How many cars can you buy and sell from home before you are considered a dealer?
culmhead
|
Thread regularly comes up. People will suggest arbitrary numbers 'four' 'six'. They are wrong.
If you buy a car with the intention of selling it on at a profit, you should probably be paying tax. If you do it with two, then you should virtually definitely be paying tax.
Don't cheat the rest of us, honest taxpayers, by not declaring your taxable income.
|
And if you are wondering whether you might attract the attention of trading standards, then yes.
|
|
|
something tells me Mapmaker got out of bed on the wrong side this morning.
So a relative gives up motoring, gives me the car for free and I decide so sell his car and my car and keep whichever doesn't sell - does that make me a dealer????
|
Thanks for the replies. My new neighbour is doing this and I was just curious.
culmhead
|
|
|
Compare:
So a relative gives up motoring *gives* me the car for free
with
>>If you *buy* a car with the intention of selling it on at a profit, you should *probably* be paying tax.
If however your relative *sells* you (rather than gives you, so you *buy* rather than are given) the car and you buy it with the aim of selling it to make a profit, then 'probably'. If ten relatives sell you cars and you aim to make profits then it is no longer a grey area and 'definitely'.
|
The last time this was discussed things got a bit heated:
www.honestjohn.co.uk/forum/post/index.htm?t=46159&...e
|
|
|
|
|
|
