Accountants for Jewellers & Gemstone Traders in Hatton Garden

UNDERSTANDING YOUR BUSINESS

More Than Standard Retail Accounting

The value of good bookkeeping in the jewellery trade goes beyond recording purchases and sales. The underlying records should provide visibility over stock, margins, VAT and the movement of money through the business.

We Can Help You Keep Track Of:

• Jewellery, diamonds and gemstone stock
• Gold and precious-metal transactions
• VAT and VAT Margin Scheme transactions
• Imports, exports and overseas suppliers
• Foreign currency transactions
• Cash, card and bank reconciliations
• Supplier and customer balances
• Year-end accounts & tax return preparation

By structuring the accounting around the way your business operates, we can help create more reliable records for tax compliance while giving you better visibility over the financial performance of the business.

Know What Your Stock Is Really Worth

Jewellery businesses can hold significant value in finished jewellery, loose gemstones, diamonds, precious metals and work in progress. Reliable stock records are important both for year-end accounting and for understanding the commercial performance of the business.

KEY AREAS:

• Jewellery and gemstone inventory
• Purchase-cost recording
• Stock valuation
• Opening and closing stock
• Gross-margin analysis
• Slow-moving or ageing stock
• Stock movements between locations where applicable
• Reconciliation of stock records to accounting data

VAT in the Jewellery Trade

VAT can become more complex where a business deals in different types of jewellery, second-hand goods, precious metals or international transactions. We can help maintain the underlying records and apply the appropriate VAT treatment based on the transactions involved.

KEY AREAS:

• Standard VAT accounting
• VAT returns and reconciliations
• VAT Margin Scheme where applicable
• Appropriate purchase documentation
• Margin calculations and record keeping
• Imports and exports
• Overseas suppliers and customers

Accounting for High-Value Transactions

Gold, precious metals, diamonds and gemstones can involve high-value individual transactions, changing commodity values, specialist VAT considerations and international counterparties. Accurate transaction records are therefore particularly important.

KEY AREAS:

• Gold and precious-metal purchases and sales
• Gold dust transactions
• Investment gold considerations
• Diamond and loose gemstone transactions
• Foreign currency transactions
• Import and export records

International Jewellery & Gemstone Trading

Hatton Garden businesses may source stones, jewellery and precious metals internationally or sell to customers outside the UK. This can introduce additional accounting requirements around currency conversion, import VAT, customs documentation and overseas transactions.

KEY AREAS:

• Standard VAT accounting
• VAT returns and reconciliations
• VAT Margin Scheme where applicable
• Appropriate purchase documentation
• Margin calculations and record keeping
• Imports and exports
• Overseas suppliers and customers

WHO WE WORK WITH

Who We Work With in the Jewellery Trade

ATA provides accounting and tax support for businesses operating across the jewellery, gemstone and precious-metals trade. We understand that different businesses within the sector have different transaction flows, stock requirements and reporting needs.

We work with:

• Independent jewellers and jewellery retailers
• Diamond dealers and traders
• Gemstone dealers and gem merchants
• Gold and precious-metal traders
• Jewellery manufacturers and workshops
• Jewellery designers and makers
• Wholesale jewellery businesses
• Growing owner-managed jewellery companies

Whether you operate from a retail showroom, workshop, office, laboratory or trade environment, we can tailor the accounting process around the way your business operates.