VAT and ShareIt currency conversion

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DougWoodrow
Posts: 7
Joined: Thu Sep 21, 2006 9:33 pm

VAT and ShareIt currency conversion

Post by DougWoodrow »

Hi,

I just tried to buy madCollection via ShareIt, and I noticed that 249 USD was converted to 145.75 GBP (xe.com says it should be under 131 GBP).

So I opted to pay in dollars, and filled in all my details including GB VAT number, but when I got to the end of the process I noticed there was no VAT included.

I then edited the payment details to use Sterling instead, but again the VAT amount was zero.

Is there something wrong with ShareIt, or should I just start from scratch again?
madshi
Site Admin
Posts: 10754
Joined: Sun Mar 21, 2004 5:25 pm

Post by madshi »

Hello,

that sounds strange to me. But at the end of the day, unfortunately I have no control whatsoever over what ShareIt is doing. They recently changed their business model which resulted in different VAT rules. I'm currently thinking to change my shop provider. Anyway, if you don't mind, could you please contact ShareIt and ask them about this problem? I'm not sure what else I can tell you.

Sorry for the inconvenience! :?
DougWoodrow
Posts: 7
Joined: Thu Sep 21, 2006 9:33 pm

Post by DougWoodrow »

madshi wrote:could you please contact ShareIt and ask them about this problem?
OK, I'll let you know how I get on.
DougWoodrow
Posts: 7
Joined: Thu Sep 21, 2006 9:33 pm

Post by DougWoodrow »

Well, they were very helpful.

Firstly, the VAT issue was my misunderstanding: apparently VAT can be exempt between 2 VAT-registered companies within the EU.

Secondly, the high conversion rate is explained thus: "As the exchange rates fluctuate quite often, we have to cover the exchange risks that can appear so an additional currency risk insurance is applied."

(Makes me wonder, do they pocket the profit they make on that, or do they pass it on to Mathias?)

Anyway, I paid in US$, at the risk of my bank charging an even higher exchange rate. So just waiting for my license key now :)
madshi
Site Admin
Posts: 10754
Joined: Sun Mar 21, 2004 5:25 pm

Post by madshi »

I'm getting EUR here, so I'm not sure how exchange rates are handled. Probably ShareIt takes the profit... :(
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