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Re: E M Ginn "Expert" table-top gramophone

Posted: Mon Jun 10, 2019 3:06 am
by chunnybh
I'm always a bit confused how the VAT and commission work. The figures rarely seem to make any sense.
Is VAT 20%?
On the auction page it says 29.94% commissions inc VAT/Sales tax. So how much are the auction house making on a winning bid of £8,500?

Re: E M Ginn "Expert" table-top gramophone

Posted: Mon Jun 10, 2019 5:34 am
by soundgen
Buyers premium is 20 % + VAT , if you buy online there is an additional 4.95% + VAT , so total for an online sale would be 24.95 % + VAT at 20 % on this + 4.99 making 29.94%

so the Auction house take is 24.95% of 8,500 = 2370.25 with a further 474.05 as VAT , I Think ?

Re: E M Ginn "Expert" table-top gramophone

Posted: Mon Jun 10, 2019 6:14 am
by epigramophone
soundgen wrote:Buyers premium is 20 % + VAT , if you buy online there is an additional 4.95% + VAT , so total for an online sale would be 24.95 % + VAT at 20 % on this + 4.99 making 29.94%

so the Auction house take is 24.95% of 8,500 = 2370.25 with a further 474.05 as VAT , I Think ?
Just to be clear, VAT is only chargeable on the Buyer's Premium, not on the Hammer Price.

Re: E M Ginn "Expert" table-top gramophone

Posted: Mon Jun 10, 2019 8:51 am
by soundgen
epigramophone wrote:
soundgen wrote:Buyers premium is 20 % + VAT , if you buy online there is an additional 4.95% + VAT , so total for an online sale would be 24.95 % + VAT at 20 % on this + 4.99 making 29.94%

so the Auction house take is 24.95% of 8,500 = 2370.25 with a further 474.05 as VAT , I Think ?
Just to be clear, VAT is only chargeable on the Buyer's Premium, not on the Hammer Price.
Unless the vendor is VAT registered if Vat registered VAT is payable on the hammer price , Auction houses usually mark clearly if an item is subject to VAT itself

Re: E M Ginn "Expert" table-top gramophone

Posted: Tue Jun 11, 2019 3:31 pm
by Steve
Mike,
I'm wondering why you're promoting a dead forum in your signature?

It'll hopefully in time follow it's owner into utter oblivion.

Re: E M Ginn "Expert" table-top gramophone

Posted: Sat Jun 15, 2019 8:36 pm
by kirtley2012
Wow, great to see one of these rare beasts surface, looks incredible!