For more information about the special 3 part form for the sale of horses and ponies under the standard margin scheme, see Notice 718. Tax is also included in the selling process including VAT and import duty. This is so that the seller will be able to reclaim the input tax on those charges. You will be making a combined supply of goods and services, with VAT due on the profit margin, if you: The liability of your services will follow that of the goods, with the result that the whole supply will be zero-rated. In other words, if you’re selling several items on behalf of one seller, you must not put the total commission charged to that seller on the invoice for one of the items. These include : pricing, fashion, rarity, condition, quality, provenance. Yes, auction houses set their own rates and they should be shown on their web sites. You can use the retail export scheme together with the Auctioneers’ Scheme but, if you do, you must account for VAT on the sale until: You can find more information about the retail export scheme in Notice 704: retail exports. Sliding Scale – Some Auctioneers And Auction Companies charge a commission that adjusts based upon the price of items. Notice 700/21: keeping VAT records gives guidance on the general records you must keep if you’re registered for VAT. For example, the hammer price of the goods, the amount of commission, other charges due – and not just for the total value of the sale. A sale can depend on many factors. This is determined by reference to the actual sale of the goods at auction. We’ve included this section to help you understand the effect that different scenarios will have on the total VAT you would owe us for the same transaction. This notice is about the Auctioneers’ Scheme, which is a variation on the VAT Margin Scheme for second-hand goods, antiques, works of art and collectors’ items. If the vendor is VAT-registered, they’ll be able to reclaim the VAT on the separate commission invoice if you’ve used the Margin Scheme for the sale. This rate includes marketing costs and insurance cover (except for Wine sales, where marketing and insurance are charged separately). This 2004 New Holland TM155 with 11,000 hours on the odometre sold for €19,900 plus VAT and commission. You do not have to apply the same option to all your sales. The rules about declarations on Auctioneers’ Scheme invoices have changed, see section 4 for details. When you sell a horse or pony on behalf of a person who’s not registered for VAT to a person who is registered, you should complete your name, address and lot number on the reverse of part A (white) of the buyer’s form. If a formal valuation is not required, most auctioneers will give a verbal valuation on items brought to the saleroom and many conduct regular valuation clinics which are free of charge. Tax is also included in the selling process including VAT and import duty. However, if you do not maintain a stock book, you must retain sufficient alternative records which provide the information required in Notice 718. There are times when auctions are useful particularly if you cannot find a direct buyer for your item. An example of some fairly typical UK Auction House terms of sale. An example calculation: a blue widget is sold for $70. As the price goes up their commission goes down. Although you must always keep stock records, you do not have to maintain a stock book which is strictly in accordance with the requirements set out in Notice 718. During the 19th Century the market was driven by new collectors and wealthy industrialists. You must view and inspect any propertyin which you are interested well before the auction date - or get someone you trust to do so on your behalf if the property is in a distant location. Online commission – for lots sold online, thesaleroom.com charges 4.95% on the hammer price although this fee varies depending on the auction house and type of auction. Further information is available in notice 703. When you obtain goods which have had VAT charged on their full value, they’re not normally eligible for the Auctioneers’ Scheme. We use this information to make the website work as well as possible and improve government services. The Auctioneers’ Scheme is a variation on the standard margin scheme for second-hand goods, works of art, antiques and collectors’ items. An Extra Statutory Class Concession, introduced with effect from 1 January 1999, allows the Auctioneers’ Scheme to be used for the sale of all goods grown, made or produced (including bloodstock or livestock reared from birth) by non-taxable persons. To work out the VAT due on an individual sale, follow the steps in the example: The VAT fraction allows you to calculate the amount of VAT included in … One auction house charges £30 after three days,  £100 after ten days and then £10 per day. You need to find a local or London auction house to value your item. For businesses selling from Northern Ireland the goods will not be subject to acquisition VAT when they are taken into an EU member state, so you should not include them on: See Notice 718 for more detailed information for businesses which use margin schemes about buying and selling to or from the EU. All of us are familiar with the movie version of auctions in which precious works of art are bid upon in elegant rooms, bids of millions of dollars made with the slight raise of a hand. Download (doc, 19.97 KB) × E-mail This Page. So to confirm have you purchased a property from an auction and that auction has charged a seller fee or has charged you a buyers fee ? Don’t include personal or financial information like your National Insurance number or credit card details. You can only use the scheme to account for sales of air guns if you are registered under the Firearms Act 1968. The retail export scheme allows certain overseas visitors to get a VAT refund on goods they buy and export from Northern Ireland in their personal luggage. Most carry out valuations for insurance, probate and tax purposes and provide detailed written reports where required. If you do not opt to use the Auctioneers’ Scheme or the Margin Scheme (see Notice 718), or you cannot meet the conditions described in paragraph 7.2, you must account for VAT in accordance with the general rules for auctioneers. If a buyer wants to drop out of the auction, he must signal the auctioneer. You pay import VAT at 5% on this value (£25). They often charge storage if you do not collect you item on time. You can find further information about those rules in Notice 700: the VAT Guide. Sample -- Notice of Auction Sale. This means a 25% discount on the commission! Additional charges at a painting auction: They may also have a discretionary reserve which means that you give them permission to sell goods typically 10%-20% below the reserve price. The Auctioneers’ Scheme in particular circumstances, 6. Once the auction has taken place, the goods are: If imported, the goods qualify for the reduced rate of VAT but the buyer’s premium does not. You must obtain proof of export before you can apply zero rating to the sale. You’ll need to include the full title of this notice. your name, address and VAT registration number, any charges for services made in connection with the sale of the goods (see paragraph 3.2) - you must not show a separate amount of VAT on any of these charges, the amount due from the buyer (this amount will form your selling price, and the purchase price for a buyer who is VAT-registered and is using the Margin Scheme), refer clearly to the original transaction, state that it’s cancelled and that the buyer should amend their VAT account accordingly, box 1 - include the output tax due on all eligible goods sold in the period covered by the return, box 6 - include the full selling price of all eligible goods sold in the period, less any VAT due on the margin, box 7 - include the full purchase price of eligible goods bought in the period, the value of the pawn is greater than £75, a signed certificate from the vendor giving the vendor’s name and address, confirmation that they’re not registered for VAT nor required to be registered for VAT, you must exercise the option for a period of at least 2 years, after which you must inform the, you must use the scheme in respect of all transactions and goods listed in paragraphs 7.1, not just in respect of certain categories of transactions or certain categories of goods, if, having exercised the option, you decide to sell any goods covered by the option outside the scheme (for example, if you export the goods), you’re not entitled to recover any input tax on those goods until the period in which you account for VAT on their sale, re-exported from the UK or re-exported from Northern Ireland to a place outside the EU, declared to another Customs procedure, for example, account for acquisition tax in box 2 of your VAT return, and, not recover the corresponding acquisition tax in box 4 (input tax), the rate of VAT is 20% and the VAT fraction is 1/6. You must not include any other services which you supply to the seller. Fees can be substantial for both buyers and sellers. They purchased artists of the day including. If you can meet these conditions, and you’re willing to re-invoice, you must cancel the first entry in your records and cross-refer to the amended transaction. There are several variations of the English auction. Read Your Charter to find out what you can expect from HMRC and what we expect from you. When you opt to use the Auctioneers’ Scheme for works of art obtained from the creator or their heirs you must not reclaim any VAT charged by the supplier. Example of vendor’s certificate for goods sold on behalf of non-taxable persons, 7. declare that I am not registered or required to be registered for Value Added Tax and that the goods detailed below are to be sold at auction on my behalf by (auctioneer’s name). Look on the back of fine art greetings cards and see who has provided the image. Sales made from Great Britain to EU member states are exports. Vendor’s Certificate for goods grown, made or produced and sold at auction on behalf of non-taxable persons. If you’ve made any charges which are not included in your scheme calculations, you must: If you’re acting in your own name, the goods you sell are deemed, for VAT purposes, to be both a supply to you and a supply from you. The legal definition of second-hand goods is goods which are suitable for further use as they are, or after repair. VAT. The costs for selling a house at auction include a commission of 2%+VAT of the final sale price, only paid upon successful sale. The item you are selling is for export outside the UK or, for businesses in Northern Ireland exported outside the EU. The main ones are: You must calculate the margin in accordance with the rules of the scheme. Generally, you must keep all your business records for VAT purposes for at least 6 years. As explained in paragraph 2.2, you calculate your margin by taking into account charges for the services you make to the seller and the buyer. The accountants from auction houses are NOT transferring sales tax on their premium (or commission) to the state/local coffers…only the sales tax on the hammer price. Not everything which somebody might collect will be included in the legal definition of a collectors’ item for margin scheme purposes. Your selling price is the hammer price plus any charges for services you make to the buyer. For example, if Bob is the winning bidder on a table and chair set that he bid $100 on, and the buyer’s premium is 10% for that particular auction, Bob will actually pay $110 for the item plus any other fees charged by the auction house such as sales tax. A typical auction house invoice is saying say Hammer 300.00 Premium 63.00 Charges 27.17 VAT on charges 5.43 Hammer VAT Nil. Equally common in the world of movies, tense bidding back and forth occurs as wealthy and desperate characters seek to outmaneuver each other as the audience in the auction house look on and gasps in suspense. If you are in any doubt, you should refer to section 20 at the end of Notice 718: the Margin Scheme and Global Accounting, where we have reproduced the law on eligible goods. VAT and a hammer fee of 8 GBP incl. When you calculate your buying and selling prices under the Auctioneers’ Scheme, you must always include: For more information about insurance provided by a third party, see Notice 718. Announcements. The auction starts and the first piece on sale is a vintage ruby and diamond choker. To help us improve GOV.UK, we’d like to know more about your visit today. The auctioneer who charges a commission or fee, exclusive of VAT, of say, €5,000 in respect of the sale of a house is liable for VAT on thisamount at the standard rate. The buyer must be able to establish the sales price for those items which were sold under the Auctioneers’ Scheme. Our seller’s commission charge is 12.5% (plus VAT) on items with a hammer price of over £3,001, or 15% (plus VAT) for items with a hammer price of £3,000 or under. If you’re in any doubt, check the list at the end of Notice 718. It tells you when you may use the Auctioneers’ Scheme to account for VAT on the supplies you make. If you leave the subject blank, this will be … The Auctioneers’ Scheme option for goods on which VAT has been charged, 8. You’ve accepted all cookies. Parts of this notice have the force of law under the orders. This amount will form the purchase price for a VAT-registered dealer who’ll be selling the item on using a margin scheme. You may, however, wish to recoup the amount from the seller outside the scheme. Commission in an amount equal to six percent (6%) of the total sale price of the Property, payable at closing. There is a £3.00 lotting fee for each lot entered into the sale. Storage fees if items not collected on time. If you do decide to use one, there are a number of conditions you must meet. Below is an outline of the potential pitfalls of selling in auctions. We will explain auction commission charges and UK auction costs including fees and how much it costs in real terms. If, for example, the reservation price of the second-highest bidder is $11,365,000 (consisting of a ‘price’ of $10 million and a auction house premium of $1,365,000), that amount does not change with an increase in the rate of the buyers premium. We may be able to allow you to keep some records for a shorter period. If you sell the item under the Margin Scheme, you must charge commission to the seller on a separate invoice, and account for VAT on the full amount. So the formula is: commission_amount = sale price * commission_percentage / 100. The 3-part forms come in numbered sets, with a VAT summary sheet at the back. The replacement invoice which you issue to the buyer must: There’s a limit to how long after the due date of the VAT return on which you accounted for the original supply you may issue a replacement invoice. As of this auction, change in commission rules The sales commission is 20% + VAT on the commission only. At the end of each tax period you’ll need to fill in a VAT return. If you’re in any doubt, check the list at the end of Notice 718. Such goods are often entered for relief under Temporary Admission (previously known as Temporary Importation) in order to be sold at auction. There are special rules about how to calculate your buying price, your selling price and your margin under the scheme. Buyer’s premium is a tradition that dates all the way back to Roman auctions during the reign of emperor Augustus. But if you’re an auctioneer, and you act in your own name, you may opt to use the Auctioneers’ Scheme for works of art, antiques and collectors’ items which you’ve imported yourself (as principal on behalf of a third party) for onward sale in your own name, and works of art you have obtained (that is, which were supplied in the UK or acquired in Northern Ireland from an EU member state) from creators or their heirs, for onward sale in your own name, whether or not VAT was charged on their purchase or acquisition. Do not include any personal or financial information like your VAT number. When you’re calculating the amount of VAT due on an individual sale, you must work from the hammer price, as follows: Your purchase price is the hammer price less any commission charges you make to the seller. When you sell a horse or pony on behalf of a person who is selling it under the standard margin scheme and is using the 3-part form, they’ll give you parts B (pink) and C (yellow) of the partially-completed form. Not all pictures sell at auction. If we cannot check the margins you’ve declared from your records, VAT will be due on the full selling price of the goods you’ve supplied, even if they were otherwise eligible for the scheme. You may use the Auctioneers’ Scheme to account for sales of such items by auction, but you must charge VAT on the buyer’s premium at the appropriate rate. On July 23, 2019, the United States District Court for the Middle District of Tennessee ordered that the Tennessee Auctioneer Commission is enjoined and restrained from applying Tennessee’s auctioneering laws and licenses to “electronic” exchanges, or online auction websites. You sell the item under the Margin Scheme. Jonathan K. Wu wrote about this concept in his article titled Seller Revenue & Sales Commission in 2008. If you’re not sure whether your records meet the Auctioneers’ Scheme rules, contact our Helpline. But you may include all those goods on the same invoice. For individual items realising less than £500 commission is charged at 15%. Catalogues, as today, were published before the sale date. So, from that perspective, it would seem, to me at least, that the auctioneer is actually … (£30 + £20 = £50.). Paragraph 3.2 explains which charges can be included in your scheme calculations. If you’ve sold goods under the Auctioneers’ Scheme, and the buyer subsequently decides that they wish to treat the transaction outside the scheme, preferring to pay VAT separately on the hammer price and other charges, you may re-invoice for the transaction under the normal VAT rules. In most cases, goods which are second-hand in the ordinary usage of the term will be eligible for the margin schemes. in a week time from the auction. As a condition of using the concession, you must obtain: You may incorporate the certificate into your existing sales entry in agreement with our Helpline. This notice is about the Auctioneers’ Scheme. Many of our clients are looking to avoid the high cost of selling items at auction and so find selling to our specialist gallery a more favourable option. You can re-invoice for the transaction under the normal VAT rules provided that you’re able to comply with all the relevant VAT regulations for the substitute transaction and, at the time of the amendment, both you and the buyer hold all the original records relating to the transaction. Those looking to hire an auctioneer often compare seller commissions to help them determine which auctioneer to select. See section 6 for an example of the certificate. You do not charge buyer’s premium or any other charges to the buyer. It’s important to check with the seller whether the goods are eligible for inclusion in the Auctioneers’ Scheme before you auction them. If you sell zero-rated goods, for example antique books, your margin will also be zero-rated. For businesses in Northern Ireland, If the work of art is an acquisition you should: You must calculate your purchase price in accordance with the rules in paragraph 3.1. The commission is calculated on each item as a fixed percentage based on the eventual hammer price at auction. This notice assumes that you have a working knowledge of basic VAT principles, as outlined in Notice 700: the VAT Guide. There can be regional differences and like any service some are better than others and they all charge fees! If the 6 year rule causes you serious storage problems or undue expense, then you should consult our VAT Helpline. Check how the new Brexit rules affect you. Sales made under the Auctioneers’ Scheme from Northern Ireland to EU member states are treated in the same way as sales within the UK. You must not reclaim the import VAT as input tax, or include it in your Auctioneers’ Scheme calculations. Auctioneers’ Scheme for second-hand goods, works of art, antiques and collectors items. This means that you should allocate any charges included under the scheme against each separate lot. If the goods are finally imported, or declared for entry to Customs Warehousing or Inward Processing Relief after the auction, you must charge VAT on the buyer’s premium at the standard rate. This page has been updated because the Brexit transition period has ended. There are detailed examples of calculations in section 8. We’ve updated the notice to reflect the VAT rate of 20%. The sales are liable to VAT in the UK. All content is available under the Open Government Licence v3.0, except where otherwise stated, 3. The tractor changed hands at today’s Cheffins’ Cambridge Vintage Sale at … You can recoup the £25 import VAT you had to pay when the item entered the UK from the seller in the USA, but you must not include it in your Auctioneers’ Scheme calculations. Find out how HMRC uses the information we hold about you. If you use the Auctioneers’ Scheme, there are some additional record keeping rules which apply to your stock record and invoices – paragraphs 4.2 to 4.8 give details. One is now charging £10 for a condition report. It will take only 2 minutes to fill in. 3.3 uyer’s Premium. To calculate your margin, you subtract the purchase price from the selling price. 40% on all items plus labor, marketing, etc. If the goods are directly re-exported from Temporary Admission following the auction then you may charge VAT on the buyer’s premium at the zero rate. These additional rules exist so that there’ll be a clear audit trail of the margin you have achieved on each item you’ve sold. It allows you to account for VAT on a margin which is equal to the value of the services you’ve supplied to the seller and the buyer. There are also some items which would benefit from an auction arena. Contact us at info@british-arts.com or 01590 678230. The VAT (Special Provisions) Order 1995 (as amended) covers all goods other than cars. There is also a loss/liability charge of 1.5% (plus VAT… You’ll be able to sell the goods at the zero rate outside the scheme if you can meet the conditions in Notice 703, but your services will normally be standard-rated. To convert amounts into foreign currencies you must use one of the methods outlined in Notice 700: the VAT Guide. If so if you reach out directly to the auction house and your solicitor should be able to assist with what is in your purchase contract and what fees are payable. Charges & Commission to Sellers. If you’re still unhappy, find out how to complain to HMRC. How the VAT Auctioneers Scheme works and when you may use the scheme to account for VAT on the supplies you make. For example, buyer’s premium or other commission, or incidental expenses such as packing, transport and insurance costs. So no mention on VAT on the Premium even though as noted by the 2 replies there should be VAT on the Premium. If you invoice in your own name and sell goods which would be eligible for sale under the Margin Scheme, there are several options you can choose from to account for VAT on your sales. You must not use the scheme to account for sales of: There is more information about these categories of goods at the end of Notice 718. Craft items and items produced in a technical or industrial context may not be eligible to be sold under the margin schemes. Other wider factors can include the economy, stock market, current bad news, sporting events and even the weather including heatwaves or snow! However, auctioneer commission is only half the picture. See Notice 703: exports and removals of goods from the UK for more information. You must issue the buyer with an invoice or other document which includes all these details: To avoid causing the buyer confusion, you should issue separate invoices if you sell goods to the same buyer under both the Auctioneers’ Scheme and normal accounting. Example of an English Auction. For up-to-date information about the capping time limits, see Notice 700/45: how to correct VAT errors and make adjustments or claims. Notice 718: the Margin Scheme and global accounting has more about using the standard margin scheme, and for more general information about margin schemes. But, if you’ve sold an item under the normal VAT rules (that is, you charged VAT on the full selling price), you cannot go back and apply any of the margin schemes to that sale later. The sales person works on a commission - he/she gets 14% out of every transaction, which amounts to $9.80. It’s important that you keep to these rules so that you can continue using the Auctioneers’ Scheme. If the purchase invoice shows a separate VAT amount, the item is not eligible to be sold under the scheme. Pay attention! 10% for items selling for $10,000 or more If you sell the exported goods under the Margin Scheme, the liability of your services will not follow that of the goods because your services are charged and invoiced outside the scheme. This clean example of a 1996 Ford New Holland 7740 with 8,500 hours on the clock sold for €18,500 plus commission (no VAT). The process of selling Fine Art at auction is the same as the early days. You can use the scheme if the goods are eligible and the seller is one of the following: This is a quick guide to the goods which are eligible to be sold under the margin schemes. The margin you calculate under the scheme may not be the same as your profit margin. Again, all of this is standard practice within the industry. 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