Mumford Purchasing
Acquisitions: Useful information
TAX SAVINGS
Listed & quoted artwork prices are exclusive of VAT (Value Added Tax). VAT is 15%.
Our clients normally fall into four categories;
1. EU-based Private Clients purchasing work under the Margin Scheme
A UK government initiative enables the gallery to operate the Margin Scheme for applicable artists. For art pieces by artists who qualify, we only charge VAT on a portion of the purchase price.
2. EU-based Private Clients purchasing work with full VAT
Artwork by artists who do not fall into the above category (1.) have full VAT of 17.5% charged on the NET price.
3. Non EU-based Private Clients & Companies
Our clients who purchase artwork in the UK but who will be transporting the goods abroad (e.g., outside the EU) needn’t pay VAT, providing there is proof that the artwork is shipped out of the EU within 3 months of the purchase date. To ensure correct documentation, the gallery will arrange shipment on the client’s behalf.
For clients who will be taking the artwork through the airport, the gallery will complete a ‘RETAIL EXPORT SCHEME’ form (VAT 407). Although VAT is initially charged to the client, the completed form is submitted to the VAT desk at the airport, and following postal correspondence the client will be refunded the VAT amount by the gallery.
4. EU-based companies purchasing work
Full VAT of 15% will be charged on purchases. The company may then reclaim the full VAT amount for the applicable VAT period.
PAYMENT PLANS
We’re happy to offer clients the option to pay for artwork acquisitions in instalments, providing a reasonable deposit is paid upfront. We never intend to ‘break the bank’ for our clients, and appreciate that working out a reasonable plan of payments enables current and future clients to purchase artwork they could never otherwise dream to enjoy.
Please contact the gallery for more information on our Payment Plans.
PAYMENT METHODS
Payment of artwork may be made in cash, cheque, debit/credit card and bank transfers. Unless otherwise agreed a 3% fee applies on top of the Net acquisition price for purchases made by credit card (the 3% fee does NOT apply to debit cards, cash, cheques and bank transfers).