Online Auction

[Shaun]

I thought it was only VAT due on the 15% buyers premium? If not thats some crazy extra charges.

[Specialized_j]

35%?? That’s ridiculous!

Are we sure that’s right as some auctions are going for over ?12k, that’s ?4200 just in fees.

[SHAMZ84]

In all honesty if your spending 12k on cigars I don't think the extra 4 k is gonna put you off.

I really don't know and haven't really asked for more info in the past but the faq weren't really clear...it's the only reason why I've stayed away. Just don't know the final cost.

I find it odd that the seller and buyer both have to pay the 15% of the hammer price plus vat. I would have thought the seller would be liable to pay a fee like eBay. Similar to eBay.

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[SHAMZ84]

i just worked it out...its not 35% its more its 38%

just say something was won at
?250 + 15%(hammer price) 287.5 + vat(20%) ?345

I hope i'm wrong though

[Shaun]

In all honesty if your spending 12k on cigars I don't think the extra 4 k is gonna put you off.

I would normally say people dont like being ripped off, no matter how much money they have. However when it comes to cigars people seem to lose their heads.

[PeeJay]

Imagine getting home having paid ?16,200 for your box of cigars and discovering they're past their best and tasteless

[canistreli]

I think you have to pay VAT on the buyer's premium only (not on the hammer price). I had to pay a 21.60% premium VAT included during an auction sale a few weeks ago. Usually auction houses are always giving their premium VAT included, to avoid this kind of issues. I'm not 100% sure though, better check with them before bidding!
Another advice: even if you often have to give your card details to be "approved to bid", you can often pay by bank transfer later and avoid the x% credit card fee.

[K444HEP]

Is it perhaps VAT on the 15%?

Eg: 15% of 250 = 37.5 + 20% (7.50) = ?295

Seems more plausible to me; the service would be eligible for VAT rather than the product I believe as the 15% would go to the auction house rather than to the seller.

[SHAMZ84]

That sounds a bit more like it....never thought of it like that....makes sense.

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[K444HEP]

That sounds a bit more like it....never thought of it like that....makes sense.

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Probably worth clarifying but it's the way that a lot of services work now with VAT being applied to their 'commission'.

[moteyi]

I'll get my valet to ask!

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[grumpybaldy]

I'll get my valet to ask!

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Don't trouble him, he's probably busy polishing something. I've already had my Cayman Islands tax consultant check it and then had it verified by my Monaco people - [MENTION=13468190]K444HEP[/MENTION] is correct, but I would expect nothing less from a man who collects ?10,000 bottles of cologne...

[K444HEP]

Don't trouble him, he's probably busy polishing something. I've already had my Cayman Islands tax consultant check it and then had it verified by my Monaco people - [MENTION=13468190]K444HEP[/MENTION] is correct, but I would expect nothing less from a man who collects ?10,000 bottles of cologne...

Haha, not quite ?10,000 [MENTION=13447116]grumpybaldy[/MENTION] [emoji13]

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[Simon Bolivar]

As a simple guide, I add 20% to the guide price & it works out about right. Pay debit card, no charge.