jimreidvehicle

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jimreidvehicle last won the day on August 18 2017

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About jimreidvehicle

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    jimreidvehicle
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    http://www.jimreidvehiclesales.co.uk
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  • Gender
    Male
  • Location
    Aberdeenshire
  • Your industry
    Independent dealer
  • Dealership/company name
    Jim Reid Vehicle Sales

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  1. It is disappointing that since not being selected as the provider of the IMDA legal helpline Lawgistics has chosen to actively undermine the association and cast aspersions on the motivation behind the involvement of the founder members. The Motortrade.Me trade to trade platform is not owned by the IMDA or its founder members. We were approached by the owner with an offer to make the service available to members at a cost to the association. There was no personal benefit to the founder members or associated companies. Following the launch on 5th November the feedback we received was that, unlike other member benefits, the platform was not seen as a significant attraction, and we made the decision to remove it from the offering. This together with the wide ranging support we have received from suppliers has meant that at the Motortrader Summit we were able to announce that membership would be free of charge until at least 19th January 2019. It has always been clear that the Legal Helpline was limited to telephone advice only. It has not been downgraded. The membership agreement has always been available for prospective members to read, and in fact all applicants are asked to send in a signed copy. The 90 day termination clause was originally adopted by the founder members to provide stability, but was no longer appropriate once the membership was offered free of charge. The aims of the IMDA are our four pillars · Buying Power · Voice · Support · Recognition We will continue to consult with members about the most appropriate ways to pursue those aims. Members will also have the opportunity to elect committee members at a future AGM. The association and its founding members will continue to act in good faith, with professionalism and integrity. Dealers and suppliers sharing those values will be very welcome at www.theimda.co.uk where you will also find contact details to discuss any specific issues directly. We will not be responding further on this thread.
  2. Arfur In my view I have professionally and simply answered your questions by using the words you have used whilst asking them. The problems with forums are the fact that the true tone of a reply can not be heard and an assumption of attitude can be miss interpreted. I apologise again if you feel that my reply was not professional. I’m more than happy to answer any questions you have about the IMDA personally and professionally over the phone at any stage of today that suits you. Actually I’m in the office now, 07787587422. I thank you for your praise of the IMDA as we along with many Independents feel that this is a much needed Association and we are here to help by making a difference. Please feel free to call. Jim
  3. Arfur No. Although all seven of the founder members have been working on this since June this year, none of us have taken any fees/pay or wages out of the Association. In fact quite the opposite, the six founder members who run businesses have all put in loans to the Association to get it of the ground and some of us have also bared some of the early set up costs too. There will come a point in the Not so distant future that an admin person will have to be employed and perhaps other employees but at the moment we are happy to share the heavy workload (with no pay or back pay) and balance it with working on our own businesses as well to save costs for the IMDA whilst in its infancy. Unsure if that was the inevetible answer you were hoping for. Jim
  4. Thank you for your support Rish:- Easiest way is scan and email to members@theimda.co.uk You have made some very relevant points above, all the best, Jim
  5. I think my reply was perfectly reasonable & polite albeit direct. Didn’t think being direct would offend so much, I apologise! Completely passionate about this Industry my friend!
  6. Trade Vet, I really am struggling with your comments. Not For Profit means exactly that , all money made after costs for running it are met is ploughed back into the Association to help make it grow to help make it better for Dealers. Think we have covered the Motortrade me question ? Or did you miss the answer! To keep costs to a complete minimum I’m more than happy to be Chairman for as long as it help the IMDA , no doubt it will become a full time job once busier. We have absolutely nothing to hide, and if you don’t ‘get it’ it’s fine there are plenty who do. many thanks for your comments I’ll keep the Dragons Dens tips on file just in case I ever need them ! All the best Jim
  7. Rish thw Click and Join Lansing Page was to measure the need for an Association was, there is a real appetite for change out there , however we can’t run Ann Association with no money. the subscription is £250 plus vat with loads of inclusive value check out the website and click to register your subscription, theIMDA.co.uk Cheers Isn’t it a sad reflection on today’s society when you put a massive amount of effort into setting up something to support others only to be questioned as if “what’s in it for you?” Amazing , personally and I can speak on behalf of the other founders of the IMDA , we are doing this because we CAN, and we see this as a way to help save those who can’t save themselves. Will it work? I certainly hope so! But if all we do as an industry is continually moan with no positive action guess what , the prediction of 20% of all Independents going out of business within the next 5 years will become reality! Become a member now www.theImda.co.uk For Passion Not For Profit
  8. Good afternoon Dealers.Just to completely clarify and hopefully answer all the sceptics out there. The IMDA is in no way associated with Autovolo or Motors although we have spoken with Cox to bring some value to the Association. Our Association has not received any funding from the Government and is totally set up as a not for profit association which means that all subscriptions from dealers and suppliers will be ploughed back into further growing the IMDA to provide even better value for members with more services and products build into the price. We have partnered with Motortrade Me as the platform was already ready and works fantastically well and therefore we managed to negotiation a deal with them which we as an Association have managed to include into the subscription too. if you wish to join.superb however we only invite proper dealers, make sure you have you have your vat number ready along with trade insurance and two trade references along with the signed Code of Conduct. nothing underhand, everything above board and we wish to bring a strong voice for the trade! Hopefully it will stop all the moaning that goes on in our trade! Jim No story to tell, it simply didn’t work out, however what we are offering at the IMDA is not commercial and is not for profit. this is to help Independents gain advantage in the market to stop us having to subsidise the big boys. Yeh it’s a shame it didn’t work out! No story to tell, it simply didn’t work out, however what we are offering at the IMDA is not commercial and is not for profit. this is to help Independents gain advantage in the market to stop us having to subsidise the big boys
  9. Yes we are making money, we also re invest too. I'm almost 48, so the answer would be 'no' I wouldn't start again today, but can it be done again by someone else, of course it can!
  10. Hahahaha BEST heading I've seen on here for months, well said! Yes, things are tough out there but yes if you keep a positive attitude you will succeed We started as a man and wife team ONLY back in Feb 2003 with 12 cars, 14+ years later, we now have 13 employees, Turnover £7M per year and have a real life successful 'family business' . In 2009 when the Financial Market collapsed we moved into brand new purpose built premises, when the Oil & Gas Bubble ( we are based in Aberdeen(shire) Oil Capital of Europe) burst in 2014 ( to current day) we changed our business model to suit and have grown year on year. Meet Challenge's head on , but if you feel you need help them Join The IMDA , launching on 5th of November! I'm living the dream! Jim
  11. Hi Dean Margin VAT is payable on the margin between the buying price and the selling price always. So on the example given you would pay £108.33 vat. However you can recover the VAT spent on the reconditioning costs as long as the are vat recoverable , eg MOT normally have no vat. With regards to 'it eats away at your profit' ................Welcome to our world!!! Jim
  12. Part ex it into Ford against a new one £2000 min trade in :-)
  13. Hi Jimbo, no problem It's £166.67 of Margin vat because you are only paying VAT as a percentage of your profit . Every car dealer & trader will be registered under the Margin Vat scheme if they are selling used cars if there turnover is over £85,000 per annum The simple way to look at is purchase price less sale price divided by 6 equals what you are due on vat If you are selling any other service , let that be any service you will have to charge out vat and detail that on a vat invoice with your VAT number. When I started up 14 years ago I tried to do all the accounts myself, nope! Get a book keeper to do your monthly's and vat every quarter and an accountant to check your accounts, we all have strengths, use their's! Jim
  14. Umesh , I'm paying 1p vat more than you on each sale arghhhhhh!! lol
  15. Hi Jimbo welcome to the Forum. I'll cover each question in the same order as asked. 1. The margin vat scheme is only for second hand goods inc cars and antiques ( which are often cars too) your always best to keep a separate stock file for each car you buy this would inc the purchase invoice regardless if that comes from a private individual or other garage, when you sell it you also file in the same stock file the sales invoice which means you have now two figures to use. If you bought the car at £5000 and sold it for £6000 (forgetting about any prep costs at this stage) on paper you would make £1000, however margin vat means you pay vat on your margin/profit that you have made which is £1000. Therefore the easy calculation is divide 1000 by 1.2 to get 833.33 which is your retained profit after vat, in turn you have to pay £166.67 of vat on that sale. Your vat period will determine when you pay this but you only pay margin vat on profit made at gross level. If your 3 months vat period is Jan-March then for all cars sold within that period you add the vat eminents together and pay the margin vat at end of period (normally due a month later) there is a place on your vat return for margin scheme vat. So yes treat it separate. Remember if you make no profit you pay no margin vat, however if you make a loss you can't recover vat lost. 2.All other business expense like cost of sale , servicing , stationary etc you would claim back the vat on these invoices in the month you bought them , again outing in your claim for all purchase within the period of Jan-March. This would get back the vat you have paid out. 3. Unless you are buying nearly new , ex rental or vans which have different vat elelments they are called vat qualifiing , then regardless of where you buy from you pay margin vat on profit. 4. Hopefully number one covers this 5. Depending on how you treat the sor sale. E.g. If you display a car for someone and agree a price that you will pay for the car once it's sold then if you are buying in the car into stock the same margin vat will apply between buying and selling. If however you display car for customer and only take a commission on the sale and don't put the sale through your accounts ( be careful) but you would invoice the customer your services but plus vat on the invoice which the customer pays you and you declare on vat return as a sale of service. 6. The choice is yours, however be very careful because if you are selling a car from your forecourt it is deemed a sale to the public which means you are responsible through the Consumer Rights Act. Always best to agree a purchase price and put a margin across and treat it like one of your own cars, keeps HMRC happy. not sure if that all makes sense, but yeh once you are retailing cars and paying vat, all of a sudden the world gets that bit harder, all the best Jim