How do you workout your fees?
Lounges applies the standard 20% VAT to all purchases, alongside an additional booking fee of £0.42 and a supplementary £0.08 (which corresponds to the VAT for the booking charge). It's important to note that the £0.08 booking fee is applicable solely to live events.
Breakdown of Purchases:
We prioritise transparency in transactions by providing a comprehensive purchase breakdown to users. This breakdown encompasses the following key components:
- From [Creator Name]: This displays the name of the creator or the event organiser.
- Ticket Price: The chosen price at the lounge's creation stage.
- Live Booking Fee: A consistent £0.42 fee is attached to bookings.
- VAT: Calculated as 20% of the ticket price, with an additional fixed amount of £0.08 for live event booking charges.
- Total: The cumulative sum of the Ticket Price, Live Booking Fee, and VAT.
We believe in offering clear and accurate financial insights to enhance your experience on our platform. Should you require further details, our dedicated resource from HMRC provides comprehensive information regarding VAT self-billing arrangements.
If you are still encountering issues or would like to leave any feedback on this article, feel free to get in touch.