ivantankl
New Member
Posts • 214
Likes • 20
September 2011
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Auction VAT "✝" (Dagger) Symbol?, by ivantankl on Feb 22, 2023 22:59:57 GMT 1, Hey all,
In the process of consigning a work to Sothebys for auction. They advised that since I am selling as a private individual the VAT will be classed as "✝" (Dagger), where the buyer will pay VAT on both hammer and buyer's premium.
Is this correct?
Previous sales I have done has been through the VAT margin scheme, where the buyer only pays VAT on buyer's premium. Concerned the higher VAT may deter some buyers. Let me hear your thoughts 😊
Hey all,
In the process of consigning a work to Sothebys for auction. They advised that since I am selling as a private individual the VAT will be classed as "✝" (Dagger), where the buyer will pay VAT on both hammer and buyer's premium.
Is this correct?
Previous sales I have done has been through the VAT margin scheme, where the buyer only pays VAT on buyer's premium. Concerned the higher VAT may deter some buyers. Let me hear your thoughts 😊
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Auction VAT "✝" (Dagger) Symbol?, by its all about me on Feb 23, 2023 12:17:23 GMT 1, Is the Sothebys house you are dealing with in the UK? And where are you based? If you live in a different country to the Sothebys office (or only living temporarily in the UK) then, yes, it is common practice that the buyer will have to pay VAT on the hammer price. The VAT margin scheme does not apply to imported items.
Does that help?
Is the Sothebys house you are dealing with in the UK? And where are you based? If you live in a different country to the Sothebys office (or only living temporarily in the UK) then, yes, it is common practice that the buyer will have to pay VAT on the hammer price. The VAT margin scheme does not apply to imported items.
Does that help?
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