Jewellers accounting, handled.

Under the Margin Scheme, you only charge VAT on the margin (sale price minus purchase price), not the full sale price — so a £2,000 piece bought for £1,400 carries VAT only on the £600 difference. You can't reclaim input VAT on the purchase, and you must keep a stock book showing each item's purchase price, sale price, and margin. We set up the stock book correctly and run the calculation each VAT return.

The VAT tax point is the earlier of the deposit being received, an invoice being issued, or the goods being supplied — so the deposit triggers VAT immediately, even if the piece won't be made for months. We build this into your invoicing flow so VAT cash doesn't surprise you, and reconcile the work-in-progress balance until the final piece is delivered.

Bullion and loose stones should be valued at cost, not current market — even when gold has run up 30% in the year, accounting standards (FRS 102) require lower of cost or net realisable value. We help you separate trading stock from any investment-grade bullion, which has different tax treatment, and document the basis for stock provisions on slow-moving lines.

Yes — Assay Office hallmarking fees, business insurance (including specie cover for stock in transit and on premises), safe rental, alarm monitoring, and CCTV are all wholly deductible trading expenses. So are trade fair stand costs and JET training. We keep a jeweller-specific expense category list so nothing routine slips through.

If you accept cash payments of €10,000 or more (or equivalent in £), you must register as a High Value Dealer with HMRC and meet anti-money-laundering record-keeping obligations on every customer. We don't run AML compliance ourselves but we make sure your books support the customer due diligence records you're required to keep, and flag transactions that bring you into scope.