British Wool payment system
Following the grading process, British Wool sells wool on behalf of its members in a series of auctions over a 12 month period.
Members will be able to receive their payments at year end once the entire annual clip has been sold.
Payments for the previous year’s wool are automatically paid to members when they deliver the current year’s wool clip. For example, the 2022 wool payment will be paid on delivery of the 2023 wool. Payment for 2023 wool will be made on delivery of the 2024 wool.
This payment will reflect both the weight and quality of wool delivered and are based on the average prices achieved for each wool type throughout the season.
The payment system allows us to operate in any market situation and use its collective strength to ensure its members receive the true market value for their wool.
If you want to view all the auction reports and see how the British wool market is fairing visit our Sales Reports.
Questions? Read our frequently asked questions here.
To minimise administration costs and ensure payment is made to you as soon as possible, British Wool operates a “Self-Billing” system.
Essentially, this means British Wool raises a VAT sales invoice on your behalf and then British Wool pays this “Self-Billed” invoice to you.
To operate this system, your written consent to self-billing is required under the HMRC self-billing VAT notice 700/62. It applies to all VAT registered members and members registered under the Agricultural Flat Rate Scheme.
If you have any queries please contact the Member Services on 01274 688666.