Just let you guys know I called DVLA Swansea on Monday and my insurance company.
DVLA said the following. You don't need to change any thing on the logbook (V5) because its a vinly and a temporary colour and not a colour change. All you have to do is once you have applied the vinyl to your vehicle. Send them a letter saying that you have applied vinly to your car and what colour it is so they have a note of it on there system. Once you take it off send them other letter say you have took it off with the dates and reg etc.
I told my insurcance company and they don't mind me doing it, all they said is just to let them know once I have done it.
I spoke to my 3M rep as I have a garage and we use 3M parts etc. and they sell car vinyl wrap also. and I will also buy vinyl off them as am going to start vinyl wrapping cars. and he also said you don't have to notify dvla. This was on the weekend