johny1980

Just got back to this thread as i have been moving house, got a full time IT job and then the car sales venture on top of that. That aside, another car gone with a healthy profit. Keeping my stock at 2 until i build up a 'warranty' buffer though as tempted as i am to put the profits straight into another car! I will speak my accountant about it when i catch her but i presume i can pay myself back the initial money (directors loan) i put into the business at my own leisure (if i chose to do so)?

I am up in North East Scotland near Aberdeen. I was keen on not declaring as a proper business for as long as possible but people where starting to notice I was shifting cars etc. So, I just said feck it one day and was up and running fully legit after a few days. The most important bit was getting an accountant who did all the LTD setup. There was no point setting up as a sole trader as intended, as a learnt any profits would immediately be 40% due to my main employment tax band!

Just looked that up, exactly what i was looking for thanks You to, drop me a PM if you have any questions no matter how daft you think they are I do have another query that is not specifically car trade related. But, when you create a business page for your business. Did you, a) created a business page (commerce) through your personal account or b) Setup a completely new facebook account?

yep i fully understand the responsibilities as a limited company and yes i have put fresh MOT''s on a few of them, i have a good relationship with a mechanic (and bodyshop) who checks anything over i am not sure about. I have been spending money on mots, minor bodywork (scratches), extra keys, fixing advisories, new services to get the book up to date etc. So, no cut corners - i am not afraid to spend and eat into the profit to sell 'straight' cars. Note the word minimise, even thought i know my way around a car, are carefully selected and picked up by myself the day(s) will come where there is an unforseen issue - i will just have to take it on the chin and deal with it appropriately Just picked up a Kai Picanto 2011 with 11,000 miles ! Thanks, pay as you go just now as cost of portal/package not worth it unless i have more stock.

Hi All, Due to having some time on my hand during covid i decided to have a go at 'flipping' some cars. In a short space of time i managed to make 2.5k off 3 cars so decided to go 'legit' and have set up a limted company as a part time trader. I have got premises to store cars (parents farm at the side of the road), appropriate insurance, autotrader trader account, business account, accountant and 2 cars in stock so good to go. My plan initially is to use autotrader as the paid advertise route and work around getting some of the on facebay/gumtree for free (i am considering ebay motors). All the cars i stock for now will be low mileage (for age), service history, good mot and be in good condition from the 2 to 4 k mark. This will hopefully minimise any warranty issues but i will be building a 'buffer' for that sceanrio. I might take some small dividends but the plan is to reinvest any profit into getting to 3/4 cars and increasing the value of the stock. I can be patient as i have a good full time (but flexible job). So, more of a hello than anything as i have found some of the advise on here useful and look forward to contributing going forward. However, do feel free to comment on any aspects of my 'plan'. I do have one question for now (i am sure i will think of more). Is there an HPI / Vehicle database you can sign up for rather than doing individual checks. I have been paying £9.99 for a full check but tbh havent looked into alternatives as yet? Thanks - Johny