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.
Payments to sheep farmers are made at the end of the year after British Wool has sold the wool on behalf of its members. Payments reflect both the weight and quality of wool delivered and are based on the average price achieved for each wool type throughout the season.
The payment system has been developed to allow British Wool to operate in any market situation and use its collective strength to ensure its members receive the true market value for their wool.
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.