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Not 100% on topic but need income tax advice relating the cars..

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  • Not 100% on topic but need income tax advice relating the cars..

    hi :)

    I'm going to be selling off my current car and buying a cheap commuter and a Z3 M, however I have concerns with selling off the old car. I bought it via HP and paid the ownership fee thing, and now will be selling it - will I incur tax on this? I don't have a clue how it works. I've looked at this tax tool and I'm only concerned as I'll be close to the next tax bracket if I raise my income much more.

  • #2
    Originally posted by archief View Post
    hi :)

    I'm going to be selling off my current car and buying a cheap commuter and a Z3 M, however I have concerns with selling off the old car. I bought it via HP and paid the ownership fee thing, and now will be selling it - will I incur tax on this? I don't have a clue how it works. I've looked at this tax tool and I'm only concerned as I'll be close to the next tax bracket if I raise my income much more.
    I own a Ltd Company and a partnership and run vehicles on both so have a fairly decent knowledge of tax liability and efficiency for running vehicles.

    You don't really make it clear what you mean.

    What do you mean, "paid the ownership fee thing?" Are you self employed as partnership / sole trader? Is the car registered to your company? If you're just a private individual buying and selling a private vehicle using money you've already paid tax on then there is no liability.

    Oh, and welcome to the forum.........You win the award for the strangest first post :)
    Last edited by fok; 12-06-2018, 02:36 PM.

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