Stock, provenance and why your records matter

In the motor trade, your records aren't just paperwork, they're what stands between you and a nasty VAT bill. Provenance and a clean stock book protect your margin scheme and your profit.

Your stock book

Every vehicle that comes in and goes out should be recorded, with the dates, prices and details. It's the backbone of the margin scheme and the first thing HMRC will ask to see.

Provenance

Knowing where a vehicle came from and being able to evidence it matters, both for the margin scheme and for protecting yourself if a vehicle's history is ever questioned.

• Record purchase and sale prices for every vehicle.
• Keep the supporting paperwork together and findable.
• Track which vehicles are in stock, sold, or on finance.

The takeaway: tidy records aren't a chore, they're a safety net. ForecourtX keeps your stock book and provenance straight automatically.