Expensive learning experience with a coin Auction!

[Silverman2U]

So thought I would just share this with everyone today. I thought I was buying just over spot price from “The Coin Cabinet” an auction site that promoted 0% commission on sales, I looked at the fee to post £15 and insurance at 0.1%. All seemed good. Though I seem to have over looked something.... VAT! 
 

Give I as under the impression gold was VAT free somehow at an auction they can get away with charging VAT. 
 

Whilst I acquired a lot of nice gold coins I paid a premium, some of which I could have picked up from a bullion dealer for 20% less!! 
 

lesson ... reduce price you bid by 20% at an auction that does charge commission to get a realistic price! 

[richatthecroft]

I haven’t purchased anything from the CC auction before, but I think you’ll find you’ll just pay VAT on the extras- the extra costs, not on the lot you bought as it was zero% commission. 
I guess @AndreasAfeldt could confirm this.

[AppleZippoandMetronome]

I think there is some confusion here. I have bought lots in the last 5/6 coin cabinet auctions and the only VAT showing on my invoices is the VAT which is payable on the shipping fee. The invoices specifically say 0.00 VAT for the gold coins I've bought.

[Martlet]

Are you sure? There is no VAT on anything at auction, as it's second hand. You'll pay VAT on shipping though, so there will be a VAT line for that (about £2.50). 

[Paul]

(as above) my dealings with CC, VAT is only payable on the postage/insurance part I believe.  the costs for shipping are literally just covering their costs, nothing is inflated or overpriced.

 

 

 

[richatthecroft]

29 minutes ago, Silverman2U said:

lesson ... reduce price you bid by 20% at an auction that does charge commission to get a realistic price! 

Maybe for the forthcoming CC auctions we should keep this myth alive, and then hoover up the lots 20% cheaper 😂 

[Silverman2U]

41 minutes ago, Paul said:

(as above) my dealings with CC, VAT is only payable on the postage/insurance part I believe.  the costs for shipping are literally just covering their costs, nothing is inflated or overpriced.

 

 

 

@Paul I really hope your right and it was just miss communication. I swear I did not see it in their T&C’s anyways. Almost had a heart attack when she said I have VAT on top! 😕

[Melon]

1 hour ago, Silverman2U said:

@Paul I really hope your right and it was just miss communication. I swear I did not see it in their T&C’s anyways. Almost had a heart attack when she said I have VAT on top! 😕

You must have breathed a big sigh of relief when you read folks responses above. Phew! 😄

[Silverman2U]

Yer, 50% there!

Just need The Coin Cabinet Auctiobs to confirm this. 
😬

[Guest]

It looks like several of you guys beat me to it. NO VAT is charged on auction wins! Apart from a tiny amount on postage perhaps. Also it is 0% buyers premium not 0% sellers premium. 

[silverdocket]

I hope this clarifies the question.

[silverdocket]

I hope you didn't miss out and anything too nice like the 1982 proof sovereigns

Lol 😂.

You did the right thing always get a advice first.

Auctions in Dublin on the other hand the seller pays 15% and the buyer pays 15% plus tax

[Paul]

18 hours ago, Silverman2U said:

@Paul I really hope your right and it was just miss communication. I swear I did not see it in their T&C’s anyways. Almost had a heart attack when she said I have VAT on top! 😕

@Silverman2U  i have check on my paperwork on past CC invoices and i am correct. VAT is only added on your postage & insurance, for UK insured delivery via DHL it was just over £10 added to your bill for an order under £2000 as silver docket shows above, but his delivery & fees are to Ireland so a little higher 

[Silverman2U]

Yes checked the bill! Heart attack avoided! Big thanks to @Paul and @silverdocket really appreciate that support. Many thanks. Your both superstars!!

Many thanks. 

 

 

[silverdocket]

16 minutes ago, Silverman2U said:

Yes checked the bill! Heart attack avoided! Big thanks to @Paul and @silverdocket really appreciate that support. Many thanks. Your both superstars!!

Many thanks. 

 

 

No problem happy to help a fellow member.