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Showing results for tags 'trader'.
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Hi all, My wife and I are looking to start trading cars part time. I am a full time employed Project Engineer and my wife is self employed operating her own established business from home. Cars have always been a passion for us both and our circumstances now mean we may be able to try our hand at buying and selling on a relatively small scale. I did my apprenticeship many years ago as a car mechanic and HGV fitter and my wife runs a successful small business from home so we feel it is worth a shot for both of us as an avenue for potential extra income. Now as far as starting trading goes, I would like to ask what it is specifically that we should ensure we have before we start trading as I want everything to be above board and legal. So far I have the list of the following to cover: Motor Trade Insurance - I have already received what I feel is a competitive quote for fully comprehensive cover, including business use for my wife's other business. Trade Plates - Are these a specific requirement for traders or can individual vehicles be taxed in the interim? Warranty - Do we have to offer warranty on sales vehicles, especially if they are sub £1000 run arounds? Local Authority - We plan on using our home as our base trading 2-3 cars per month in a ideal world and not looking at big value sales. Do we need to register with the LA specifically? Buying and sourcing - We plan to use local car auctions, eBay, gumtree and even Facebook to source vehicles for sale until we establish ourselves. Advertising and sales - Auto trader, eBay, Facebook, and possibly our own website and Facebook page in future. My main concerns at the moment are really over the trade plates and as to whether they are a necessity as we start buying maybe 1 or 2 cars in our first month. I will be looking to source locally to us and try quick flips to get into the swing of things. Also I am concerned about whether we need to offer a warranty on vehicles sub £1000 sale price or whether the terms sold as seen. Any help and advice would be greatly appreciated. Dan Apologies I have just noticed this should be in the FAQ forum. Can this be moved accordingly?
Hi, I am sure this has been asked many times, but can anyone please advise what things I need to have in place to become a motor trader other than finances and a strong business plan. I am thinking of the practical things and have identified the following, but is there anything else; Business addressMotor trade insurancePublic liability insuranceMotor trade plate licence(s)Business stationaryWebsiteTerms & Conditions of SaleVAT registeredDeclare business to HMRCVehicle warranty provider optionMembership to professional association such as Federation of Small BusinessesIs there anything else I need or need to consider? Thanks