Question What is making you happy today?

[Mad Cyril]

Really proud of my son

My son left uni in the summer, he doesn’t know what he wants to do and had planned to go round the world. Obviously that’s out the question and getting a job is challenging at the moment.

He is presently doing up an mx5 and has come quite an expert on them which gave him a business idea.
In the last 13 weeks he has bought/sold 9 ( including 10 days isolation plus Xmas and new year) ,he presently has four in stock which will start to go up for sale next week. each needs a degree of work before going up.
He is averaging a profit of £1200 per car, on cars costing sometimes only £450. Most cars sell in 48 hrs- longest 8 days
One buyer came back a month later with a mate who bought one as well ?
He doesn’t want to do this for a living but at the moment it’s £1000 a week tax free and largely risk free ( sorry I won’t explain why as he doesn’t want others to copy his model).
If he continues in a couple of months we will look to see if it makes sense to do this as a proper business and expand into other cars ,but that then means premises and bills

I am not sure of your sons circumstances but I'd be a little careful about assuming this is tax free.

 

[Stan33]

Still working, the world and his wife seem to have decided that lockdown is a great time to be selling and looking for a new home and we're absolutely mad busy! Bizarre how some people's minds work.

Anything to do with stamp duty ?????

 

[Mad Cyril]

Still working, the world and his wife seem to have decided that lockdown is a great time to be selling and looking for a new home and we're absolutely mad busy! Bizarre how some people's minds work.

Glad you are busy.

House prices in Benfleet are crazy and let's be honest - it's not that nice. The high street is just awful.

That said we have a lot of countryside on our doorstep and it is a short drive to Chelmsford and easy commuting distance to London.

 

[united we stand]

I am not sure of your sons circumstances but I'd be a little careful about assuming this is tax free.

It’s a fair point, but at the moment he is under the threashold and a lot of the buyer no/ selling is cash and not thru his bank account ( I know that technically that’s irrelevant).I have never worked for myself so at some point we may need to take advice on “doing this properly’

 

[Napster]

It’s a fair point, but at the moment he is under the threashold and a lot of the buyer no/ selling is cash and not thru his bank account ( I know that technically that’s irrelevant).I have never worked for myself so at some point we may need to take advice on “doing this properly’

I would urge you to get advice now from an accountant.

 

[Stan33]

It’s a fair point, but at the moment he is under the threashold and a lot of the buyer no/ selling is cash and not thru his bank account ( I know that technically that’s irrelevant).I have never worked for myself so at some point we may need to take advice on “doing this properly’

I would do sooner rather than later in view of what you have made public .

 

[Spenser]

I would urge you to get advice now from an accountant.

Especially if you're gonna blast it round social media

 

[Mad Cyril]

It’s a fair point, but at the moment he is under the threashold and a lot of the buyer no/ selling is cash and not thru his bank account ( I know that technically that’s irrelevant).I have never worked for myself so at some point we may need to take advice on “doing this properly’

It doesn't cost much to set up and run a company.

 

[Member]

It’s a fair point, but at the moment he is under the threashold and a lot of the buyer no/ selling is cash and not thru his bank account ( I know that technically that’s irrelevant).I have never worked for myself so at some point we may need to take advice on “doing this properly’

Yes you should, HMRC clamp down hard on cash businesses. I think we'd rather they clamped down on high value tax avoidance and evasion, but sadly this is the world we live in.

Also you should be careful about doing work on cars that come in and go out on a 'cash' basis, as you could unwittingly be part of something dodgy.

There's definitely a market out there for doing up cars, but cash-for-cars is an easy way to launder money and that's definitely not something to end up involved in.

Good luck to him though.

 

[Mad Cyril]

Yes you should, HMRC clamp down hard on cash businesses. I think we'd rather they clamped down on high value tax avoidance and evasion, but sadly this is the world we live in.

I'd rather they clamped down on both.

 

[londonblue]

It’s a fair point, but at the moment he is under the threashold and a lot of the buyer no/ selling is cash and not thru his bank account ( I know that technically that’s irrelevant).I have never worked for myself so at some point we may need to take advice on “doing this properly’

He probably needs some kind of insurance too.

 

[londonblue]

It doesn't cost much to set up and run a company.

Indeed. It's pretty easy really.

 

[united we stand]

He probably needs some kind of insurance too.

I think he is ok. All cars are registered in his name and are his personal property being sold from home- not being sold as a trader.
Tests drives we use cuvva which is excellent- interestingly only one person has wanted a test drive which I find weird

 

[Leigh_Seasider]

Glad you are busy.

House prices in Benfleet are crazy and let's be honest - it's not that nice. The high street is just awful.

That said we have a lot of countryside on our doorstep and it is a short drive to Chelmsford and easy commuting distance to London.

I happen to like Benfleet. There are far worse places!

 

[Mad Cyril]

I happen to like Benfleet. There are far worse places!

I live in South Benfleet. It is just a bit charmless in places.

 

[LCBB72]

It’s a fair point, but at the moment he is under the threashold and a lot of the buyer no/ selling is cash and not thru his bank account ( I know that technically that’s irrelevant).I have never worked for myself so at some point we may need to take advice on “doing this properly’

It is rent and rates that cripple car dealers .

 

[OldBlueLady]

Anything to do with stamp duty ?????

If it is, then they're in for a shock, there is no way a normal house sale will go through before the end of March if it's only just tied up - the conveyancers are absolutely snowed under and we're gauging between 16 - 20 weeks for an average sale to go through. There are exceptions of course, investor not needing a survey, with no onward chain and you might get it through in time, but those sort of people aren't normally too bothered about the stamp duty.

Glad you are busy.

House prices in Benfleet are crazy and let's be honest - it's not that nice. The high street is just awful.

That said we have a lot of countryside on our doorstep and it is a short drive to Chelmsford and easy commuting distance to London.

No, I agree, and there's a lot of over priced properties out there, but with so many people moving out of London at the moment, Benfleet is a very attractive prospect. Personally, I love living so close to some lovely countryside and also to the seaside.

 

[Mad Cyril]

No, I agree, and there's a lot of over priced properties out there, but with so many people moving out of London at the moment, Benfleet is a very attractive prospect. Personally, I love living so close to some lovely countryside and also to the seaside.

Well, if it is good enough for Ron...

 

[Leigh_Seasider]

Well, if it is good enough for Ron...

I was going to say, the Benfleet Road isn’t too shabby, some of the houses along there. South Benfleet as you mentioned, around St.Mary’s Church is lovely I think and if you’re within a 10 min walk of the station .. Benfleet Downs, woods/countryside and the estuary nearby ..

 

[Mad Cyril]

I was going to say, the Benfleet Road isn’t too shabby, some of the houses along there. South Benfleet as you mentioned, around St.Mary’s Church is lovely I think and if you’re within a 10 min walk of the station .. Benfleet Downs, woods/countryside and the estuary nearby ..

Benfleet road may not be shabby but it is off the scale tacky.

I can't believe some of the extensions pimped onto those houses were ever permitted.