Re: selling cars/when are you a dealer Archived Message
Posted by Pete Mutlow on November 22, 2009, 2:28 pm, in reply to "Re: selling cars/when are you a dealer"
Hi Mike, I concur with what has been said already. I was in a similar situation some time ago and the best advice was to keep a seperate book with all receipts etc. Then all this was presented with a tax return and I paid tax on the profits. I know someone who didn't do this and the tax man investigated for nearly a year. He got stung for nearly £12000 which in fact was way above what he really owed because he could not prove otherwise. Apart from the money, he was in mental torment for the time under investigation. Not worth it. Play safe. Regards Pete M
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