In January 2017, Truly Hooked became a VAT registered business. This was such a big milestone for us to reach, and we are so thankful to you for your support in helping us to achieve it.
We have been paying VAT on all our sales (excluding books, as these are zero rated) since the start of 2017, however, we did not add 20% onto our prices at the time, as we didn’t feel comfortable doing this overnight. We have a couple of incremental price increases since then, but as our costs keep on increasing, we can no longer continue to absorb the VAT as we have been doing.
In April of 2019, a conversation was sparked on Instagram about the cost of indie products, including yarns, with the speculation that many of us were unfairly overcharging. Verity spent quite a long time breaking down our costs, to show how small a profit we actually make on each sale once all our costs of production, taxes, VAT and other expenses are factored in. This prompted many, many of you to tell us that we should increase our prices then and there, but we still felt uncomfortable doing so, through fear of losing you, our valued customers.
However, a two month trial of a pay-what-you-can style model showed us that you are indeed willing to pay a higher cost, and although the model wasn’t sustainable across all our products, we are taking steps to make them accessible to everyone still:
From August 1st 2019:
- ALL prices will include VAT depending on your location (those of you outside Europe wont be charged extra)
- A ‘Sweater Quantity’ discount will now be automatically applied – you will need to purchase 4-6 full skeins of the same product to receive 10% off and 7+ skeins for 15% off
- We will always continue to run regular promotions, including our very popular Boxing Day sale, as well as promotions at shows alongside our bargain bin
- Postage will remain flat rate, no matter how many skeins you order. This is £4 to the UK, £6 to Europe and £8 for the rest of the world. Books/totes/pins will be charged less accordingly (some locations will still be £8 due to the weight)
- Yarn club prices will be unchanged until January 2020
We hope that these price changes don’t put you off shopping with Truly Hooked, though we appreciate it make your purchases less frequent. It’s been a very difficult decision for us to reach, but one that we must take, otherwise the business will no longer be sustainable, and we really don’t want to let it go. Every purchase you make directly supports our family, as this business is our only income source.
We will always be thankful to you for you custom, your signal boosting on social media, your supportive messages and general awesomeness – we couldn’t do any of this without you.
Thank you, always <3