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new trader needing advice (Read 301 times)
dgsautos
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new trader needing advice
Jul 30th, 2010 at 4:02pm
 


Hi,

my names dave and im from warrington in cheshire.

ive just given up working as a sales executive for a huge scottish family owned car sales company whom you will of heard of.

ive started up on my own as ive always wanted to, the intention was to start off with a long time family friend but a week ago he had some bad news and has pissed off down south for good so im left with my tail between my legs a bit scared

he was going to be painting aswell as mechanics with myself, between us we could have made it work, so now i have a huge challenge now.

ive got 7k to invest into this, 4k im looking at paying off a years rent and other 3-4k on buying in some very cheap 1st stock, ive got my advertising cracked including newspaper adds for free in local paper, and business cards on way, and once my van arrives ive got somebody to sticker it up cheap, plus a friend is going to help me build a website up.

my issues are that i want to be legal but not be vat reg for 1st year, ive picked a business name, how do i register as a business, i already have trade insurance running. ive got 4 personal cars which i have for sale, and am about to buy my 1st 2 to trade on.

also what happens when i buy a car off somebody and fill in the yellow slip, i take the full v5 minus them keeping yellow, and what do i do with it, do i give it to new buyer of the vehicle with last owners name on? how should it be?

and how much do trade plates cost nower days?



any advice would be appreciated

dave
dgsautos@hotmail.co.uk
07590648489




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GJM
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Re: new trader needing advice
Reply #1 - Jul 30th, 2010 at 11:24pm
 
About starting up :

http://www.hmrc.gov.uk/leaflets/se1.pdf

Have you considered registering for Vat from the start?

Cars will be eligible for margin scheme and you will get your vat back on any parts and such things.

When you say buy a car off somebody, do you just mean a private individual?

If so like you said you will be left with the whole V5 minus the yellow slip.also, however you would not just give it to the buyer (new owner), you would fill in their details and send it off, giving them the green slip..well that's way I would do it.

Think trade plates are around £180, I have the application form but forget if it mentions the actual cost, sure someone can calrify
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dgsautos
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Re: new trader needing advice
Reply #2 - Jul 31st, 2010 at 12:02pm
 
thanks alot for that buddy, im looking into it

dave
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mark
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Re: new trader needing advice
Reply #3 - Aug 1st, 2010 at 6:50pm
 
Hi Dave, I just rang up the inland revenue and told them that i was going to start working for myself. They will ask you for some details and thats it as far as i can remember.
Good luck with it.
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dgsautos
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Reply #4 - Aug 12th, 2010 at 10:07am
 
im gona wait till i get my premises b4 making that decision i think,

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dgsautos
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Reply #5 - Aug 12th, 2010 at 10:11am
 


When you say buy a car off somebody, do you just mean a private individual?

If so like you said you will be left with the whole V5 minus the yellow slip.also, however you would not just give it to the buyer (new owner), you would fill in their details and send it off, giving them the green slip..well that's way I would do it.



in doing this how does the signatures work at the bottom of the v5, when i purchase the car does the old owner sign the current owner line, or leave it blank for me to fill out as current owner?

dave
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GJM
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Re: new trader needing advice
Reply #6 - Aug 12th, 2010 at 11:15am
 
My opinion is it is neither here nor there, I've seen V5's that have been signed by the seller and other just blank, think by letter of the law they are not meant to sign.

No need to sign as technically you would not be reg keeper as such the car is in trade.

I've seen garages that use a stamp on there when a sale is made and other do nothing.

Anyone else got a different take on it?

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dgsautos
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Reply #7 - Aug 16th, 2010 at 12:57pm
 
cheers bud, this is my only worry at the minute as dont wana mess anything up.

any1 else got a take on this?

dave
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