buying cars for resale

the irish fella

hey people thus is just a question as i always wondered the law on this anyways say one bought a car to resell for a profit what way does the law handle people who do this as i heard you can only have 5 cars in your name in one year yet alot of people could have more also if you bought car or cars to break them and sell the parts how would revenue find out or do you just pay an extra tax for doing this just curious people

MidlandsM

You need to be a registered trader with revenue to sell cars.
You need to be licenced to break/dismantle cars, and have proper facilities (concreted yard,sheds,oil interceptors,fluid storage and managment (bunded tanks etc)

the irish fella

MidlandsM wrote: »

You need to be a registered trader with revenue to sell cars.
You need to be licenced to break/dismantle cars, and have proper facilities (concreted yard,sheds,oil interceptors,fluid storage and managment (bunded tanks etc)

any idea how much it would cost to register as trader or what percent of profits you woulod pay etc also so people who break there old cars are actually doing it illegally

People breaking their cars aren't really a concern for revenue. Much like selling your old sh*te on DoneDeal, unless you're at it around the clock intentionally turning a profit, they don't really care.

As with everything, you can go above board, become self employed and do it the proper way with revenue in the know and pay the taxes, etc. that you rightfully owe, or you can go 'under the counter' and not declare, do it on the side and work in the black market. Plenty of people do it both ways (though it's generally those doing it on the black market that are hurting the ones who are doing it officially).


As someone who went the self-employed route while everyone around him did it 'on the side' (with photography, nothing car related), I can honestly say it's probably not worth the hassle. But it's down to your own conscience really.