last week (one so cheap I am still wondering what I have missed but can't fault it) so can happen. Manheim are struggling for quality vendors though compared to BCA and have for some time. Likewise I am reluctant to bid on anything not Surechecked these days.