Buying Personal Car to see as Trade

[johny1980 4]

Hi All,

I bought a MK1 Audi TT V6 (only 22k miles!) as a personal/family investment for the future a few months back but have now decided i would like to sell it on.

I am pondering whether to buy it through my trade business to maximise profit/sale-ability (even taking tax/VAT etc into consideration) and recoup the money back quickly.

First question is this allowed/ok to do so?

And, if so do i buy it for what i purchased it privately for, or, can i pay a little extra? - I am not really bothered either way tbh , i am just wanting to be seen to do the correct thing.

For context i paid 9.5k for it and its easy worth 15K+

Thanks

Edited May 13, 2022 by johny1980

[David Horgan 564]

3 hours ago, johny1980 said:

for context i paid 9.5k for it and its easy worth 15K+

Sell it to your own business , Its your private purchase .

You can either sell it at £14k to yourself or whatever sell price you get for it .

One way you pay a little VAT other way you pay no VAT , Your car to do as you like with . 

If you sell it through the business the usual stuff applies regarding the sale like any other car . 30 days CRA and all that stuff