Gems & Jewellery Accounting

    UK jewellers and gem dealers must manage VAT on high-value transactions, the VAT margin scheme for second-hand goods, hallmarking costs and Assay Office compliance, complex inventory valuation of precious metals and gemstones, and anti-money laundering (AML) obligations under HMRC supervision. Import duties and customs declarations on precious stones add further complexity for international dealers.

    Our gems and jewellery accounting services cover VAT margin scheme calculations, precious metals and gemstone inventory valuation, customs duty and import VAT management, AML compliance record-keeping, consignment stock tracking, insurance valuation support, and Corporation Tax planning. We help UK jewellers maintain accurate, HMRC-compliant records while managing the unique challenges of high-value stock.

    What's Included

    Comprehensive services tailored to your industry needs

    VAT margin scheme calculations
    Precious metals inventory valuation
    AML compliance under HMRC supervision
    Customs duty & import VAT
    Consignment stock tracking
    Insurance & appraisal valuation support
    UK Specialist Knowledge

    Industry-Specific UK Expertise

    Key UK Challenges

    Complexities you face

    • Applying the VAT margin scheme correctly — VAT charged only on profit margin, not full selling price
    • Valuing precious metals and gemstone inventory with fluctuating market prices
    • Complying with HMRC-supervised anti-money laundering regulations for high-value dealers
    • Managing customs declarations and import duties on precious stones and metals
    • Tracking consignment stock with clear ownership records for insurance and accounting purposes
    • Hallmarking obligations — Assay Office fees and compliance with Hallmarking Act 1973

    Tax Considerations

    HMRC rules & reliefs

    • VAT margin scheme — VAT paid on the profit margin only for qualifying second-hand goods
    • Standard VAT — new jewellery sales at 20%; margin scheme applies to second-hand items only
    • Import duties — varying rates depending on classification (precious metals, gemstones, finished jewellery)
    • AML registration — HMRC registration required for businesses dealing in goods worth €10,000+
    • Corporation Tax — stock valuation method directly impacts taxable profits
    • Capital allowances — shop fit-out, display cases, and security equipment qualify for AIA

    How We Help

    Our tailored solutions

    • VAT margin scheme administration with detailed purchase and sale record-keeping
    • Precious metals and gemstone inventory valuation at lower of cost and net realisable value
    • AML compliance record-keeping and HMRC registration support
    • Customs duty and import VAT management for international sourcing
    • Insurance valuation schedules and stock reconciliation reports
    • Corporation Tax returns with accurate stock valuation and capital allowance claims

    Ready to Simplify Your Gems & Jewellery Finances?

    Get a free consultation with our industry specialists and discover how we can help your business thrive.

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