wild foamy Posted July 31, 2013 Posted July 31, 2013 Hiya peeps, Been thinking now about getting some of the afore mentioned items as im starting to buy/sell the jap cars as a hobby. As far as i understand, the VAT threshold is around £60,000 a year, and if i am trading FTOs worth £500-£750 every month or so im never going to come near that, but as far as i understand it to get trade plates i would need a trade licence... and to get a trade licence i would need to be registered as a trader. I have the form to apply for a trade licence, but how do i register as a motor trader? also if i apply for a trade licence how do i go about getting trade plates from that? this is confusing me already
pilninggas Posted July 31, 2013 Posted July 31, 2013 I would think you could just go sole trader; HMRC will issue you with a self-employment ticket (whatever it is called these days), you will have to submit a self assessment (and will even when you 'finish' for some time). You should be able to get insurance as a sole trader with tradex - but they do expect you to have a paper trail (to prevent people just getting trade insurance and driving whatever). You'll be able to claim back expenses on a sliding scale (an accountant or tax advisor is useful and not that expensive). I'm not sure how things stand these days, but i ended up paying NI as an employee and 'class 1' contributions (i think) and paid a lot in NI.
Moderator DirtyDT Posted July 31, 2013 Moderator Posted July 31, 2013 Mostly what I said in a previous post of yours Steve when you wanted to be a spaceman bike trader. Plus LINKY
busyeddie Posted July 31, 2013 Posted July 31, 2013 On a similar note, whats best; a multi bike policy or a rider policy? and can anyone have one?
Matthew Duncan Posted August 1, 2013 Posted August 1, 2013 would you not have to set up a company? i looked at doing it and you can set up a LTD company for like 99p online, guessing this is where you got your information? https://www.gov.uk/trade-licence-plates
Moderator DirtyDT Posted August 1, 2013 Moderator Posted August 1, 2013 Before anyone buys a limited company please understand the legal implications of doing so. Buying one is the easy part however, understand the running and reporting of it first.
Moderator Cynic Posted August 1, 2013 Moderator Posted August 1, 2013 Just remember the insurance for a motor trader insurance policy is something like 1800quid a year.
wild foamy Posted August 4, 2013 Author Posted August 4, 2013 Considering I may trade one car/backor ever month or maybe 2 months it's hardly worth it! Fuck it, will buy a flatbed transit to roll around in.
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