johny1980

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Posts posted by johny1980

  1. Posted

    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)?

  2. Posted

    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!

    • Like 1

  3. Posted

    On ‎7‎/‎28‎/‎2020 at 6:49 PM, David Ayers said:

    They now operate out of a multi story car park which is quite fitting because some of the stock has been parked up for years.

    https://www.motor-hub.co.uk/used-cars/mclaren-675lt-3-8-v8-ssg-2dr-keighley-201704114315307
     

    Case in point. This McLaren’s tax ran out December 2016.

     

    The reg on this Lambo can’t be found on DVLA’s tax portal but it is pictured with a price board of £279995

    Now only £179989. 
     

     https://www.motor-hub.co.uk/used-cars/lamborghini-huracan-5-2-v10-lp-640-4-performante-ldf-4wd-ss-2dr-keighley-201712142046589

    :o:o

  5. Posted · Edited by johny1980

    4 hours ago, Ratt101 said:

    We use RAC dealer passport cost £2.99 per car we check

    Just looked that up, exactly what i was looking for thanks

    2 hours ago, LSP Vehicles said:

    Hello, 

    Am in similar potion to you so wish you all the best :-)

    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?

  6. Posted

    20 minutes ago, It's me said:

    you are a limited company so litigation stops with you,irrespective of how much service history a car has and no matter how long the mot,it is highly recommended you put a clean fresh independent set of eyes on each and every car via a fresh mot

    this would also help your case if you ever had a screamer take you to court

    i think weve all bought a car from the block and a wheel has nearly come off at some time in our lives

    this assumes you are not having them delivered and just chucking two buckets over them,please say you arent doing this:)

    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 :wacko:

    Just picked up a Kai Picanto 2011 with 11,000 miles !

    58 minutes ago, David Horgan said:

    Experian will be on autotrader when you go to a portal , if your pay as you go i don't think its free , but portal customers get it free. 

    good way to start , hope it goes well for you too 

    Thanks, pay as you go just now as cost of portal/package not worth it unless i have more stock.

  7. Posted

    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