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Hi, Ok so I have a full time job but want more income and I'm very interested in selling used cars from home. I have £10000 capital. Ive sorted trade insurance quotes, ready for a trade account at Manheim, been to a couple of auctions. (profit margins look quite good) Looked into trade plates etc. So I think i'm starting to understand the business. (tell me if i'm wrong : ) BUT i'm a bit confused with VAT, tax and NI. So in need of some advice, I'm only looking to sell 1 maybe 2 cars a month so not needing to be VAT registered. So the bottom line question is......Will I have to pay 20% VAT, 20% TAX and 9% NI on cars I sell? So basically half of my profits. I would only buy VAT margin cars from the auctions. So basicly is there any money to be made if I have to pay 50% of my profit to the government? Or am I wrong? For example Car bought for - £10000 Sold for £12000 Profit £2000 - Vat on the £2000 = £400 -Tax on the £2000 = £400 and the 9% NI on taxable profit... So profit would then be £1092? Is this correct? I'm not registered as a sole trader yet. Any advice appreciated, Thanks, Nick.
This has just been posted on #TCDUK : http://twittercardealers.ning.com/ But I though just in case some of you are not on there its worth re-posting on here. Original post by Joe o'kane. Thanks Joe this has been doing the rounds for awhile but always a reminder of how vulnerable we can all get , especially with new /untrained/ gullible sales staff wanting 'that deal' ! "Below is a notification I received this morning from usedcarsni.com - this has happened in Northern Ireland, but I suppose it could happen anywhere ...... Dear all, Please be aware of a credit card fraud operation that is going on at the moment, targeting local car dealers. it's a very serious scam because the whole thing sounds plausible enough and they have already been successful in stealing some cars in Northern Ireland. The cases we have been told about were 'customers' phoning from Birmingham and surrounding area, looking to purchase vehicles via credit cards. The payments cleared via card terminal but were flagged up as fraudulent later by the real card holders. Apparently it often takes 2 or 3 weeks for this to happen and the money is still charged back, resulting in a huge loss to the car dealer. The fraudsters provided a copy of a fraudulent driving licence and insisted on a quick vehicle transfer to the mainland. Below are some mobiles, names and email addresses already used within this scam. Note : they will very likely be changing the names and numbers often, so this is not at all an exhaustive list. Adam Joe - 07466596667, 07440470664, email details â€“ firstname.lastname@example.org Hashi Musse - 07835203811, 07562695129, 07704375782, email details â€“ email@example.com If you have had this happen to you or have had this attempted and have any names, addresses, phone numbers, drivers licences or any details, please contact the investigating officer below. The PSNI are trying to find as much information as possible to help the police in GB to find the vehicles that have been stolen. Investigating officer to contact in PSNI is Constable Roger Williams &n dash; 07584282317 or firstname.lastname@example.org "