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The Magic Cafe Forum Index » » Latest and Greatest? » » The Great UK Magic Dealers RIP OFF ! (12 Likes) Printer Friendly Version

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EZrhythm
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Thank You, JackMagic and The Duster for bringing this to attention. I had an issue with Vanshing Inc. about a "bait and switch" situation. They attempted to remedy the matter and offered a discount code for a product they know is discontinued and not going to be produced anymore.
How many magicians does it take to change a lightbulb? Regardless, for magicians darkness is a time for d'lite.
Quentin
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UK dealers that have a 7.5% V.A.T. rate are not allowed to claim VAT back at all, they simply pay the 7.5% on EVERYTHING they sell.

Most UK dealers only have a large stock of their own products, and import the rest as needed from Murphy's. Even those on the 7.5% VAT rate still have to pay import duty on goods from outside the EU.
The Duster
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Quote:
On Apr 26, 2018, Quentin wrote:
UK dealers that have a 7.5% V.A.T. rate are not allowed to claim VAT back at all, they simply pay the 7.5% on EVERYTHING they sell.

Most UK dealers only have a large stock of their own products, and import the rest as needed from Murphy's. Even those on the 7.5% VAT rate still have to pay import duty on goods from outside the EU.


Seems you haven't read the thread...

As I stated:

It's 20% VAT [if they are VAT reg - i.e. turnover of 81k+ a year]

OR... if they go flat rate VAT - which can be different amounts - but in Vanish Inc case is 7.5%... then they can NOT claim back any VAT on things they buy... and they charge 20% VAT but only pass on the 7.5% to HMRC

The down side of flat rate is not claiming back for things you buy

I would have thought Vanishing Inc buy loads of stuff in - but they prob have some scheme whereby US shop buys it or some other way that it works out better at Flat Rate

But it was just not correct to list the VAT as 7.5% to customers - as that should have been 20% [except 0% on books - where they were still charging customers VAT - until this thread and they corrected that]

Though of course without saying anything - hmm
chuds
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Is anyone on this thread a VAT specialist or work for the inland revenue or even an accountant..... or are you just speculating by reading google?

VAT is an extremely complex calculation and can never be taken at face value as many directions including import duty source can be taken to achieve the figure payable to Hmrc.

Just my opinion of course.
Chuds
IAIN
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Eternal Order
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The Magic Cafe Forum Index » » Latest and Greatest? » » The Great UK Magic Dealers RIP OFF ! (12 Likes)
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