Hi!
I've recently joined so bear with me
I'm looking to sell my car to get something a little nicer as I'm going to be doing many more miles in the near future (new job, need to commute and travel more). I'm looking to sell the Ford Fiesta I've driven for the last 4-5 years. However it was bought for me, I paid nothing for it. I was wondering if this will still count as income and be taxable as such? I've looked at this tax tool (https://www.after-tax.co.uk/)but can't find anything about it and was wondering if someone could point me in the right direction.
Also: I'm looking at a Bongo for my drive-around holiday this summer. Can anyone advise any good places to look to buy one, what other retro campers are worth looking at, and what glaring issues I need to look out for?
Thanks in advance!
Car upgrade - tax on the old one?
Moderator: Bob
Re: Car upgrade - tax on the old one?
Hi, welcome to BF.
Bear in mind I'm not qualified to give professional tax advice, this is just my personal thoughts.
If someone just gave you the Fiesta as a gift it should be the same as your Christmas pressies, not 'income' so no tax payable on sale.
If you did a load of work for someone and received the car as 'payment' it may well be different.
Re buying advice there is a well written section on here titled 'Buying a Bongo', and alternatives include the Toyota Regus and Alphard, Nissan Elgrande, countless van conversions...
Bear in mind I'm not qualified to give professional tax advice, this is just my personal thoughts.
If someone just gave you the Fiesta as a gift it should be the same as your Christmas pressies, not 'income' so no tax payable on sale.
If you did a load of work for someone and received the car as 'payment' it may well be different.
Re buying advice there is a well written section on here titled 'Buying a Bongo', and alternatives include the Toyota Regus and Alphard, Nissan Elgrande, countless van conversions...