on line auction premium and VAT
Discussion
on Bonhams classic auction webpage they mention
Buyer’s premium
7% of the winning bid (minimum £700), plus 20% VAT on the Premium only.
am I right if a vehicle sold for £1,000 the price would be a premium of £700 plus 20% VAT on the £700 making a total of £1,840
or on a £20,000 sale it would be 7% = £1,400 plus 20% VAT on the £1,400 = £1,680 so total would be £21,680
Buyer’s premium
7% of the winning bid (minimum £700), plus 20% VAT on the Premium only.
am I right if a vehicle sold for £1,000 the price would be a premium of £700 plus 20% VAT on the £700 making a total of £1,840
or on a £20,000 sale it would be 7% = £1,400 plus 20% VAT on the £1,400 = £1,680 so total would be £21,680
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