NEW - Choose your preferred currency for buying and selling domains.

[sedo]

Further to client feedback, Sedo is now offering our UK-registered clients more flexibility through currency choice. You can now select your preferred currency by choosing either British Pounds (GBP), Euros (EUR) or US Dollars (USD) to make buying and selling domains at Sedo easier.

You can apply your choice of currency to each individual transaction through your Sedo account. This feature is currently only available for domain sales/purchases. Parking payments will remain in Euros.

 

[Edwin]

Will the currency be preserved throughout the whole process?

For example, if I specify my currency as GBP and then sell a domain name for £1,000 will I receive exactly £900 after the 10% commission has been taken off? And will that £900 be sent in GBP to my bank account?

 

[rob]

Good question!

Historically (2006-2007ish) sedo worked on the 1 : 1 exchange rate for USD$ and GBP£

 

[sedo]

Yes Edwin

That is how it works.

 

[rob]

In Edwins model if he charges VAT do you take 10% of the VAT as comission as well?

ie. £833.33 + vat = 1000

Does SEDO take 100 or 83 comission?

 

[Edwin]

In Edwins model if he charges VAT do you take 10% of the VAT as comission as well?

ie. £833.33 + vat = 1000

Does SEDO take 100 or 83 comission?

Surely they shouldn't take commission on VAT, as that's passed directly on to HMRC and doesn't benefit the seller? But maybe "surely" doesn't necessarily apply!

 

[rob]

Easy question and am sure SEDO can reply with ease....

 

[doodlebug]

Sedo should take £83 and give the £17 difference to Edwin as he is responsible for paying the V.A.T

How does it work anyway if you consider that Sedo is in Germany and eg, the buyer is in the USA,is V.A.T based on the country where seller resides ?

 

[sedo]

Answers to VAT related questions can be found in our FAQs on www.sedo.co.uk
If you don´t find an answer to your specific question please ask your tax consultant

 

[Edwin]

There are a few VAT related answers in the FAQ. I've linked to them below to save you having to hunt and poke around the site for them (since it doesn't look like you're going to get a straight answer)...
http://sedo-int1.custhelp.com/app/answers/detail/a_id/97/kw/vat

http://sedo-int1.custhelp.com/app/answers/detail/a_id/44/kw/vat

http://sedo-int1.custhelp.com/app/answers/detail/a_id/2087/kw/vat

Probably the most relevant is this:
"Please note that all offer/counter-offer prices and auction prices are inclusive of VAT (if applicable). No additional taxes and/or VAT will be added to the final price on completion of negotiation."
but also
"If you are trading on Sedo as a VAT-liable company, you need to specify that you are trading as a company in the "My Account" section of your Sedo account and enter a valid tax registration number. If you are trading as an individual, this is not required."

In other words, even though Sedo know which businesses are VAT registered (since there is functionality to state this within the interface and specify the VAT number, and an explicit requirement to do so) they will continue to help themselves to comission on the VAT as well by carefully blurring the issue!

 

[rob]

Answers to VAT related questions can be found in our FAQs on www.sedo.co.uk
If you don´t find an answer to your specific question please ask your tax consultant

Hi Joanna,

I am a thicko - can you answer to the example above?

Will it be
A - £100
B- £83?

Surely very easy to answer A or B, as it is your organisation that takes the fees not a 'tax consultant',

Cheers,
Rob

 

[ABCV]

Hi Joanna,

I am a thicko - can you answer to the example above?

Will it be
A - £100
B- £83?

Surely very easy to answer A or B, as it is your organisation that takes the fees not a 'tax consultant',

Cheers,
Rob

Good point Rob, exactly what I thought, lets wait and see what the reply is.

 

[rob]

They wont answer as it will either show then up for the farce of collecting comission on tax, or lots of refunds to issue.

 

[Frog]

Good point Rob, exactly what I thought, lets wait and see what the reply is.

Sedo, any reply to this? Would love to know the answer myself.

 

[Edwin]

If they would once and for all fix VAT, I might consider using them again as an additional sales channel.

As things stand, the silence is both deafening and it also speaks volumes!

 

[Frog]

Still no answer Sedo? Got something to hide?

 

[foz]

Have had a sale recently conducted in GBP and was paid in EUR. Am short ~£50 from the transaction. Made comment in the transfer interface but no response as yet.

 

[rob]

As things stand, the silence is both deafening and it also speaks volumes!

Agreed

 

[rob]

Guessing this is a proper 'no comment'.

 

[bensd]

All my domains are set to £ however, I'm still recieving offers in $.

Am I missing something?