Value Added Tax (VAT) - boring and interesting all at the same time

For most people, VAT is an unwanted and ugly fact of life, a bit like a parking fine, or herpes.

I'm once again VAT registered in the UK.

"Do you want a medal or something?" I hear you say?

Well no, but it's worth sharing, especially if you reside outside of the UK, which many of 7th Storeys' customers do.

What does this all mean if I'm in the UK?

Nothing - there'll be no difference to prices for records or shipping, you'll just see a calculation in your basket/invoice that relates to how much of your order total is VAT (taxes) - other than that, you can carry on as though nothing has happened.

What does this mean if I'm NOT in the UK? 

This is where it gets a tad more interesting...

Previously, before VAT registration, if you live outside the UK, you would pay the same price as UK customers for records - but then, on top of that, you'd often be liable to pay import VAT/Duties on top of the price of your records - with my VAT registration, this means;

• You pay the excluding VAT price, not the UK price! This means at point of sale, records are now 20% cheaper than the UK

This doesn't mean that you won't still get charged VAT/Duties when the goods reach your borders, but it beats paying higher prices AND having to pay local VAT on top of that, I hope?

Anyway, hopefully that's decent news for some folk.

I'm also planning to trial IOSS (collecting EU VAT at point of sale) for EU destinations at some point in the new year, which should make receiving your order an absolute breeze, more on that soon...