Jewellers accounting, handled.
Is your precious time being spent on numbers instead of creating masterpieces?
Looking for an accountant for jewellers who actually understands the trade? Zmartly are jewellers' accountants who live in the detail a generalist misses, the VAT margin scheme on second-hand and antique pieces, investment gold's VAT exemption, the special accounting (reverse-charge) scheme on scrap and bullion, and High Value Dealer money-laundering registration. From a Bond Street bench to a high-street goldsmith or an online estate-jewellery seller, we are ACCA-qualified, give you one named accountant, and price it flat from £99 a month, so you keep more margin and stay on the right side of HMRC.
What we get right for jewellers.
- We stop you over-paying VAT on second-hand pieces
- Most jewellers buy pre-owned rings, watches and estate jewellery from the public, who can't give you a VAT invoice. Under normal rules you'd pay 20% VAT on the full resale price; under the VAT margin scheme you only pay VAT on your profit margin. We set the scheme up properly, keep the legally required stock book HMRC inspects, and make sure no eligible item is taxed in full.
- We keep your High Value Dealer registration clean
- Take €10,000 or more in cash for a single piece (or linked payments) and you must register with HMRC as a High Value Dealer and run AML checks, trading unregistered is a criminal offence. We handle your registration, appoint your nominated officer framework, and keep the customer due-diligence records that survive an HMRC visit.
- We get the gold rules right, exempt vs reverse-charge
- Investment-grade gold (995 fineness bars and wafers) is VAT-exempt, while scrap and non-investment gold between VAT-registered traders falls under the special accounting scheme where the buyer accounts for the VAT. Get this wrong and you either lose input tax or invoice illegally. We map every gold flow you have so each is treated correctly.
- One named accountant who knows margins are tight
- Jewellery is high-value, low-volume and cash-sensitive, so a generic adviser's mistakes are expensive. You get one ACCA-qualified accountant who replies within 72 hours, fixed pricing with no surprise bills, a 30-day money-back guarantee, and rolling monthly terms, cancel any time, no lock-in.
The full picture.
01VAT margin scheme & global accounting
For second-hand, antique and collectable jewellery we operate the margin scheme so VAT falls only on your profit, and use global accounting for high-volume low-value job lots where item-by-item tracking is impractical. We maintain the compliant stock book and reconcile it to your sales, the record HMRC asks for first.
02Gold VAT: exemption, option to tax & scrap
We handle investment gold's VAT exemption (and when an option to tax helps you recover input VAT), and apply the special accounting scheme correctly to scrap and broken jewellery sold to refiners and other registered dealers, so the reverse charge is on your invoices where it belongs.
03Anti-money-laundering & High Value Dealer compliance
Registration with HMRC, annual renewal per trading premises, customer due diligence, suspicious-activity reporting routes and the written risk assessment, we build the AML pack high-value jewellers are legally required to keep and refresh it each year.
04Stock valuation & shrinkage
Jewellery stock is your biggest balance-sheet number. We value it at the lower of cost and net realisable value, separate consignment and memo (sale-or-return) goods you don't actually own, and treat theft or loss correctly, getting this right keeps your tax and your insurance figures honest.
05Capital allowances on your fit-out & tools
Display cabinets, safes, security and CCTV, laser welders, polishing and casting equipment and bench tools typically qualify for the Annual Investment Allowance, giving 100% relief in the year of purchase. We capture every claimable asset from your refit so you're not leaving relief on the table.
06Bookkeeping, payroll & year-end on cloud software
We run your day-to-day books, bench-staff and Saturday-team payroll, and your year-end accounts and tax return on Xero, QuickBooks, FreeAgent or Sage, with margin-scheme transactions coded correctly so your VAT returns are right first time under Making Tax Digital.
First call to filed.
- 01
Discovery
Understanding your business needs.
- 02
Solution Design
Crafting your custom accounting strategy.
- 03
Onboarding
Quick and easy integration.
- 04
Regular Rhythm
Consistent monitoring and reporting.
Guides for jewellers
Plain-English explainers, kept current with the latest HMRC rules.
Frequently asked questions.
No, provided you meet the conditions, the VAT margin scheme lets you account for VAT only on the difference between what you paid and what you sell it for. You can't reclaim VAT on the purchase (there usually isn't any, as you bought from a private individual), and you must keep a stock book recording each item bought and sold. We set this up and run the records HMRC inspects.
It depends on the type. Investment gold, generally bars and wafers of at least 995 thousandths fineness recognised by the bullion market, is VAT-exempt. Finished and part-finished jewellery is standard-rated. Scrap and broken jewellery sold between VAT-registered traders falls under the special accounting scheme, where the buyer (not you) accounts for the VAT. Each route is treated differently, which is exactly where generalists slip up.
If you accept or make a cash payment of €10,000 or more (or the equivalent in any currency) for goods, in one go or as linked transactions, you must register with HMRC for money-laundering supervision before taking that payment. Registration is renewed annually and a fee is payable per premises. Trading as an unregistered High Value Dealer is a criminal offence, so we get you registered and keep the AML checks in order.
For your customers it varies: UK legal-tender coins from The Royal Mint (such as Sovereigns and Britannias) are exempt from CGT, while gold bars and non-legal-tender coins are chargeable, subject to the annual exempt amount of £3,000 for 2025/26. This is a frequent customer question and a genuine selling point, we'll brief you so you can answer it accurately.
Once your VAT-taxable turnover exceeds £90,000 in any rolling 12-month period (the 2025/26 threshold), or if you expect to breach it in the next 30 days. With the margin scheme, it's the margins, not full sale values, that count towards your taxable turnover on those sales, which can change your registration position. We monitor this for you.
Yes, display cabinets, safes, alarm and CCTV systems, laser welders, casting and polishing kit and bench tools generally qualify as plant and machinery for the Annual Investment Allowance, giving 100% relief against profit in the year you buy them. We make sure every qualifying asset from a refit or workshop upgrade is captured.
Memo and consignment goods sit in your shop but you don't own them until they sell, so they shouldn't be in your closing stock or balance sheet as yours. Getting this wrong inflates your stock figure and your tax. We separate owned stock from sale-or-return lines and value owned stock at the lower of cost and net realisable value.
Stop overpaying tax. Start filing in 5 days.
Thirty minutes with an ACCA-qualified accountant. Most owners uncover £1,000-£3,000 in annual savings on the first call. If we are not the right fit, you walk away with a free tax review on the house.
