Printable Version | Subscribe | Add to Favourites
New Topic New Poll New Reply
Author: Subject: New to buying/selling cars & want something to play with - tax q?
Harryh

posted on 3/10/18 at 04:47 PM Reply With Quote
New to buying/selling cars & want something to play with - tax q?

Hi! I've been looking at buying a write off car and repairing it to use as a cheap daily, but I've got a few questions. I'd be selling my "weekend car" to fund it (MX5 - fun, not used enough to justify it). I was wondering if paying tax on selling cars is a thing? Generally I leave anything financial with my wife because I don't have a clue how it all works, and it doesn't really help I haven't sold a car before, but I know full well she won't approve of what I want to do so I'm going to have to surprise her Had a look around some tax-related sites and found this calculator - is this what I'm looking for? Can anyone point me in the right direction if this isn't what I'm looking for?

Cheers!

View User's Profile View All Posts By User U2U Member
cliftyhanger

posted on 3/10/18 at 04:56 PM Reply With Quote
No tax to pay.
Unless you start trading. Which does not sound likely.

(if you did, then you could write the losses made when you sold your car off against your income. HRMC would not like that!)

View User's Profile View All Posts By User U2U Member
Harryh

posted on 3/10/18 at 05:00 PM Reply With Quote
Nooooooo won't be trading. Just need the money from it and making sure HMRC aren't going to sting me for it! Good to hear there's nothing to pay, thanks!
View User's Profile View All Posts By User U2U Member
ste

posted on 3/10/18 at 05:10 PM Reply With Quote
Reported - Obvious spammer trying to get clicks to his page. Don't click the link above!

Are people really this gullible to believe that crock of poo story?

View User's Profile View All Posts By User U2U Member
Harryh

posted on 3/10/18 at 05:17 PM Reply With Quote
Sorry if you saw it like that but it was a genuine question I was looking for answers to. Wasn't expecting people to be that critical!
View User's Profile View All Posts By User U2U Member
nero1701

posted on 3/10/18 at 06:33 PM Reply With Quote
Be a bit more gentle ffs

Ive never paid tax on buying and selling cars mate. Im not a dealer but have went through quite a few cars. As long as youre u are not buying and selling to make a income you should be fine.

However, most of us site users are unlikely to click on a link within a new users post. Perhaps a couple of screenshots would make it easier for us to see what your suggesting

View User's Profile View All Posts By User U2U Member
ReMan

posted on 3/10/18 at 09:55 PM Reply With Quote
Welcome
What sort of write off model car are you looking at?





www.plusnine.co.uk
∙،. ˘≈ﺣ

View User's Profile Visit User's Homepage View All Posts By User U2U Member   ReMan 's ICQ status
nick205

posted on 4/10/18 at 01:05 PM Reply With Quote
I'm not a trader, but have bought and sold a good few personal cars over the years. No tax to pay that I've ever been aware of or paid.

When you say buying a write off and re-using it on the road you need to check what's allowed and not allowed. Granted a lot of cars are written off these days because they're too expensive to fix. Some will have been written off because crumple zones are damaged etc. and maybe even aesthetically fixed the car still wouldn't cope well in a colision.

Having been a passenger in a write off van crash earlier this year I can only say that the crash performance of the vehicle was bloody important and quite likely saved my life at the time.

View User's Profile Visit User's Homepage View All Posts By User U2U Member

New Topic New Poll New Reply


go to top






Website design and SEO by Studio Montage

All content 2001-16 LocostBuilders. Reproduction prohibited
Opinions expressed in public posts are those of the author and do not necessarily represent
the views of other users or any member of the LocostBuilders team.
Running XMB 1.8 Partagium [ 2002 XMB Group] on Apache under CentOS Linux
Founded, built and operated by ChrisW.