The purchase and resale of jewellery and precious materials in the UK can involve a number of complicated and time-consuming VAT conditions. Despite many jewellery and precious metal purchases being the transfer of second-hand goods, neither falls under the eligibility for margin schemes. This includes the purchase of gold and investment gold.
Currently, investment gold, which can fall under three categories, is fully exempt from VAT. This is not the case for all forms of precious metal. There are many instances where VAT needs to be paid, including considerations for international trades where import and export VAT may also need to be calculated.
ACCOUNTANCY SUPPORT FOR VAT ON JEWELERS
When looking to sell or invest in precious metals or jewels, it is essential to understand how VAT works, and where it is applicable in this sector. In some cases, the transition may be eligible for the special accounting scheme, and in others it may be completely exempt. Assistance with when to anticipate VAT costs, and how to calculate the rates, is vital for VAT on jewelers. Our highly experienced team can support and advise you in vast range of areas pertaining to VAT on jewelers, including:
If you are unsure of the VAT regulations surrounding the sale of your precious metals and jewels, or around the purchase of such goods, expert assistance can be invaluable. At The Accountancy Solutions, we can advise you in all areas surrounding VAT requirements, exemptions, and rates. Whether you are looking to invest in, or sell investment gold, are considering an international sale or purchase, or need assistance with VAT records, returns, and management, we have the skills and expertise to give you a peace of mind over your business endeavors.