Up until now, our yearly turnover has been under the threshold which forces a UK company to become VAT (Value Added Tax) registered. However, we have now reached this threshold. While this is positive growth for SpeedQuizzing, it is with regret that from the 1st March 2015, 20% VAT will be added to the price of SpeedQuizzing Credits in the UK and in any country where VAT applies.
When purchasing SpeedQuizzing Credits, PayPal will provide you with a VAT receipt. If you are VAT registered, you will be able to reclaim the 20%. Therefore, VAT registered pubs and bars who purchase their SpeedQuizzing Credits directly will not be affected by these changes. This will, however, affect any self employed individuals who are not VAT registered.
We apologise for this and wish we were in a position to “take the hit” so to speak, but sadly the numbers simply wouldn’t add up.
If you are a non VAT registered individual working for pubs and bars that are VAT registered, then you may wish to consider asking your venue to purchase credits, as they would be able to reclaim the VAT and avoid the additional cost.
Alternatively, you may wish to purchase SpeedQuizzing Credits for forthcoming events in the month of February, before the VAT is added.
You can find out more information about VAT on the British Government website.
We thank you for your understanding in this and will be happy to explain this in further detail if anyone has any questions. Please contact Alan on 07966 425988.