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Author Topic: Inherited Omega - tax concerns?  (Read 282 times)

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SophieM

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Inherited Omega - tax concerns?
« on: 11 June 2018, 18:54:13 »

Hi :) I've recently inherited a 2001 Omega 3.0 V6 and after driving it around for a bit I've fallen for it quite a bit more than I expected. I have no use for multiple cars, and can't quite afford it, so will be selling my current Ford Focus. I am worried about the tax on this - I earn only just under the personal allowance , so will selling my car count as taxable income? It was bought for me by parents (first car) so I didn't pay anything for it, and selling it would be all income basically. Should I be worried about this?

cheers :)
« Last Edit: 11 June 2018, 21:22:07 by Jimbob »
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biggriffin

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Re: Inherited Omega - tax concerns?
« Reply #1 on: 11 June 2018, 19:23:26 »

It's not an income, because your not a car trader, also the focus will be cheaper to run than the omega.

Let's just say omega road tax 330 per year, 23mpg fuel is currently 1.25 p/L, that's 6.25 a gallon. 

Also were are you in the country, is car manwell or auto.
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Lizzie Zoom

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Re: Inherited Omega - tax concerns?
« Reply #2 on: 11 June 2018, 19:44:28 »

Yep, running a V6 Omega is not cheap and unless you can DIY looking after the engine, let alone everything else, as it can be expensive. In addition to that already mentioned, your insurance, dependant on your age and driving experience can be expensive, as it is a 3000cc car.

But, and it is a big but, the Omega is a fantastic car for any woman. It is big, safe and very comfortable with all the mod-cons usually found on more expensive cars. It has a very spacious boot for the shopping and anything else you may want to transport, like pushchairs or prams. If looked after it will last years, with a very robust engine that will get you out of potential trouble very quickly.

My advice is that the money that your are saving by not paying back a finance company on a normally bought car, noting you are inheriting this Omega, should be put away each month into a savings account for the normal and any ad normal maintenance costs you may face.

The fact that so many of us on this forum still love running our Omega's reflects how highly we
regard these cars when we could buy BMW's or Merc's.

Go for it girl and see how you feel about the car in 9 months time. :D :y
« Last Edit: 11 June 2018, 19:49:54 by Lizzie Zoom »
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Bigron

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Re: Inherited Omega - tax concerns?
« Reply #3 on: 11 June 2018, 20:05:33 »

Lizzie is right, but bear in mind that she is as mad as a box of frogs, as we all are on here! (About our cars, I mean; sorry Lizzie).
To aid your decision, let me just say that magnifiecent help of all descriptions is available on this Forum and I would not still have my Omega without it.
Good luck, and welcome.

Ron.
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Lizzie Zoom

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Re: Inherited Omega - tax concerns?
« Reply #4 on: 11 June 2018, 20:44:49 »

Lizzie is right, but bear in mind that she is as mad as a box of frogs, as we all are on here! (About our cars, I mean; sorry Lizzie).
To aid your decision, let me just say that magnifiecent help of all descriptions is available on this Forum and I would not still have my Omega without it.
Good luck, and welcome.

Ron.

You are absolutely spot on Ron! :-* ;D :y
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Diamond Black Geezer

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Re: Inherited Omega - tax concerns?
« Reply #5 on: 11 June 2018, 23:47:33 »

Lizzie's reflected one of my sentiments I've told many people over the years, when asked "why do you run that old car- don't you want a newer one?"
"How much does your new 'better' car cost you? 200-300 a month? So if I spend any less than that per month (averaged out over the year, some months will be free, others may incur a larger bill) I'm up on the deal ... and my car has electric everything, is comfy, smooth riding, corners very safely and predictably, sewing-machine engine note, is customised entirely to my taste and reliable. Is your car all of those?"
There's not many people that can hand on heart say 'yes' to all that.

The first year was the most expensive as I was doing everything as it arose, and nothing was 'bodged until tomorrow', I wanted to do it once and do it right... it's cheaper in the long run. I've just added up all I've spent - it works out at about 61 per month!
A large chunk (almost half) of that is in paintwork, and also many (many, many!) parts that aren't fitted, or really silly extras that let's be honest I/the car didn't need.

If you're going to pay a garage to do all the work every time - forget it; unless you have deep pockets. But there's very, very little that's daunting to anyone willing to 'have a go' and much help on this forum when you do need it :y
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BazaJT

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Re: Inherited Omega - tax concerns?
« Reply #6 on: 12 June 2018, 07:49:42 »

Hello and welcome to OOF :y As biggriffin says you can sell your Focus or the Omega or indeed both and have no worries over a tax bill as it's not classed as income unless you're a trader.
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Doctor Gollum

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Re: Inherited Omega - tax concerns?
« Reply #7 on: 12 June 2018, 09:40:47 »

Even then only taxable if it's profit...

ie storage is a deductible cost...

Plenty of legitimate ways to mitigate tax burdens :-X

But as said, not summat to worry about ;)
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TheBoy

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Re: Inherited Omega - tax concerns?
« Reply #8 on: 12 June 2018, 09:48:26 »

Having owned a Focus and an Omega (at the same time), I know what I've rather keep ;)

That said, the Omega can be fussy on how certain maintenance tasks are done, which can lead to reliability issues if you don't diy car repairs and servicing, and garage bills seem to be unreasonable high as well.
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