01252 711244 |

Accountants for fine art & antiques

Valuable expert knowledge

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.

VAT due on sales

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.

Wise & Co have been looking after my accounting and business affairs for the last six years. Sharmini and her team have always been responsive and available. They deal efficiently and with thought to all aspects of the business from the accounts to the complexities of VAT, import duty and corporation tax. The art world can offer unusual challenges for a business and Wise & Co have the experience to help me take these on. Most importantly Sharmini’s sage and invaluable advice goes beyond the normal day to day aspects of running a business and makes one really consider the bigger picture – this is a service and lifeline that goes above and beyond.

Art & antiques client

Commission payments & profit shares

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.

International sales & purchases

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

CLIENTS WORDS

With a growing business we face new challenges and require first rate expertise and proactive guidance interwoven with specific industry knowledge. Retaining Wise & Co ensures that the business is in the very best hands to fulfil our needs.
Professional services client

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