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Thread: sell boat to upgrade...

  1. #1

    Default sell boat to upgrade...

    Hi!

    I currently own a small, open, 2 man canoe and want to sell it to upgrade. I was wondering-I inherited this long long ago from my granddad and was wondering - if I was to sell it, would I end up paying tax on the money? I'm self employed so do my own tax returns at the end of the year - do i have to put this on it? I used this tax calculator (income-tax.co.uk) and figured out I'd pay 40% tax on it. I might as well not sell it if so! I'm hoping someone here can help me out.

    I also want to upgrade to something a little bigger - preferably 4-5 people with enough space to fit a dog and some gear in it. Any suggestions?

    Many thanks!

  2. #2

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    Just to add, I have a decent size trailer I can use to carry the canoe - I currently use a roof rack as it's a small canoe and easy to secure really well. Does anyone have some advice with using trailers and canoes?

  3. #3
    Join Date
    Jul 2010
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    Methinks you worry too much . Just sell it, buy your next one and get on with life.
    Who's going to know ? Or at least, who would have known if you hadn't asked the question here .
    Nin Wanakiwidee Tchiman

  4. #4

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    Quote Originally Posted by OLD MAN View Post
    Methinks you worry too much . Just sell it, buy your next one and get on with life.
    You have no idea how much I was hoping someone would say that haha!

  5. #5

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    I know nothing of UK tax laws (coz I don't live there), but there are very very few canoes around which would carry safely 4 or 5 people and a dog, let alone gear as well. Grumman used to make a 20' model, back in the 70's (iirc), but they've been discontinued I believe. Clipper still make some up to around 29 feet, but I dunno if you can buy one in the UK. And if you can get one, you'll need that trailer, coz they are heavy beasts - upwards of 200 lbs if memory serves. Better off looking for 2 Prospector-type boats, imo.

  6. #6
    Join Date
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    Quote Originally Posted by sk8r View Post
    I know nothing of UK tax laws (coz I don't live there), but there are very very few canoes around which would carry safely 4 or 5 people and a dog, let alone gear as well. Grumman used to make a 20' model, back in the 70's (iirc), but they've been discontinued I believe. Clipper still make some up to around 29 feet, but I dunno if you can buy one in the UK. And if you can get one, you'll need that trailer, coz they are heavy beasts - upwards of 200 lbs if memory serves. Better off looking for 2 Prospector-type boats, imo.
    +1 what sk8r said.
    MarkL
    www.canoemassifcentral.com
    Open Canoe hire/outfitting in the Massif Central
    ”We will make your trip work”



  7. #7

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    Quote Originally Posted by sk8r View Post
    I know nothing of UK tax laws (coz I don't live there), but there are very very few canoes around which would carry safely 4 or 5 people and a dog, let alone gear as well. Grumman used to make a 20' model, back in the 70's (iirc), but they've been discontinued I believe. Clipper still make some up to around 29 feet, but I dunno if you can buy one in the UK. And if you can get one, you'll need that trailer, coz they are heavy beasts - upwards of 200 lbs if memory serves. Better off looking for 2 Prospector-type boats, imo.
    I was kind of expecting that, I haven't been able to find anything big enough either. Will definitely look into Prospectors though. Would one prospector fit on a roof rack, or side-by-side on the trailer? Thanks for the advice also!

  8. #8
    Join Date
    Jul 2010
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    Would one prospector fit on a roof rack,
    Yes, assuming you have a normalish car.

    or side-by-side on the trailer



    Yes if the trailer is wide enough, but canoes (especially prospectors) can be quite wide e,g, 36 inches, so you'd need a wide trailer.
    There are other ways to carry two canoes side by side though, either on a car or a trailer.
    Have a scroll through this thread to give yourself some ideas. http://www.songofthepaddle.co.uk/for...a-visual-guide
    Nin Wanakiwidee Tchiman

  9. #9
    Join Date
    May 2010
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    Money from selling assets is not income and so is not liable to income tax. There is Capital Gains Tax, which you pay on the increase in value of things like houses and company shares, but you're allowed £11,700 of gains every year before you have to pay any. The gain is what you sell it for less it was worth when you it got it. So just sell it.

    If your car is reasonably wide (my Focus Estate is OK), you can get two boats on the roof rack side by side, if you have long enough bars on your roof rack. Either buy something like Thule Probars, or just get 2m long lengths of 2" x 2" or bigger and lash it on top of the bars.

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