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?
E M Ginn "Expert" table-top gramophone
- chunnybh
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- Victor VI
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Re: E M Ginn "Expert" table-top gramophone
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 ?
so the Auction house take is 24.95% of 8,500 = 2370.25 with a further 474.05 as VAT , I Think ?
- epigramophone
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Re: E M Ginn "Expert" table-top gramophone
Just to be clear, VAT is only chargeable on the Buyer's Premium, not on the Hammer Price.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 ?
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- Victor VI
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Re: E M Ginn "Expert" table-top gramophone
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 itselfepigramophone wrote:Just to be clear, VAT is only chargeable on the Buyer's Premium, not on the Hammer Price.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 ?
- Steve
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Re: E M Ginn "Expert" table-top gramophone
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.
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.
- kirtley2012
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Re: E M Ginn "Expert" table-top gramophone
Wow, great to see one of these rare beasts surface, looks incredible!