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11 Jun 2008
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Gold Member
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Join Date: Nov 2005
Location: Wells, Somerset
Posts: 233
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DVLA/Govt policy on motorcycle dealer definition?
Bit of a long shot, but does anyone know at what point you are considered a motorcycle dealer?
I buy and sell bikes every now and then, and I'm wondering when I'll get the call asking about income tax and the like..
Thanks for any input on the subject
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12 Jun 2008
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Join Date: Jan 2006
Location: Sheffield
Posts: 994
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Any individual may buy and sell up to 6 vehicles per year before they have to declare their profit/loss on those vehicles,but I expect that unless you are shifting quite a few more than this you will still slip under the net. I am also concerned that this may affect me as I currently have 5 bikes - some for sale, and am always looking out for a few more projects
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12 Jun 2008
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Registered Users
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Join Date: Sep 2007
Location: Lutterworth,Midlands, UK
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Just a thought but could you not give the bikes away as a gift to someone you know and then get them to sell the bike for you.
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12 Jun 2008
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Registered Users
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Join Date: Dec 2006
Location: Moscow
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Quote:
Originally Posted by Baron Bolton
I'm wondering when I'll get the call asking about income tax and the like.
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It is your responsibility to inform HMR&C if you have a business as a dealer/trader. If someone is in business they should not wait to be called (written to) otherwise Penalties could follow.
What is trading? HMR&C say "Trading is a term used in relation to income and corporation tax to describe activities , which involve the provision of goods or services to customers on a commercial basis". In other words the expectation of a Profit. Even a single transaction could fall within this. Ones own private vehicle(s) is generally outside this.
If you use the bikes for your own purposes while you own them, albeit for a short time, it would be harder for them to look upon you as a Trader. But if you are classified as a Trader you can claim losses and all relevant costs against profits, and if some net losses remain even put them against other Income.
If you are worried (and by asking you probably are), go spend a few pounds (deductable from profits!) for half an hour with an accountant in practice, for clarification and peace of mind.
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15 Jun 2008
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Gold Member
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Join Date: Nov 2005
Location: Wells, Somerset
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Thanks for the info
I'll have a word with an accountant, and see what that throws up.
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Check the RAW segments; Grant, your HU host is on every month!
Episodes below to listen to while you, err, pretend to do something or other...
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