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The £12 FedEx fee is definitely gone for good as that's what they charge you for being your 'import agent' effectively.
The £42 VAT you will still have to pay for now. However, in theory, if you can prove that you sent them item back (at your cost of course) you 'may' be able to claim it back.
I believe you have to provide evidence that you paid import duty / VAT and proof that the item was returned. Personally it's really not something I would want to take a risk on as the rules are changing so fast and things seem to be going 'missing' (as in getting stuck somewhere because no one knows how to deal with them) a lot more than before.
I would imagine the hassle is going to far outweigh the benefit though. Is it not something you can sell on and at least make less of a loss?...
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aniki
Urgh… is that the £12 FedEx fee, or £12 fee + £42 VAT or item I am returning? Such a drag