To begin with, this is a question addressed to people in the UK only. I want to know the full legalities behind buying and selling cars from home. I therefore have a few questions:
1) What kind of paperwork should I keep? Obviously buying and selling cars is a cash business but I want to remain legal as far as tax is concerned. Does this mean writing out receipts etc for customers and keeping a full record of any transactions made through the business.
2) Whilst I do not plan to keep cars outside my property, I plan to keep them in residential streets. Is this legal? I will not advertise within the cars, just on autotrader etc.
3) If you could think of anything else that would help, ie. whether i have to notify the council of my acitivities, register as a sole trader etc then please say so. Obviously I will get a trade policy so all cars will be insured.
Thanks for your help
1) What kind of paperwork should I keep? Obviously buying and selling cars is a cash business but I want to remain legal as far as tax is concerned. Does this mean writing out receipts etc for customers and keeping a full record of any transactions made through the business.
2) Whilst I do not plan to keep cars outside my property, I plan to keep them in residential streets. Is this legal? I will not advertise within the cars, just on autotrader etc.
3) If you could think of anything else that would help, ie. whether i have to notify the council of my acitivities, register as a sole trader etc then please say so. Obviously I will get a trade policy so all cars will be insured.
Thanks for your help