Becoming a full trader advice

[David Horgan 564]

On 12/28/2019 at 5:25 PM, Uzzy100 said:

Yeh i thought it was on profit.. luckily i got all my receipts for all cars sold

WOW your VAT bill is going to be massive 

[MattR 177]

Uzzi seems to have gone quiet! I'm sure its because he's doing his VAT calculation. Mark 101, love the calculation, maybe that should be added in to the 'how to be a dealer' guide?

[Mark101 536]

22 minutes ago, David Horgan said:

WOW your VAT bill is going to be massive 

10 cars per month over 2-3 years with a GP of £500. Let me think.....

2 years = 240 (cars sold) x £500 (gross profit) = £120,000 x (1/6) = £20,000 VAT bill.

That is some serious part-time trading.

[justina3 518]

1 minute ago, Mark101 said:

10 cars per month over 2-3 years with a GP of £500. Let me think.....

2 years = 240 (cars sold) x £500 (gross profit) = £120,000 x (1/6) = £20,000 VAT bill.

That is some serious part-time trading.

Don’t forget the bill would more than Likely be estimated so could easily double it and the onus would be on you to defend the bill not the other way around. 
 

or worse case they see it as out and out fraud and prosecute accordingly. 

[CRW 73]

Just a suspicion, but I fear he may be regretting his opening post now!

[sellect2 19]

23 hours ago, Boycie said:

Just curious, if you are buying your stock from Gumtree and Facebook, and then selling them on Gumtree and Facebook, how could you charge more than you got the car for in the first place? Why wouldn't your customers just buy the car from Gumtree and Facebook the first time it is advertised?

Strangely not always true. In the past I have bought from e-bay and traded the cars on to dealers! 
others I have bought and then retailed for good profits. 
so it can happen - takes a bit of work. 

[Dave c 5]

4 hours ago, CRW said:

Just a suspicion, but I fear he may be regretting his opening post now!

+1 

[NacMan 67]

On 12/28/2019 at 1:43 PM, Uzzy100 said:

That’s much appreciated pal thank you

i think that’s what i’ll have to do for now until i become a bit more reputable

 

i recently bought a trailer so that i don’t have to do double trips by train to collect the cars once bought. Problem with being a one man band!

unfortunately no website just yet, i’ve been selling through gumtree and and facebook marketplace, huge success from fb marketplace. But i guess location is key. Used to live near heathrow which has always been a great location for first time buyers. 
 

problem now is the mrs wanted her own spcace so bought a flat in aylesbury, tried selling from there but honestly its like a ghost town everybody goes to main dealer and finances a deal which im too small for just now.

i do 45 miles to heathrow for a viewing and get no shows sometimes.. imagine!!

all part of the grind i guess. 

i guess i really want to know is autotrader worth it for me selling £1500 £2500 cars and offering the full shabang service. Fb is great but out of 100 messages 2 are always genuine and the rest complete timewasters.

i want to sell to affluent buyers who know what they want and are prepared to spend, not corner cutters offering less money always

If you need a website try http://go6.co.uk/. Can do you a cheap website that's decent or a really expensive good looking one which you don't need. Regarding sourcing not many of us actually take p/xs of franchised dealers, we use the auctions mainly

[David Horgan 564]

On 12/28/2019 at 11:46 AM, Uzzy100 said:

Apologies if you were offended but just seeking the right advice to become a registered trader

First thing is PAY your taxes , that's how to become a proper trader .

One or two is dipping your toes in but your level of turnover is way over the top to pass the " i'm just starting out lie " 

The excuse of oh I thought it was all about profit and not turnover for VAT margin rules are laughable Uzzy . 

Bet Mr VAT man is going to love you in the new year , 20k back tax + double for fines and then HMRC will want a chat too . 

All the best for new year though . 

[Mark101 536]

Just paid my Corporation tax and December is my VAT quarter too and my accountancy bill. 

[JDM1983 28]

4 cars at a time, selling 10 a month?

Manages to find, prep, and sell those 10 cars in spare time? I struggle with 3 a month along side my day job.

Either you are superman, or talking shit. I’m guessing it’s the latter

[MattR 177]

2 hours ago, Uzzy100 said:

 

Something to say Uzzy?

[David Horgan 564]

Might be realising the shits about to hit the fan now he's heard from a few of us on here.

First time he sends accounts in they are going ask where the stock money came from and how hes going to prove he had it legit . Oh Dear 

Then of course they will want to know how he earned the 100 k in the bank from his 10 cars a month that he forgot to say anything about . OOPS 

Two years of pain follows Uzzy as they strip your assets for inspection  , trace every payment you EVER made and received  inspected your house  and contents , locked in rooms and cautioned by Customs and HRMC cant be fun . Then the fines and back tax follows , seen this with a couple i knew and it destroyed them and they were NO where near your level UZZY .

Our MOT guy had the same problem , picked him up on one small item and found a few more , assumed he had been doing it for years and broke him . he now works as the MOT guy at the station he once owned 15 years ago . 

My advice is quit the car game NOW , and hope , you are too far into it with a not declaring it and they will see it when you do decide to go legit . 

Be better off selling widget grinders on sunday mkts 

 

[trade vet 702]

58 minutes ago, David Horgan said:

Might be realising the shits about to hit the fan now he's heard from a few of us on here.

First time he sends accounts in they are going ask where the stock money came from and how hes going to prove he had it legit . Oh Dear 

Then of course they will want to know how he earned the 100 k in the bank from his 10 cars a month that he forgot to say anything about . OOPS 

Two years of pain follows Uzzy as they strip your assets for inspection  , trace every payment you EVER made and received  inspected your house  and contents , locked in rooms and cautioned by Customs and HRMC cant be fun . Then the fines and back tax follows , seen this with a couple i knew and it destroyed them and they were NO where near your level UZZY .

Our MOT guy had the same problem , picked him up on one small item and found a few more , assumed he had been doing it for years and broke him . he now works as the MOT guy at the station he once owned 15 years ago . 

My advice is quit the car game NOW , and hope , you are too far into it with a not declaring it and they will see it when you do decide to go legit . 

Be better off selling widget grinders on sunday mkts 

1 hour ago, David Horgan said:

Might be realising the shits about to hit the fan now he's heard from a few of us on here.

First time he sends accounts in they are going ask where the stock money came from and how hes going to prove he had it legit . Oh Dear 

Then of course they will want to know how he earned the 100 k in the bank from his 10 cars a month that he forgot to say anything about . OOPS 

Two years of pain follows Uzzy as they strip your assets for inspection  , trace every payment you EVER made and received  inspected your house  and contents , locked in rooms and cautioned by Customs and HRMC cant be fun . Then the fines and back tax follows , seen this with a couple i knew and it destroyed them and they were NO where near your level UZZY .

Our MOT guy had the same problem , picked him up on one small item and found a few more , assumed he had been doing it for years and broke him . he now works as the MOT guy at the station he once owned 15 years ago . 

My advice is quit the car game NOW , and hope , you are too far into it with a not declaring it and they will see it when you do decide to go legit . 

Be better off selling widget grinders on sunday mkts 

 

 

Well said David.However some of the ‘ doing well ‘ millenials on here with little experience won’t believe you.Those inspectors just love the motor trade.To quote the Judas Priest song ‘ they got another thing coming ‘.

[trader555 2]

6 hours ago, David Horgan said:

My advice is quit the car game NOW , and hope , you are too far into it with a not declaring it and they will see it when you do decide to go legit . 

Be better off selling widget grinders on sunday mkts 

 

What a load of tosh, why should he quit?  He needs to make amends pay what he owes to the revenue and carry on.

[trader555 2]

18 minutes ago, Uzzy100 said:

to all the hating moaning disgruntled members that seem to be jealous of the way i have been doing things, I've registered with HMRC and filed all documents they need to invoice me accordingly for the last two years. 

Too many jealous Motor Traders hahahahahaha @David Horgan

Edited January 2, 2020 by trader555

[justina3 518]

15 minutes ago, Uzzy100 said:

to all the hating moaning disgruntled members that seem to be jealous of the way i have been doing things, I've registered with HMRC and filed all documents they need to invoice me accordingly for the last two years. 

 

The issue you will come across when you come onto a forum of people who run businesses not only in there heads is that they can smell a lie a mile away and the above comment just confirms its all a load of tosh.

 

[CRW 73]

Hello. Velin I presume?

[andymc1973 199]

3 hours ago, trader555 said:

Too many jealous Motor Traders hahahahahaha @David Horgan

So you’ve filed 2 years of accounts in a 12 month period?? 

[JA Trader 58]

11 hours ago, CRW said:

Hello. Velin I presume?

Brilliant

[David Horgan 564]

13 hours ago, trader555 said:

Too many jealous Motor Traders hahahahahaha

I have zero reason to be jealous of anyone my friend , I have great health , great family , my family are in great health , regarding earning money which I assume your talking about , well there is zero reason to be jealous of that isn't there , Thats been the easiest part of my life and had fun doing it too . 

What I cant stand is Liars and people who exaggerate , two years records in one month ok yea now I believe him I really do . 

I'm out on  this thread , Bye ,  

 

[trader555 2]

37 minutes ago, David Horgan said:

regarding earning money which I assume your talking about , well there is zero reason to be jealous of that isn't there , Thats been the easiest part of my life and had fun doing it too . 

 

That's good for you, but why tell him to quit the business? 

 

[David Horgan 564]

1 hour ago, trader555 said:

That's good for you, but why tell him to quit the business?

The tax man HMRC  and customs VAT man will skin him alive if he puts figures in to HMRC as a car seller as his figures wont match a starter up business , they aren't stupid at the Customs and HMRC you know , they will want to know where the money is from . 

Which is why he wants to just go away and find another job eg "widget grinding " or something else not motor related  , start out legit pay the taxes. Some one that's earning 60 k a year without paying taxes will stick out like sore thumb 

 

[Tony911 79]

3 hours ago, David Horgan said:

I have zero reason to be jealous of anyone my friend , I have great health , great family , my family are in great health , regarding earning money which I assume your talking about , well there is zero reason to be jealous of that isn't there , Thats been the easiest part of my life and had fun doing it too . 

What I cant stand is Liars and people who exaggerate , two years records in one month ok yea now I believe him I really do . 

I'm out on  this thread , Bye ,  

 

Well said David you can have as much money as you want but without good health it ain't worth nothing. I'm a bit confused here if he was earning that amount of money why would he have another job? Maths don't add up here, anyway good look with the full time car selling buisness