Selling the odd car and tax implications

M

mgronholm

Registered User
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18
Hello Everyone,
I would like to ask a little advice on the following idea i have to boost my income!!

I am a full time employee with an engineering company for the past 2.5 years. My passion outside of work is cars and I would like to adventure into the car sales business on a very small scale.
Everyone seems to be doing it now!!!

I am looking at importing cars from the UK and as regards quantity, i would estimate 1 per 2 months.

Due to the fact that I am a full time employee, how would i go about setting up this venture taxtationwise?
What implications would i have with regard to paying vrt on these vehicles?

Any feedback or direction would be much appreciated

Thanks in advance

Noel
 
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should explain VRT in simple terms

seems like you will be trading and subject to tax on profits generated.....usually a company would not be sufficient untill you grow the business beyond a car or two a month. therefore you will be a sole trader.

revenue publish a very good books etc on their website

www.revenue.ie
 
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