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Income Tax on UK Imports

  • 23-08-2011 10:19am
    #1
    hoarder
    Registered Users Posts: 52 ✭✭


    Hi all

    I am planning on taking up an old hobby in a bit more of a serious way, which was bringing in a car or two to sell from the UK. This time however they would be to sell on to make a few extra quid. Times being what they are I, like everyone no doubt am looking at how ends can be met

    I want to make sure it does not cause me any problems with the tax man, so want to pay whatever I am liable for. Does anyone know what tax I should be paying, and how it is returned etc?

    Thanks


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,752 Mod ✭✭✭✭Henry Ford III


    Income tax on the profits. Keep proper records therefore.


  • #3
    corktina
    Closed Accounts Posts: 17,733 ✭✭✭✭corktina


    But presumably if you bought a car in for personal use ;) but after a few weeks decided you didnt like it and sold it on there would be no tax liability.They do keep watch on this though, so Id say after a few sales, they might be writing to you. If it was only two or three a year, Id say you'd be OK


  • #4
    [Deleted User]
    Posts: 23,339 ✭✭✭✭ [Deleted User]


    Less than 5 a year and you are happy out revenue wise I think.


  • #5
    blastman
    Registered Users, Registered Users 2 Posts: 5,451 ✭✭✭blastman


    Think it's closer to more than two a year and the revenue will be asking questions. The last time I re-registered a car, it said something to that effect on the form.


  • #6
    colm_mcm
    Registered Users, Registered Users 2 Posts: 73,477 ✭✭✭✭colm_mcm


    there is also the aspect that you'd have to register the car in Ireland before offering for sale.


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  • #7
    bazz26
    Registered Users, Registered Users 2 Posts: 51,289 ✭✭✭✭bazz26


    I think you have to provide your PPSI number now when VRTing a car so that Revenue can keep tabs on how many cars are being imported by an individual in a certain length of time.

    Best of luck but to be honest OP, I think you have missed the gravy train on selling UK imports here at a profit, have a look at the likes of Donedeal and see how many UK reg cars are for sale on there and how old the ads are.


  • #8
    Del2005
    Registered Users, Registered Users 2 Posts: 19,031 ✭✭✭✭Del2005


    hoarder wrote: »
    Hi all

    I am planning on taking up an old hobby in a bit more of a serious way, which was bringing in a car or two to sell from the UK. This time however they would be to sell on to make a few extra quid. Times being what they are I, like everyone no doubt am looking at how ends can be met

    I want to make sure it does not cause me any problems with the tax man, so want to pay whatever I am liable for. Does anyone know what tax I should be paying, and how it is returned etc?

    Thanks

    Depending on you current income/tax band in could be over 50%, income tax/levy/pay of banks levy, of any profit. Can't see anyone making much money on 2nd hand cars to make it worth your their while.


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