Liquidation Sale Of California Superbike School

Might be of interest to some of ya!/auctionDetails/3752

I’m guessing all their bikes were either leased or shipped back to California. Lots of tyres, no 160/60 17’s and more wet wipes than you could shake a boot at.

MY brain hurts: It says:

Buyer’s Premium: 18% or as specified on individual items

Sales Taxes:
Tax Rate on Hammer Price: 20% or as specified on individual items
Tax Rate on Buyers Premium: 20% or as specified on individual items
Tax Rate on Charges: 20% or as specified on individual items

So, if you bid £100 - how much do you have to pay after the buyers premium and sales tax?

The buyer’s premium is one of the way auction houses are paid for their services. And as a service provided by a business, VAT is chargeable on the premium.

If the item being sold originally had the VAT claimed back, as may be the case in a liquidation sell of commercial assets, then the VAT must be paid on the purchase price.

Charges are for sundry things like delivery or storage. You have to pay VAT on them too.

The “tax rate” on the page just means VAT.

Assuming £30 of charges, then…

Hammer price: £100
VAT: £20 (20% of £100)
Buyer’s Premium: £21.60 (18% of £100 = £18 + VAT @ 20% of £18)
Charges: £36 (£30 + VAT @ 20% of £30)
TOTAL: £177.60

That’s numberwang!

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Hmm, lot of tyres, and things simply labelled Oxford. :grinning:

Standard auction house terms blue. In real money every £1 bid will cost you £1.41 providing you pay for, collect and clear the lot in accordance with the T&C’s there will be no other ‘charges’ due. ‘Charges’ can only be applied if you default in payment, collection or clearing. Therefore with a £100 winning bid you’ll be invoiced at a total of £141.00.

Damn, I didn’t know they’d gone under. What a shame, they offered such a great and useful service to the community.

It’s the UK franchise rather than the parent company. So whilst sad for the franchisee & their staff, no doubt there’ll soon be a new franchise owner along soon to continue the school curriculum.