Brokerage selling

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Guest

Guest
Is that right that if you sell yer boat through a brokerage he charges you for the commission say 6-8%
plus the VAT on the sum ?

"The Med has got me" (no not the Medway the other Med)
 
Re: Well ???????? Nm

..

"The Med has got me" (no not the Medway the other Med)
 
Ok . If I have to , I thought you were taking the p***. Cos I'm the learner around here.

Yes as professional services they are VAT-able, and assuming they are registered for VAT (pretty lousy broker if they're not), you have to pay it.

Possible scams around nont-Vat registered boats and point of supply but if UK - supplied delivered..You're knack****

IMHO unless some (sad) beancounter knows better



...I wanna boat please..
 
Re: Well ???????? Nm

Keep yer shirt on. Wer cumin.

Well I expect he would charge the VAT on his comision. Every one else seems to have to. Is there a reason why brokers should be exempt?

biere.gif
Haydn
 
No its just that I put my car on, if you like, a brokerage, i.e. he put it in his showroom up for
sale at XXX and when sold gave me the agreed XX I did not have to pay VAT on his profit X
and he acted like a broker ???

Anyway you cant still be a learner at your age

"The Med has got me" (no not the Medway the other Med)<P ID="edit"><FONT SIZE=-1>Edited by cneighbour on 15/10/2002 20:04 (server time).</FONT></P>
 
...aarrggh but if hyou putit on a sale orreturn basis and agreed 5% commission the n you would..

Gotta the difference?

AND ( as Alf Garnett would say) ..'er majesty needs all the ackers she can get and title and risk has been taken by the garge normally)..and anyway car and boat have slightly different VAST status I believe.

Loadsa anomalies... Travel agents don't pay VAT on 'commission' on airline ticketys

...I wanna boat please..
 
Most definately. VAT is charged on the Brokers commission.

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Re: Arrrrrgh

No VAT on second hand cars or boats just on brokers commission

"The Med has got me" (no not the Medway the other Med)
 
Re: Arrrrrgh

Am I correct in remembering that ALL debts (loans/mooring fees/ etc )owing come with the boat when you buy it.not so with cars.

Just hold tight dear it will not be so rough when we get round the corner,trust me.
 
Re: Arrrrrgh

Jeeze! That's a new one... naah! It can't be right, I once bought a 400 ton Coaster that owed money all over Europe. There were no repercussions, we did reflag it but didn't re-name it, then ran it down to work in the near East, Lebanon etc.

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VAT on margins and commissions

There is VAT even on a secondhand car like this, on the dealer margin, or his commission. Taking the example given, if dealer sold (as principal) the car for £11,175k and bort the car off you for 10k, so keeping £1,175 margin, he would have to pay VAT on the margin. He would only keep 1000 for himself.

Alternatively, if he did it on commission, like a yacht dealer, you (through the dealer as your agent) would sell the car for £11,175 to the punter. The dealer would charge you commission, say the same 1k. The commission would be subject to VAT, exactly the same amount as in the first example, so you would have to pay £1,175. No difference at all in terms of the VAT cost. The car (or boat is sold for £11,175, you would get 10 to keep, the dealer gets 1 to keep, and the VAT payment is £175.

Same applies to boat commission, also if you sell your house there is VAT on the commisssion, etc etc

Dom, please ignore all the above (lucky git :-) )
 
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