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HOME / KNOWLEDGE / The Fine Art of VAT

The Fine Art of VAT

Our Specialist VAT team was approached by a well-known artist who was concerned about the VAT treatment on the sale of his works by an international gallery.

The international gallery, who was represented by an accountancy firm with limited experience in dealing with art, incorrectly advised our client that VAT should not be charged on the basis that the painting had been exported outside the EU.

As the ownership of the painting passed from our client, to the gallery, and then to the final customer, the artist should charge 20% VAT to the gallery. The gallery can then zero-rate the supply it made to the non-EU buyer and recover the VAT charged by the artist as input tax.

Failing to address this issue would have left our client with a large VAT liability plus penalties, should HMRC open a random VAT inspection in the future.

In this case, we achieved a successful outcome by working with the artist and gallery to correctly structure the VAT supply chain.

Jeffreys Henry LLP is a specialist provider of accountancy, tax and advisory services to artists, art galleries, art dealers and private collectors. Some of our clients include Victoria Miro Gallery, Lyndsey Ingram, Peter Doig, Chris Ofili, Cardi Gallery, Kasmin, Daniel Chadwick, Idris Khan OBE, Conrad Shawcross and Edel Assanti Gallery.

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Richard Collier VAT

RICHARD COLLIER

VAT Director


Richard is a Chartered Tax Adviser who has specialised in VAT since 1995. Richard has advised major multinationals, owner managed businesses, public companies, private clients, trusts and charities on a full range of VAT, as well as international trade and customs duty issues, and has extensive experience of UK and EU VAT law and additional experience of customs duty issues.
angel-jeffreys-henry

ANGEL YEUNG

VAT Assistant Manager


Angel is an ACCA qualified VAT Manager with extensive experience advising private individuals and companies on international transactions, Tour Operator Margin Schemes (TOMS), VAT for Restaurants including zero rated and cold-food, VAT on property transactions and HMRC VAT inspections.
Bhimal Hira
Bhimal Hira

We’re one of the UK’s leading tech-enabled providers of accountancy, audit, tax and advisory services to fast-growth SMEs, international businesses, listed companies and private individuals.

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Jeffreys Henry LLP is a Limited Liability Partnership registered in England and Wales with registered number OC306971. Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C001108797. VAT Registration Number 243307782. A list of Partners is available for inspection at the below address. Jeffreys Henry Audit Limited is registered in England and Wales with Company number 13172931. Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C008924259. VAT number 374306694. A list of Directors (who we also refer to as Partners) is available for inspection at the below address. Jeffreys Henry Business Services Limited is registered in England and Wales with Company number 13128469. VAT number 369869417. A list of Directors (who we also refer to as Partners) is available for inspection at the below address. Each entity’s registered office is at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.
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