Antique Dealers accounting, handled.

For eligible second-hand goods you charge VAT only on your margin — the difference between sale price and purchase price — not the full selling price. A chest bought for £900 and sold for £1,500 carries VAT on the £600 margin, not the £1,500. You can't reclaim input VAT on the purchase, and you must keep a stock book recording each item's purchase price, sale price, and margin. We set the stock book up correctly and run the margin calculation on every VAT return.

Buyer's premium forms part of your purchase cost for the item, so it's included in the figure your margin is calculated from when you later sell. Where the auctioneer operates the Auctioneers' Margin Scheme the VAT treatment differs again. We make sure premium, lot commission, and any restoration are captured against the right piece so each item's true cost — and your real margin — is clear before you price it.

Yes — genuine antiques, works of art, and collectors' items that qualify are charged import VAT on a reduced value, giving an effective rate of around 5% rather than the standard 20%. The item has to meet HMRC's definition and you need the right import documentation. We make sure qualifying pieces are declared correctly so you're not paying full-rate VAT on stock that's entitled to the reduced rate.

Not necessarily. Items you buy to sell are trading stock, taxed as income. Genuinely personal pieces can fall under Capital Gains Tax instead, where the chattels rules may exempt items sold for £6,000 or less. The line is drawn on the 'badges of trade' — frequency, intention, how you sourced it. We help you document the distinction so personal sales aren't swept into your trading profit by default.

Every plan covers year-end accounts, your tax return, and unlimited support from a named ACCA accountant. For a VAT-registered dealer we set up and run the margin scheme stock book, handle quarterly VAT, and keep an antiques-specific expense list (fairs, restoration, insurance, transit cover). Essentials starts at £99/month, Premium Plus at £199 adds VAT and tax planning, all on a rolling monthly contract with a 30-day money-back guarantee.