What records must auctioneers keep?
Auctioneers must issue an invoice or statement to the seller and a sales invoice to the buyer showing the hammer price and charges for their services. You should read Notice 718, which explains the invoicing requirements in detail. For the purposes of the auctioneers’ scheme: the auctioneer’s purchase price = the vendor’s selling price; and the auctioneer’s selling price = the buyer’s purchase price. These respective selling and purchase prices should be clear to the auctioneer’s clients from the details on the invoice.
