Harryh
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 posted on 3/10/18 at 04:47 PM |
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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!
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cliftyhanger
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| posted on 3/10/18 at 04:56 PM |
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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!)
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Harryh
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| posted on 3/10/18 at 05:00 PM |
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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!
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ste
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| posted on 3/10/18 at 05:10 PM |
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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?
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Harryh
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| posted on 3/10/18 at 05:17 PM |
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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!
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nero1701
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| posted on 3/10/18 at 06:33 PM |
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Be a bit more gentle ffs
I’ve never paid tax on buying and selling cars mate. I’m not a dealer but have went through quite a few cars. As long as you’re 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
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ReMan
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| posted on 3/10/18 at 09:55 PM |
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Welcome
What sort of write off model car are you looking at?
www.plusnine.co.uk
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nick205
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| posted on 4/10/18 at 01:05 PM |
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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.
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