VAT
Value Added Tax (VAT) is a tax payable on the supply of goods and services. The VAT collected is then paid over to Her Majesty’s Revenues and Customs (HMRC, formerly the Inland Revenue).
It is important to understand how and when the liability arises to pay VAT on the goods and services which they purchase, such as entry fees for competitions. On the other hand, dealers or artists may be VAT registered, and required to pay VAT to HMRC, so must charge VAT on the sale of their work.
This article is from the Artlaw Archive of Henry Lydiate's columns published in Art Monthly since 1976, and may contain out of date material.
The article is for information only, and not for the purpose of providing legal advice.
Readers should consult a solicitor for legal advice on specific matters, and artists in London can get free online legal advice from Artquest
The article is for information only, and not for the purpose of providing legal advice.
Readers should consult a solicitor for legal advice on specific matters, and artists in London can get free online legal advice from Artquest