Legal Questions and Answers

POI is buying and selling multiple cars per month

Questions:

POI is buying and selling multiple cars per month and is nto a business. Is this legal? If not iaw With what? TIA

 

Answers:

1-Not sure what you mean, however you can legally sell 4 cars a year tax free, after that you are classed as trade, be it RST road side trade your still classed as it and would have to declare it too be legal

2-not strictly true. There is a trading allowance of £1000 per year tax free. If the income from 4 cars, or indeed even 1 car, exceeds the £1000 allowed, tax is payable on the amount over £1000.

3-if you think someone is trading illegally, ie not paying tax etc, you can report to hrmc.

 

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