selling a car not registered to you
Discussion
If I bought a car and didn't register it in my name, kept it a few months till the tax expired and sold it on could I get into trouble?
Its all hypothetical but wondered if this car be done say a few times a year, make a small profit and avoid getting into any legal trouble?
Its obviously playing the system a bit and playing at being a trader without the costs etc
I know its not the done thing but I'm asking about the legal standpoint and what could happen?
Its all hypothetical but wondered if this car be done say a few times a year, make a small profit and avoid getting into any legal trouble?
Its obviously playing the system a bit and playing at being a trader without the costs etc
I know its not the done thing but I'm asking about the legal standpoint and what could happen?
You could fill in the traders piece on the v5 each time you buy and then you'd have the full v5 to use to sell it on when you chose.
Not convinced there is anything to the traders portion of the the v5. Don't think you have to be registered as a trader to use it? And in any case if you were, when you report to hmrc all the profit you have failed to make then it'll not matter anyway.
Not convinced there is anything to the traders portion of the the v5. Don't think you have to be registered as a trader to use it? And in any case if you were, when you report to hmrc all the profit you have failed to make then it'll not matter anyway.
eltax91 said:
You could fill in the traders piece on the v5 each time you buy and then you'd have the full v5 to use to sell it on when you chose.
Not convinced there is anything to the traders portion of the the v5. Don't think you have to be registered as a trader to use it? And in any case if you were, when you report to hmrc all the profit you have failed to make then it'll not matter anyway.
Yes I think this would be more your issue, as well as the VAT man. But then again, you only charge VAT on the profit of a used car, and you'll not be making a profit Not convinced there is anything to the traders portion of the the v5. Don't think you have to be registered as a trader to use it? And in any case if you were, when you report to hmrc all the profit you have failed to make then it'll not matter anyway.
RGambo said:
Yes I think this would be more your issue, as well as the VAT man. But then again, you only charge VAT on the profit of a used car, and you'll not be making a profit
Yes quite. Factor in insurance costs and even with some smart buying you'll wipe out any small profit you makeCan't you also make a small profit each year tax free as a 'hobby'??
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