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Trading cars and HMRC
I am self employed (bringing manufacturers and buyers together in any industry internationally) but also buying and selling cars sometimes when I have time.
When I buy a car I put my company's name on the logbook.I phoned the DVLA and explained the situation and they said that yes, you can put your company name on and it doesnt matter if you are a motor trader or otherwise.
Therefore I bought three cars in the past to resell them. I have sold them now.
My question is: does the DVLA pass the information to HMRC to say 'this company has bought some cars and sold them' or stuff like that? I mean can it cause any problem to me in the future?
I'm not buying and selling cars all the time. Just when I haven't got any clients then I do it to get some pocket money. The cars were worth under £1000.
When I buy a car I put my company's name on the logbook.I phoned the DVLA and explained the situation and they said that yes, you can put your company name on and it doesnt matter if you are a motor trader or otherwise.
Therefore I bought three cars in the past to resell them. I have sold them now.
My question is: does the DVLA pass the information to HMRC to say 'this company has bought some cars and sold them' or stuff like that? I mean can it cause any problem to me in the future?
I'm not buying and selling cars all the time. Just when I haven't got any clients then I do it to get some pocket money. The cars were worth under £1000.
Asked on 18 April 2011 by sarf
Answered by
Honest John
Not normally, no. But if your business turnover reaches the VAT threshold you need to be registered for VAT and you need to keep full car trading VAT books (13 columns).
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