Auctioneers

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.