Hoping someone can explain something to me about import tax as I am convinced I've missed something and I'm impatient to receive the watch I've ordered so don't want to wait for DHL to come back to me if I don't need to.

I bought a watch from Worn & Wound's shop, which is US based.
Its full price is £560 but there was an offer on which reduced it to £476.



I factored in 20% VAT upon import to the UK which I calculate to be £95.20. Even if W&W declared the watch's full value this would be £112.00.

Today I have received an invoice from DHL for import duty/charges which comes to £132.83 of which VAT is £121.63.



Given the specific number I am sure there must be something I'm missing but for the life of me I don't get what it is. The shipping is free, DHL's charge presumably doesn't come with additional VAT to me, and I've paid nothing more than the sale price of the watch, £476, so can anyone clear it up please?

The watch is due for delivery Friday and it's not clear how quickly DHL will reply to my email on this so thought I'd come to the TZ experts! If the figure is correct I will just pay it and get the watch on Friday. If not then it's obviously worth the delay and I can spend the saving on a few beers!

Thanks in advance.