More VAT and Taxes articles
The majority of the Banksy work sold via the gallery is done so on the margin scheme and VAT cannot be isolated and broken out on the invoice even when sold and invoiced within the United Kingdom. Further information on the margin scheme can be found here.
In accordance with HMRC regulations the gallery cannot and will not accept cash payments of €10 000 or more for items purchased at the gallery.
This include several cash payments for a single transaction totalling €10 000or more as well as a series of payments and payments on account. Cash payments totalling €10 000 or more which appear to have been broken down into smaller amounts so that they come below the high value payment limit
PAYPAL can be used to pay for artworks at the gallery. There is no charge for doing so on any amount under £10 000. To cover the processing fees that Paypal charge the gallery a 3% surcharge will be added to the invoice total for all Paypal transactions exceeding £10 000
The majority of our works are sold using a UK government scheme called the margin scheme.
It is applied for all secondary market artworks and the cost of the VAT is included in the sales price.When selling work directly from VAT registered artists or publishers, standard VAT will be charged - currently 20%.
A full explanation of the margin scheme from the UK government website can be found here.
For works sold under the margin scheme,we do not deduct VAT as this is already included within the cost of the artwork.If the work is not sold under the margin scheme, then VAT can be deducted from your order.
For more information on the margin scheme, please refer to our T&Cs.