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Found 5 results

  1. Hello All, I have been reading these forums for years and always found great advice on here. I am currently in our second year of trading and we are still fairly small so not required to be VAT Registered just yet. We spend a lot of money on VAT, Fuel, expenses, parts, bills etc and it seems like a great idea to get VAT Registered and start claiming that money back.... however I would like to hear from some experienced dealers who have been through this rather than listening to the usual “ Yeah course it’s worth it you can claim all your VAT Back”. I personally do not beleive mr tax man would give anything back without taking it with the other hand. any advice would be appreciated and I look forward to some funny and probably sarcastic responses!
  2. I have a customer for a BMW which he wants to buy here but export it personally to the Channel Islands (Jersey). The car is 2014, 64 reg, VAT Qualifying. There is NO Vat in the Channel Islands so he wants to buy it VAT Free, either pay me the full price and I refund the VAT element later after he has exported it or just pay the price ex VAT. Has anyone dealt with such an export recently?? HMRC Live Chat doesn't work and I've been holding on their phone line for 40 minutes.
  3. We have had a busy couple of weeks with contact from a number of clients seeking advice on a potential scam letter they have received regarding VAT registration numbers. We have been asked to advise on a letter from “UK- DATA CONTROL” The letter says that there is missing information about your VAT registration number and asks for businesses to update the VAT registration number on their database. The letter states that this is free, however, we have been advised that businesses have actually been charged £790.00 for 3 years membership. Membership means that your VAT registration number is published on their database for 3 years. We understand there is no particular benefit or need to have this information on their website and we would advise that the information is not given to the company. UK Data Control appear to be a business based in Hamburg and are not linked to HMRC or any other public authority or official entity and therefore this is not a request or demand for this information that you are obliged to give, despite the ‘deadline for submission’ date that is on most of these letters. If you receive a letter like the one stated above and are a member then please do contact us for advice.
  4. 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.
  5. When is a dealer not a dealer! A good friend of mine who likes changing his cars regularly asked me to find a car for him been searching a few weeks but not found the ‘right car-deal’ , many times he’s found the car and sent me a link to see if I can buy/deal ! This one has proved a bit difficult but he’s found the car at a dealer at a reasonable price! The ‘overall ‘deal is acceptable and he’s happy to do a deal. The deal is set up and I was going to go with him tonight to inspect the car / paper work and all being equal pay and come back with the car ( as long as both parties happy with both cars! ) my friend just called the dealer to confirm the details for tonight – The dealer says “ sorry but can’t accept card payment as it’s my brother in laws car – only cash?†so my friend rang me to say could we get the cash for him !! STOP! STOP I shouted. I asked my friend to call the dealer and ask about the invoice? The 12 months warranty? – the reply was “ Anyone can buy a warranty you don’t have to be a dealer , I can’t do you an invoice as it snot my car it’s my brother in laws and you’re buying the car off him!†As you can guess –we won’t be going tonight ( we have told him) Is this a new way to sell cars? legal obligations? VAT ? Legal title / owner? Opens up a can of worms if you ask me!