Beginner’s Guide on Starting a Classic Car Restoring Business in the United Kingdom
Classic cars have gained huge popularity recently in the United Kingdom. Due to this reason, there is great demand for repair and restoration services. Therefore, starting a Classic Car Restoring Business would keep you on profit indeed. Classic car restoration generally includes the rebuilding of damaged vehicles, general repairs, modification of vehicles without losing their originality, and their servicing.
Classic car restoring business brings you a rewarding experience while bringing the car back to its life. Starting a Classic Car Restoring Business and the work itself requires skill, patience, time, and a workshop with all the resources that are required during the restoration procedure. Below you’ll be digging into the details of the classic car restoration business.
All About Practicing Classic Car Restoration
Starting a classic car restoration business is a daunting task, and it requires patience. Classic car restoration aims to design the new vehicle in the original or classic form without impairing its mechanical performance. So, simply, classic car restoration means painting, repairing, replacing specific parts of the old car to make it fit for sale. The restorers are concerned with providing aesthetic beauty to the vehicle.
However, having skills and knowledge is not only enough to get into the business of classic car restoration. If you’re a newbie, you can get into trouble by several factors, like market, cost, resources, etc. But, with company incorporation services, you can get in the right direction without much loss of time and resources.
Here are the things that you need to consider before getting into the practice of restoring the classic car.
Do Some Research
You should try to find the gaps you could fill by your business in the existing market. And, for exploring how you could fill those gaps, you need to understand the market. The competitors you have in the market, the services they have been providing, the price values of their services, and the number of competitors you have to gain the customers. Apart from these, you need to understand the customers too; their demand and desires so that you could satisfy them and make some loyal customers.
Time, Effort, and Finance
You shouldn’t even imagine this sort of business if you don’t have enough time for your project. It requires a lot of effort and dedication to put life and originality into the car. The next thing is money. To gather all the resources to start a business, you require a minimum of $20,000 to $40,000. So, be sure you have all of it before getting into the business.
You can’t deny this part too. The major resources like tools, equipment, and space to carry out your work should be on hand before your business startup. Some of the tools are pliers, screwdrivers, sheet metal scissors, wire brushes, drill and drill bits, floor jack, sockets, wrench, electric tools, etc.
After acquiring the concept of practicing a business, you need to follow certain guidelines for starting a classic car restoration business, such as registration, licenses, and permits, etc. Let’s look at the registration procedures of car restoration businesses in the United Kingdom.
Registration Procedures of Classic Car Restoring Business
Collect the Documents
You need to provide a valid photocopy of your driving license to justify your identity. Moreover, you can have either passport, birth certificate, or marriage certificate to confirm your name.
Likewise, to ensure your address, you need to have a recent utility bill not older than three months, such as electricity, gas, water, medical card, bank statement, or building society within three months, or a council tax bill for the recent year.
Apply for Required Permits and License
There are specific licenses and permits required for carrying out classic car restoration business legally in the United Kingdom.
You need to apply for registration with DVLA for supplying vehicle number plate supplies, and for MOT testing, you need to register with DVSA.
Likewise, to apply for pollution prevention and control permits or environmental permits, you must provide evidence that your business has all the equipment and follows entire procedures to meet certain requirements of the Environment Agency of England/ the Northern Ireland Environment Agency/ Natural resources Wales/ the Scottish Environment Protection Agency. Frequent inspections may occur once you have obtained these permits. A United Kingdom corporate service provider can guide you at all the steps to meet such criteria and helps to set up your business.
You need to fill up an application form and provide the required documents as stated in the form.
Registration of Your Business
After you make the necessary applications by providing valid documents, the Ministry of Transport or any departments under it are responsible for providing you with the registration number or certificate to start your business.
License Required for Starting a Classic Car Restoring Business in the United Kingdom
This permit shows that your business complies with the pollution control legislation and your work doesn’t deteriorate the environment. These permits are essential in Wales and England.
Pollution Prevention and Control Permit
Similar to that of environmental permits, pollution prevention and control permits are mandatory for the car restoration business in Scotland and Northern Ireland to comply with pollution control legislation.
Registration Certification With Natural Resources Wales
These are mandatory in Wales. If your business is producing hazardous wastes or materials of 500 kg or more in one year, you should register with Natural Resources Wales.
Permits From REACH Regulation
Your business may require you to use different chemicals during the restoring procedures. So, it’s essential to get a permit from Registration, Evaluation, Authorisation, and Restriction of Chemicals that confirms your safe use of chemicals and you are following the measures of risk management as stated.
Authorization from DVSA (Driver and Vehicle Standards Agency)
You need to receive authorization from DVSA to carry out MOT testing. It refers to the annual testing regarding vehicle safety, emissions of exhaust and examines if the vehicle is worthy of driving on the roads. The experts from DVSA are incorporated in the MOT testing. It confirms that your vehicle is functional and does no harm to the road and environment, and complies with road safety legislation.
Evidence of Registration With DVLA (Driver and Vehicle Licensing Agency)
It provides proof that your trade license plates are not illegal. These are valid for 6-12 months, and you must renew them if you want them for a longer time.
Second-hand Dealer License
If you’re dealing with second-hand motors, you’ll need a license to operate your business. You can get more information from the local trading standard departments.
Your vehicles may be insured, or any part of it might be insured products. So, these must be authorized by FCA (Financial Conduct Authority), which is responsible for the regulation of sales of general insured products. Some of the kinds of insurance include MOT protection insurance, extended motor warranties, key fob insurance, tire insurance, motor insurance, and some rescue and recovery policies.
These are the different kinds of licenses and permits you need before starting a classic car restoration business. To obtain all these permits requires an ample amount of time and resources. So, if you’re in a dilemma to start with the process, here’s a guide to company registration that supports you and provides necessary details regarding your business and its registration. For more details, contact 3E Accounting that aims to provide the best service you are looking for in your business.