V5 question

[Lucas7]

Hey peeps,

I'm going to pick up an Audi tomorrow, think I'm going to sell it on for a quick profit but may use it for a few weeks just to get me about. Now it has 5 owners and I don't want to put another on the v5. Is there anything wrong with me filling out the traders part of the v5? I've done a very part time bit of trading of cars over the years but have a full time job, will my insurance cover me for filling out just that bit?

Appreciate your help chaps.

Lucas

[Roo]

Are you a trader?

If you are you know the answer to the question.

If you're not, you won't.

[Lucas7]

I'm not a trader. I maybe buy a few cars a year as a hobby and make a small profit on each of them.

[Roo]

You said you are a trader.

Now you're saying you're not a trader.

If you're a trader you'll know what to do and will be paying tax/VAT/insurance accordingly.

If you're not a trader the person you're buying the car off is responsible for sending off the V5 to DVLA saying they've sold the car to you and will give you the new keeper supplement.

Once you get a new V5c, in your name, a prospective buyer will be more happy about buying it.

[Lucas7]

Does selling 3 cars a year as a hobby class me as a trader then?

The question was will my insurance cover me if I fill out that part of the v5?

[Roo]

Lucas7 said:

Does selling 3 cars a year as a hobby class me as a trader then?

The question was will my insurance cover me if I fill out that part of the v5?

Did you buy them to sell on for a profit?

If yes you need to cover yourself for insurance/VAT/tax liability and everything else involved in running a business.

If you just bought them to use for a while and then sell on when you got bored why do you think you should benefit from the advantages of being a trader if you're not prepared to pay for the costs that involves?