Wise & Co will help to translate your passion for fine art and antiques into sound business practice. Our comprehensive accounting and tax planning services includes dedicated in-house VAT expertise; helping you to minimise your VAT liability and ensuring the correct VAT treatment of imported and exported works of art.
Did you know that most antiques are bought and sold under the margin scheme? Instead of VAT being accounted for based upon the full selling price, it is based upon the profit margin made on the item. The margin scheme can save you money but there are strict HMRC rules that need to be followed.
Wise & Co has helped many dealers with margin scheme calculations; creating and maintaining their records to ensure they comply with HMRC’s requirements and assisting those who have been subject to HMRC inspections.
Sharing the purchase or sale of high value items with other dealers involves determining the correct VAT liability of commissions or profit shares paid between parties. Incorrectly treating a payment as a non-VATable profit share is an expensive mistake when the VAT rate is 20%.
Wise & Co can help you avoid stressful complications and ensure you do not incur unexpected VAT costs.
Are you aware that antiques imported into the EU benefit from a reduced import VAT duty of only 5% compared to the normal 20%? The import and export of goods can be a bureaucratic process, particularly if goods enter bonded warehouses when they reach the UK.
HMRC challenged the valuation of imported goods for one dealer. Wise & Co’s work enabled the records for goods entering and leaving a bonded warehouse to be reconciled.
Dealing with VAT obligations can be onerous and complicated, so it’s important that you receive the right advice. Let us manage all of your accounting and tax affairs and support you in fulfilling your ambitions.
To find out more about our services or to arrange a free consultation, please contact Sharmini Woodings on 01252 711244