I know a few sellers in your situation who list directly to .uk (and others). There are a few things to consider, when you list on .uk you will have to list in UK Pounds (a fairly minor issue), the default payment methods expected by buyers will probably not work for you (bank transfer, Postal Orders, Cheques etc.) and this can lead to some buyer confusion. There can also be some problems with specifying shipping similar but a little more complex than when a Canadian lists on .com
That all being said it's certainly possible and is done by some sellers in a similar situation (ie: products with a major interest to UK buyers).
One thing you might consider is to try the new International Visibility option which will guarantee you placement in basic search on .uk, I would suggest you try this route to start and see what the response is like.
I'm not totally clear on how the VAT works, I think for fees you will be discounted the VAT when billed but you may encounter a few problems with buyers who will assume that your selling prices are inclusive of VAT but since you are shipping from outside the UK buyers may get charged VAT at the time of import and they may not understand why this is.
To get comments from other sellers who are doing a similar thing I would post on the .com International Board where there are at least a couple of regulars who do what you are considering.
You could try contacting user tobyshitzu, I know he (she?) lists directly to a number of International eBay sites and would know all the details of how the VAT works and any of the major bumps that can occur.

"What else could I do? I had no trade so I became a peddler" - Lazarus Greenberg 1915
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