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Author Topic: Auction sales and Vat  (Read 10083 times)

Penninehillbilly

  • Joined Sep 2011
    • West Yorks
Auction sales and Vat
« on: February 28, 2026, 06:34:21 pm »
Hi all, I'm a bit worried about filling vat return in wrong,
Can anyone advise?
Eg, say (Figures plucked out of air )
sheep sold for 150.00
Commission 10.00
VAT. 2.00


What goes where?
does the whole 150 go in sales, or 138? I'm losing the plot here. :(
TIA, (I hope  :) [size=78%])[/size]
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SallyintNorth

  • Joined Feb 2011
    • Cornwall
  • Rarely short of an opinion but I mean well
    • Trelay Cohousing Community
Re: Auction sales and Vat
« Reply #1 on: February 28, 2026, 09:44:40 pm »
As far as general accounting principles go, yes the sales are the whole £150.

Commission is a cost of sale.

As far as VAT returns, it's over 2 decades since I had to do one, so I think I better leave that part to someone who is more current!
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Don't listen to the money men - they know the price of everything and the value of nothing

Live in a cohousing community with small farm for our own use.  Dairy cows (rearing their own calves for beef), pigs, sheep for meat and fleece, ducks and hens for eggs, veg and fruit growing

Penninehillbilly

  • Joined Sep 2011
    • West Yorks
Re: Auction sales and Vat
« Reply #2 on: February 28, 2026, 11:27:24 pm »
Thanks Sally,
Had a break and the brain fog cleared, seems obvious now.  :)
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