Many auctioneers are regulated under RICS and will have to apply the strict rules covering client monies. The business will need to have robust systems and controls in place to ensure monies received on the day of an auction are treated properly, and remaining sale monies are administered appropriately. We are sometimes asked to undertake an audit under the RICS rules and to make recommendations on how to improve the systems in place.
Complex VAT rules cover auctions, especially where property is being sold, which impact on the tax point of the transaction and whether or not VAT should be charged. Our specialist VAT team has advised on the detailed operations of the auction, and the ‘agent’ status for VAT purposes.
For more information, please contact Karen Hain on 01772 821021.
Our regular update newsletter for builders, property developers and investors, architects, surveyors and other related industries.
What does 2012 hold in store for the property and construction sector?
- The Law Society - the regulatory and representative body for 116,000 solicitors in England & Wales
- The Royal Institute of British Architects (RIBA) - the RIBA has over 30,000 members and is one of the most influential architectural institutions in the world
- The National Association of Estate Agents - the regulatory body for estate agent
- The Association of Residential Lettings Agents (ARLA) - Information on ARLA and its bonding scheme for landlords and tenants
- The National Approved Letting Scheme (NALS) - A professional body designed to promote quality standards to lettings and management agents
- The Bar Council - which represents Barristers in England and Wales
- The Solicitors Regulation Authority - regulates solicitors in England and Wales
- The Royal Institution of Chartered Surveyors - professional body for qualifications and standards in land, property and construction