Art Dealers

Are you an art dealer looking for a proactive accounting service that will meet the specific needs of your industry?

With many years experience working in St James’s in London with one of the biggest Victorian and contemporary watercolour dealers in the country, we are ideally suited to handle all your accounting needs.

In the main, your accounting requirements will be the same as any other business, and for these you should refer to our “How We Can Help You” page, but there are some important differences.

VAT


If you are dealing in works of art then you will be eligible to use the Margin VAT Scheme in respect of your dealings. Under regular VAT rules, businesses pay VAT output tax on their sales and claim VAT input tax on the cost of their sales. Under the margin scheme, VAT is paid only on the profit margin arising from each individual transaction. If there is a zero profit or a loss on the deal then no VAT is payable or available for reclaim.

Stock Books


Because of the VAT margin scheme, of the need for provenance on works of art, and the requirements of your accounting records, it is important that an accurate stock book be maintained. Since items may be held in stock for several years, there must be a satisfactory way of identifying everything that comes into your gallery for resale. We have devised an electronic stock book system that enables any dealer to be able to keep their records in a simple to use manner, for many years if necessary.

Stock Taking


Provided the stock records are correctly kept, then an annual physical stock take should be straight forward to administer. Each piece will be identified by its unique stock number and can be ticked off against the stock records to ensure that no errors have been made when allocating a sale in the records.

We can deal with all of the above requirements for you very simply and, once in place, everything can be maintained on a regular basis by ourselves or indeed by you or your staff if preferred. Just fill in our enquiry form and we will get back to you to arrange a FREE CONSULTATION.

Please remember that whatever we do for you comes together with our 100% Satisfaction Guarantee.



 

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