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Yellow Sliparthurbrown
@GUEST
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Quick licensing / ownership question..... I'm finding that I'm aquiring / disposing of more and more old crocks of late.... If when I buy a motor, can I fill in the yellow part of the V5 for the previous owner to keep / send to DVLA, without me being 'officially' a motor trader? As the cars are purely bought for profit / gain and not for my own use, surely I should go this route rather than applying for a v5 in my name, which holds up the process of selling said vehicle on? Also, does anyone know how you get an 'in' on the salvage auctions run by 'Universal Salvage'? They won't even let me dad in the place, despite him working for a parts distributor & therefore being 'trade' They have some top-end cat c & d write offs that we'd like to get in on for repair / vosa checking / sell-on. thanks
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I'm sure I read somewhere that the number of vehicles you buy and sell in a year for profit determines whether you're a dealer or not, and therefore subject to some attention from the Inland Revenue - gulp!
So, buy some brown paper envelopes, nuff said!
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Peugeot 307sw - Suzuki SV650S - MX5.
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yeah, i think 6 is your lot for a private trader (a year) but, wives, children, grandparents, parents, nieghbours are all useful 'owners' of vehicles if you ever need them ;D
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Its getting harder. I used to just not register cars I was moving on. Now you have to fill in the paperwork. Unless you just take the full V5C off the seller and say "don't worry mate I'll post that off" and then post it off with the new oweners details in when you sell it.
If you buy a Cat C it won't have a V5 anyway, it needs a VIC and all that before it will be re-issued with a registration document which you can put direct into the buyers name.
Theres a lot of talk about how many cars you sell before "officially" becoming a trader and I have yet to see anything cast in stone. I know the local paper used to want you to be a trader if you sold more than 6 cars a year. But what difference did this make to me? None. I just put "T" in the advert like they wanted and had to pay £1.50 a line instead of 50p a line.
Problem is now if you put that "T" you have to offer a three month warranty on the vehicle by law. You alos open yourself up to all manner of interesting potential libaility issues. EG you sell a car to someone, the brakes fail, they run into a bus stop and kill or cripple half a dozen people...
I have had trade insurance policies for years, I have run "Trade" adverts and the like. I've never had any interest from the tax man. You are allowed to buy and sell items from your own collection so long as you don't breach your capital gains limit. Thats abut £4000 a year profit basically before you'd need to inform the tax man. If you buy and sell for cash then theres no way they can track it anyway.
I've never had to fill in the V5 when I've bought at auctions either, even for non Vcar cars. You gett the slip thhe dealer got when accepting it as a trade in. You don't even have to give your real name at most auctions and they take cash for cars up to £9000 (or to £9000 in cash purchases at any one sale day)
I only ever registered auction cars if I wanted to tax them.
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Last Edit: Mar 1, 2006 9:35:05 GMT by akku
1941 Wolseley Not Rod - 1956 Humber Hawk - 1957 Daimler Conquest - 1966 Buick LeSabre - 1968 Plymouth Sport Fury - 1968 Ford Galaxie - 1969 Ford Country Squire - 1969 Mercury Marquis - 1970 Morris Minor - 1970 Buick Skylark - 1970 Ford Galaxie - 1971 Ford Galaxie - 1976 Continental Mark IV - 1976 Ford Capri - 1994 Ford Fiesta
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