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 ?