Importing and selling on

bogmanfan

I know this has come up before but the search function doesn't seem to be working. Basically my family have imported a few cars from the UK before and always saved a fortune. I'm thinking of doing it as an occasional nixer to make a bit of extra cash. Is there any limit on the number of times you can do this per year? Thanks for your replies

Altreab

bogmanfan wrote:

I know this has come up before but the search function doesn't seem to be working. Basically my family have imported a few cars from the UK before and always saved a fortune. I'm thinking of doing it as an occasional nixer to make a bit of extra cash. Is there any limit on the number of times you can do this per year? Thanks for your replies

From reading the thread on Importing it seems there isnt BUT appearantly Revenue does keep an eye on "serial importers" who say they are private motorists. Then they see how much profit your making Ergo a tax bill arrives
SOOOO if you do go down the regular route ...be sure to keep details of all receipts involved

Esel

Altreab wrote:

Revenue does keep an eye on "serial importers" who say they are private motorists.

This does happen. They have computers for that, and when a person is registering a car that they didn't personally import, they ask for the seller's details.

bogmanfan

Thanks for the replies guys. I was planning on paying the tax alright . Just wondering if there was any limit on the number of times this could be done. From doing some research on the net, it seems possible to pick up 04/05 luxury motors very cheaply in the UK. Now I reckon I could sell them here at around 2000 less than the going rate for a private sale and still make around 2000 myself. Thinking of doing this around once a month. My girlfriend's brother-in-law has been doing it for years, but only for himself. Always saves 000s by buying in UK. Now we're thinking of doing it to order for friends etc. He thinks you can only do it 6 times a year, or you would be classified as a 'trader'. Anyone know anything about this?

zuutroy

The problem is most people in the luxury car market wouldnt go near a private sale. I'd have reservations myself for anything over 4-5000.

drdre

zuutroy wrote:

The problem is most people in the luxury car market wouldnt go near a private sale. I'd have reservations myself for anything over 4-5000.

I dont believe that i sold a 05 xc90 last year for over 50k through carzone.It was sold within 2 weeks of been up for sale.It all depends on the price and saving for the customer

bogmanfan

I agree with you drdre. My da bought an 04 X-Type with all the extras inc. SatNav last year in Belfast and saved around 8000 (including VRT it cost him just over 21,000. A similar one was 29,000 here). He got a little off for not taking a warranty, so basically the same as a private sale. If there are savings to be made, people will buy private.

Jim79

If you purchase a car in the Uk and sell it here and make a profit what taxes are you liable for and what percentage do you have to pay?
thx

drdre

Jim79 wrote:

If you purchase a car in the Uk and sell it here and make a profit what taxes are you liable for and what percentage do you have to pay?
thx

Nothing

Henry Ford III

Be careful out there D*wood. The Revenue don't like smart Alecs. It would not be difficult for them to track you down if they became interested.

drdre

Henry Ford III wrote:

Be careful out there D*wood. The Revenue don't like smart Alecs. It would not be difficult for them to track you down if they became interested.

Let them track me down, ive done nothing wrong.
I have sold 2-3 cars in the past and made a small profit. Havent paid any tax as i dont know what to pay. Its the same as 1000's in ireland.So let them track down the 1000's of people who make a profit on a car and not pay tax

SGKM

drdre wrote:

Let them track me down, ive done nothing wrong.
I have sold 2-3 cars in the past and made a small profit. Havent paid any tax as i dont know what to pay. Its the same as 1000's in ireland.So let them track down the 1000's of people who make a profit on a car and not pay tax

How did you go about things like paying the VRT? I take it that you only registered the cars after you had a buyer? And how did you get around insurance? Did you take out a trade policy?

I'm curious because I have a contact in the UK motor trade and am thinking about doing something similar myself.

drdre

SGKM wrote:

How did you go about things like paying the VRT? I take it that you only registered the cars after you had a buyer? And how did you get around insurance? Did you take out a trade policy?

I'm curious because I have a contact in the UK motor trade and am thinking about doing something similar myself.

No i didnt import any car, it was irish cars and i was just replying to henry's question

SGKM

Sorry, I misunderstood you and thought that you were bringing cars in from the UK.

Altreab

Jim79 wrote:

If you purchase a car in the Uk and sell it here and make a profit what taxes are you liable for and what percentage do you have to pay?
thx

It all depends on how often you do it ....once or even a couple of times a year and more than likely revenue wont be too bothered .....BUT do it on a ,ore regular basis and they will start to take a closer look at what your doing. Then it will be essential you have evidence of your sale and purchase prices. Not to mention travelling expenses ...in a nutshell keep receipts of everything involver with the importing of the car.
Worse case senario if they decide to go after you for tax ....you have evidence of what profits you actually made Best case if you make a loss ....you can put it against your other earnings

bazz26

drdre wrote:

No i didnt import any car, it was irish cars and i was just replying to henry's question

I'd reckon you could be more on the radar with the tax man though if your importing cars from outside the state.

drdre

bazz26 wrote:

I'd reckon you could be more on the radar with the tax man though if your importing cars from outside the state.

Im not importing at all

Esel

drdre wrote:

Let them track me down, ive done nothing wrong.

Making a profit is OK, but not declaring that profit as income is wrong.

I have sold 2-3 cars in the past and made a small profit. Havent paid any tax as i dont know what to pay.

Standard income tax rates apply.

Its the same as 1000's in ireland.So let them track down the 1000's of people who make a profit on a car and not pay tax

If and when you are caught, squealing about the fact that others are doing it as well will have no effect. Tax+interest+penalties usually ends up as a significant multiple of the original unpaid tax amount.

Some people don't know when to keep their mouth shut.

JohnCleary

TBH if I was importing car's and making a profit, the last place i'd be spouting is a place like boards.ie where the majority of people are total smart ar$es .... Good one drdre!