Ok, so I am a compulsive bike buyer… It is not a secret. I always have to have two working bikes for work (instructor) for me to use, and usually " A Little Something For The Weekend, Sir?" In fairness to myself, I never pay OTT prices and usually make a bit or break even when I sell…Last year I had thirteen bikes… :Whistling:
This year, a mere eight so far - but December is still young (eek) and there are a LOT of CHEAP, great condition FZR 1000 EXUPS on ebay lol :w00t: (And who else is going to buy me a chrissy prezzie??? I rest my case :))
I did until the newish laws on having to declare them if I sold more than 3 in a year (I think). Any more than that and I became a Motor Trader with all the joys that involves ( VAT and Tax etc)…but I guess you are a Trader;)
if you sell more than three bikes a year, even if you were classed as a trader you dont have to register for VAT…and tax depends upon profits made against costs…but to be fair I have never heard of the fact that if you sell more than 3 a year your a trader…or a business…I have sold 8 this year and I am not a trader…I will likely sell another 8 next year,…and I will still not be a trader…infact i likely lost a lot of money on some of the bikes, perhaps i should declare it, could get a tax refund…hmm now you have me thinking,…
Err I’ve had the same bike for the last 4-5 years, I’ll only get rid of it if I write it off/blow it up, and it can’t be repaired or if I suddenly come into enough money to buy a shiny new one, but to be fair I’d probably save myself the cash and just do some mods to the existing one.
Not only do I not need to change my bike very regularly, I love it to bits as it gives me everything I need in a bike, I have to confess that I get far too attached to inanimate machines!
this year ive had a new r1 a zk3 gsxr600 a vtr1000 a zxr400h sold all of them only lost mony on the r1 now i have a srad 750 4/6 gullarm and gsxr k6 600 the only time i have heard having to delcalre your a trader is when you sell more than 3 bikes in one of those free ad papers as they dont seem to belive that your not a trader, so you have to pay trader advertising rates:)oh and i didnt sell them to make money , just wanted a change:unsure:
I think you’ll find that you would be (and are in the eyes of the law) classed as a trader ( if not a good one if you are losing money:)) and you would have to register for VAT ( there is no minimum turnover for this - if they class you as a trader you MUST register from day one).
The tax issue is the hassle factor rather than having to pay out as the paperwork still needs to be done.
As to claiming tax back…well, there are plenty of businesses floundering out there who might like that idea.
All of this was certainly the case when I lived in the UK and was indeed a trader at one time. Things may have changed but I’m 99.9% certain they will not have.
The SV560 is my first bike, and it will remain my only bike until (god forbid) it gets written off or, as I was saying to PPG at Borough Market last night, I become a better rider than the bike can cope with.
But then I’d probably just mod it until I could mod it no more.
I get attached to machines, too. Don’t laugh, but for me my bike and car are very personal things. Mine take me on countless miles, accompany me on adventures and prosaic commutes, help me learn my roadcraft - and put a smile on my face.
**Steels himself for the inevitable “When’s the wedding?” comments! **
According to HMRC you only need register for VAT in the following circumstances -
When you must register for VAT
If you are in business, you must register for VAT if your turnover for the previous 12 months is above £67,000. This is known as the VAT registration threshold. It changes regularly, so you should regularly check your turnover against the current threshold.
You must also register for VAT if:
you think your turnover may go over the threshold in the next 30 days
you take over a VAT registered business as a going concern
you are selling goods into the UK from another country in the EU and exceed the ‘distance selling threshold’ - see the section below on registration and international trading
you acquire goods from other countries in the EU totalling more than £67,000 in a year - see the section below on registration and international trading
However, you may have to register as a trader for other purposes. For example, you may need to register the business with the local authority as there are loads of businesses that need to register for various reasons.
I know what you mean PT! Reason I’ve got three bikes is that I rack up big mileages and use em all year round so when it comes to get something newer I’d get bugger all in part-ex - so I hang on to em - which is useful when one needs mending/tyres - i’ll go to work on the other one + the ZXR is a cheap project bike - I’m lucky at the mo in that i’ve got access to a garage to keep em in.
I’ve gained some control over recent years but prior to my divorce some time ago there were allways half a dozen or so different bikes in the house, and i mean 'in the house '… dining room was a workshop, living room was storage/the odd startup, kitchen and bathroom were parts cleaning / pre-prep
Living as i now do with RC and FF things are slowly returning to ’ NORMAL ’ :w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t::w00t:
had my zx7r for nearly 4 years now and keeping forever…it’s the best bike i have ever owned knocks the b***ocks off of my zed thou which was the last bike i owned.
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