by rgronow » Tue Apr 07, 2015 10:13 pm
Hi guys,
I wanted to post this as a new thread but not able to yet due to lack of posts!
I'm really confused about the whole VAT situation and kickstaters explaination of it. VAT is charged 20% in the UK.
Can someone please clarify - after a successful campaign, will kickstarter automatically deduct 20% of the fund for VAT along with the other fees?
for example:
I initially raise £10,000 from the campaign.
Will Kickstarter automatically take the following:
5% fee = £500
5% (just for the example) payment processing fee = £500
20% VAT = £2000
So, following the above fees and tax, Kickstarter will transfer to me £7000.
Am I understanding that correctly?