When a core part of a jewellery business is creating bespoke items or refurbishing and selling second-hand items, calculating the nett profit or correct VAT on components can be difficult.
To make these calculations easier and more accurate, Bransom Retail Systems has released enhanced modules for their bsmart stock management systems which not only make the process easier, but also provide a full audit trail for VAT submissions to HMRC (keeping such digital records is a requirement of the new digital VAT return procedure).
Adding a new strap to a vintage watch, or creating an engagement rings from stones, mounts and metal for example – labour and material costs all need to be accounted for to accurately determine profit and VAT, with a record of how and where each component was purchased and used.
For users of bsmart’s integrated accounts package, this data is then immediately consolidated into a VAT report to be directly uploaded to the HMRC VAT portal using Bransom’s new interface module, saving time, cost and eliminating the risk of calculation and transcription errors.
“With the new VAT reporting requirements now in place, it’s a perfect opportunity for retailers to examine their in-house systems to ensure they are able to properly store and submit their VAT records digitally” reports Chris Garland, Bransom’s Managing Director. “If a retailer hasn’t yet adopted a stock management system, now is the perfect time to look at implementing something which will make this compliance easier”.