All prices displayed on the Axminster website now include VAT at 15% instead of the old rate of 17.5%. This means you are effectively getting a discount of 2.13% on every item we sell.
Please note: If you choose to display prices excluding VAT, there is no difference.
Why is the discount 2.13% not 2.5%
The following example illustrates how the discount is calculated:
An item selling for £100 (inc VAT at 17.5%) has a price (excluding VAT) of £85.10
If you apply the new VAT rate of 15% to the price excluding VAT (£85.10), it gives the new price of £97.87
The new VAT rate (15%) equates to a saving of £2.13 (£100 minus £97.87 = £2.13)
This equals the same as taking 2.13% (or £2.13) off the original £100 (inc 17.5% VAT) price
Axminster Power Tool Centre Ltd, Unit 10 Weycroft Avenue, Axminster, Devon, EX13 5PH. United Kingdom. VAT Reg. No. GB 792 4137 16. eCommerce by Paraspar
