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Auction final price

1 reply

StiffyByngsDogBartholomew · 01/11/2024 09:05

I'm looking at purchasing some furniture in an auction at a local hotel that is being refurbished. Can someone just confirm my understanding..
the site says fees are as follows:
"Commissions*: 22.00% ex.VAT/sales tax
VAT/sales tax on hammer: 20.00%"

so if I buy a bed at £10 after commission it's £12.20 and then VAT is payable on the £12.20 at 20% making the £10 bed's total price £14.64 ?

OP posts:
BourbonsAreOverated · 01/11/2024 09:12

In a previous life I bought cars from auction for work
it would be

no vat on the price (unless there was, but that’s a car quirk!)
commission
vat on the commission
any fees for internet bidding or additional checks
vat on those fees

it always cost a good chunk more than expected

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