Selling car & upgrading to VW Up
Hi! I currently drive a '58 Vauxhall Astra, and while it's a decent car, I think it's a bit ugly (especially with the crappy wheels my spec has) and I want to sell it on. However I have a few concerns - will I end up paying tax on the sale, as the car was given to my as my first? All the money will go straight into the next car if it means anything. I'm not sure how selling cars works at all so could use some guidance! I've had a poke through this income tax website and it says I'll go into the first tax band if the money from it is indeed taxable. How would I go about paying tax on it if so? Really a bit stumped here and could use some help!
Onto a more fun subject - new toys! I've been side-eyeing the newest gen VW Up for a while and I quite like the look of it. Does anyone here own one (or something on that platform) & can tell me about their experience with it?
Cheers!
Re: Selling car & upgrading to VW Up
Quote:
Originally Posted by
tonbridge
Hi! I currently drive a '58 Vauxhall Astra, and while it's a decent car, I think it's a bit ugly (especially with the crappy wheels my spec has) and I want to sell it on. However I have a few concerns - will I end up paying tax on the sale, as the car was given to my as my first? All the money will go straight into the next car if it means anything. I'm not sure how selling cars works at all so could use some guidance! I've had a poke through this
income tax website and it says I'll go into the first tax band if the money from it is indeed taxable. How would I go about paying tax on it if so? Really a bit stumped here and could use some help!
Onto a more fun subject - new toys! I've been side-eyeing the newest gen VW Up for a while and I quite like the look of it. Does anyone here own one (or something on that platform) & can tell me about their experience with it?
Cheers!
The tax man will only find out about it if you tell them. I've never worried about declaring money from cars (mainly because I almost always lose on them). Just remember that your car is not likely to fetch anywhere near what you hope it's worth! Good luck.
