buying a car to sell on 1st time, can i fill dealer part log
Discussion
Hi Guys
seen a cheap car locally to me, looks decent enough, i have a fair bot of experience with cars, just never bought to sell. Thought id try and give it a shot,
Can i fill in the dealer part of logbook? or do you need to be registered as a dealer. As id hate to put another owner on the car.
what part of teh logbook do i keep, and when i come to sell it on, will i retain the original part of the logbook.
thanks again
seen a cheap car locally to me, looks decent enough, i have a fair bot of experience with cars, just never bought to sell. Thought id try and give it a shot,
Can i fill in the dealer part of logbook? or do you need to be registered as a dealer. As id hate to put another owner on the car.
what part of teh logbook do i keep, and when i come to sell it on, will i retain the original part of the logbook.
thanks again
could i fill in the dealer part with my wifes name, she is vat registered?
when i come to sell it on, what part of teh logbook will the new owner get, does the dvla send out a new logbook to me or do i retain most of the old logbook.
It lotus Elise a bit of a hobby wont be doing it often.
when i come to sell it on, what part of teh logbook will the new owner get, does the dvla send out a new logbook to me or do i retain most of the old logbook.
It lotus Elise a bit of a hobby wont be doing it often.
newbie29 said:
could i fill in the dealer part with my wifes name, she is vat registered?
when i come to sell it on, what part of teh logbook will the new owner get, does the dvla send out a new logbook to me or do i retain most of the old logbook.
It lotus Elise a bit of a hobby wont be doing it often.
As stated previously, you do not need to be VAT registered to fill in the yellow slip.when i come to sell it on, what part of teh logbook will the new owner get, does the dvla send out a new logbook to me or do i retain most of the old logbook.
It lotus Elise a bit of a hobby wont be doing it often.
If you choose to declare yourself as a motor trader when buying the Lotus you take the whole logbook from the seller with the exception of the yellow slip. When you sell the the Elise you give the new owner the green section and send the rest off to DVLA (or even easier do it online) filled in with the new owner details.
newbie29 said:
could i fill in the dealer part with my wifes name, she is vat registered?
Is her VAT reg business buying and selling the car? No? Then why put it in her name? If it's not going through her books, whether she's VAT reg or not is irrelevant. Not that VAT registration has anything to do with keepership of the vehicle.newbie29 said:
when i come to sell it on, what part of teh logbook will the new owner get, does the dvla send out a new logbook to me or do i retain most of the old logbook.
If you're trading it, then the old keeper sends the V5C/3 trader slip to DVLA, and hands the rest to you. You then hand the rest on when you sell it, whether within the trade or to an actual keeper.newbie29 said:
It lotus Elise a bit of a hobby wont be doing it often.
Doesn't matter. Either you're buying it for you, registering it in your own name, then later selling it (not a trader) or you're a trader with all the legal obligations that carries.We all have to start somewhere, I still remember my first business purchase.
Stock no. 1 Citroen AX
You need to keep simple books, and get yourself a stock book that lists every car you buy, from whom, and to who you sell it to.
When your turnover hits the VAT thresh hold you'll have to register for VAT.
In fact, from memory you have to take a three month period, and if that goes over what would be the VAT thresh hold in a quarter then that's the point you should have registered.
My memory isn't what it was so maybe someone more up to date can verify this?
But as TooManyCvs says, there are legal obligations if you start selling cars for profit, look into them as I'm sure they may put you off.
You might get away with doing up to six cars per year before having to call it a business for HMRC purposes.
Again, my advice may be out of date now so please check yourself.
If you go for it I'll give you one piece of advice.
Every car you sell, get it freshly MOT tested at point of sale.
It doesn't cover every scenario, but it shows you did at least something to ensure the car was roadworthy when it left your yard.
It's not the business it once was I'm afraid, I wouldn't recommend it to anyone nowadays.
Stock no. 1 Citroen AX
You need to keep simple books, and get yourself a stock book that lists every car you buy, from whom, and to who you sell it to.
When your turnover hits the VAT thresh hold you'll have to register for VAT.
In fact, from memory you have to take a three month period, and if that goes over what would be the VAT thresh hold in a quarter then that's the point you should have registered.
My memory isn't what it was so maybe someone more up to date can verify this?
But as TooManyCvs says, there are legal obligations if you start selling cars for profit, look into them as I'm sure they may put you off.
You might get away with doing up to six cars per year before having to call it a business for HMRC purposes.
Again, my advice may be out of date now so please check yourself.
If you go for it I'll give you one piece of advice.
Every car you sell, get it freshly MOT tested at point of sale.
It doesn't cover every scenario, but it shows you did at least something to ensure the car was roadworthy when it left your yard.
It's not the business it once was I'm afraid, I wouldn't recommend it to anyone nowadays.
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