BCA buyers fees

Expensive! Depends on the sale price as its a sliding scale rather than a percentage

Cheers, have you a ball park figure, looking to buy something for around =A34K plus the fees. hopefully a Tdi passat or similar on a 51 or

This is posted on BCA Classic and Historic site, not sure if ordinary fees are same

"d) A buyers fee of 7.5% of the first £30,000 and 5% of any additional amount over £30,000, or 10% in the case of automobilia, shall be charged on the final bid price, subject to a minimum of £150 or £75 in the case of motorcycles, or £1 in the case of automobilia."

Thanks, I am looking to start selling cars sourced at auction ( fleet only) as i have bought my last 2 company motors for what I would consider trade price and sold them for a small profit.Does anyone else have any experience of this, any major pitfalls I should be looking out for? I only intend to aim for =A3500 profit per car which should be attainable?

The message from "Staffbull" contains these words:

Will you be registered as a car dealer? Someone (I can't remember who it is now) will get upset if too many vehicle sales go through you in a year.

Guy King ( snipped-for-privacy@zetnet.co.uk) gurgled happily, sounding much like they were saying :

In what way "registered as a car dealer"?

HM Customs & Revenue are the main people I can think of who could possibly get excited, and that's easy - declare any income, and register for VAT if needed.

The other possible is local byelaws relating to working from home.

Hi, I dont think you need to registered to deal cars, just decalre myself self employed and I seem to recall not needing VAT registration for turnovers less than =A350K or something daft, I dont think i have to pay a vast amount of tax on the first =A315K. But this is just what I "think" and am known to be wrong :-) Once I would be self employed any costs incurred as relating to the buisiness could be claimed back against tax, fuel, parts, servicing etc. its just that i have recently been made unemployed and would like to do something for myself for a change !! do the cars really go for the trade prices at auction? or often more

I suspect your biggest pitfall is going to be insurance; you'll need a trade policy. And keep careful records or the taxman & vatman will catch up with you. Apparently you only have to sell about 5 cars a year to be considered a trader.

Don't forget whichever laws (SOGA?) forcing you into providing a warranty.

Staffbull ( snipped-for-privacy@staffbull.net) gurgled happily, sounding much like they were saying :

It's income. You pay income tax on it as with any other income.

Yup. You pay tax on your income, after business expenses.

Strikes me that you'd be best off looking for a proper job and do a bit of trading on the side until you know what you're doing. Diving straight in at the full-time deep end this unprepared is going to be a nice way of losing the little money you've got to live on...

Most seem to get around this by stating no warranty implied or given, otherwise how would the smaller traders shift the older stock without it costing them in repairs?

First go to at least a dozen auctions and check prices against local paper etc.

Talk to the auction people. You will probably have to have purchased 5 or 6 cars within a couple of months before you can get "buyer fee trade terms".

You will need trade insurance and either trade plates or a trailer to get the cars home (or have them delivered)

If you are trading to the public "no warranty" is a no no.

If you are trading to the public you will have to put "Trade" in your adverts. (usually considered a trader if you sell 5 - 6 cars per year)

The need for VAT registration is on turnover not profit. Special rules apply to car sales re VAT accounted for.

Trading Standards and the Revenue watch the local papers for regular "private sales" from the same address so be very careful.

Thanks, what sort of warranty is enforcable? and for how long?