Rhombus Accounting

Rhombus Accounting Rhombus Accounting Limited is an accountancy firm who are on hand to manage your accounting, finances, and taxes.

This means you can concentrate on your business, retain more profit, and reclaim your valuable time.

If you have recently started buying and selling second-hand goods and you are VAT registered, there is something you rea...
17/07/2026

If you have recently started buying and selling second-hand goods and you are VAT registered, there is something you really need to know about.

The VAT Margin Scheme.

Under normal VAT rules, you charge VAT on the full selling price of everything you sell. For a business trading in second-hand goods, that can be a significant cost, especially when your margins are already tight.

The Margin Scheme changes that. Instead of charging VAT on the full selling price, you only account for VAT on the profit margin. The difference between what you paid and what you sold it for.

This applies to:

🚗 Second-hand vehicles
⌚ Pre-owned watches and jewellery
🏺 Antiques and collectibles
🎨 Works of art
🃏 Trading cards bought from private sellers
📦 General second-hand goods

The scheme requires specific record keeping for every item. A stock book with purchase prices, selling prices, descriptions, and buyer and seller details.

Get it right and it can make a meaningful difference to your quarterly VAT bill. Get it wrong and HMRC can charge VAT on your full selling prices and disallow the scheme entirely.

If you are new to the scheme or not sure whether you are applying it correctly, we are here to help.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

If you sell Pokémon, One Piece, Yu-Gi-Oh, or Magic The Gathering, your accounting needs are more specific than most acco...
16/07/2026

If you sell Pokémon, One Piece, Yu-Gi-Oh, or Magic The Gathering, your accounting needs are more specific than most accountants realise.

Most firms lump trading card sellers in with generic online selling. They do not understand the difference between sealed and second-hand VAT treatment, the Margin Scheme record keeping rules, or what DAC7 reporting actually means for your risk exposure.

We do.

No blank looks when you mention sealed vs second-hand stock, grading costs, box breaks, or live selling on Whatnot. We understand how the trading card market actually works, and how it needs to be accounted for.

Here is what we help trading card sellers with:

🃏 Bookkeeping built around platform payouts, private sales, card show income, stock purchases, grading costs, shipping, refunds and fees

🃏 VAT Margin Scheme — second-hand singles from private sellers may qualify, and we make sure it is applied correctly with records HMRC cannot challenge

🃏 Self Assessment and Corporation Tax with figures that align across every sales channel

🃏 DAC7 compliance — we reconcile your declared income with what Whatnot, eBay and TikTok Shop have reported to HMRC, so there are no inconsistencies for them to flag

🃏 Limited company advice if you are scaling and want to know whether incorporation makes sense for you

One of our trading card clients put it best:

"I started my Ltd in 2024 and I couldn't have made a better choice than Rhombus. If I could rate higher I would. Appreciate all the work and support provided whenever it's required." — SIXONESIX.TCG LTD

If you are a trading card seller and your current accountant does not understand the difference between a box break and a private sale, it might be time for a conversation.

Full details on our dedicated trading card sellers page, link in bio.

Discover if we are the right accountants for your business ⬇️
🌐 www.rhombusaccounting.co.uk/accountants-for-trading-card-sellers
📧 [email protected]
📞 01405 447448

Most business owners only see their financial numbers once a year when their accounts are filed.By that point, it is too...
15/07/2026

Most business owners only see their financial numbers once a year when their accounts are filed.

By that point, it is too late to do anything about them.

Management accounts are a set of financial reports produced regularly throughout the year, typically monthly or quarterly, that give you a real-time picture of how your business is actually performing.

They typically include:

📊 A profit and loss statement — are you making money?
📊 A balance sheet — what does the business own and owe?
📊 A cash flow report — when is money coming in and going out?
📊 Key performance indicators — are you hitting your targets?

For businesses operating under the VAT Margin Scheme, management accounts are particularly valuable because your margins can vary significantly from one period to the next. Knowing where you stand at all times means you can make better buying decisions, plan your VAT liability, and avoid cash flow surprises.

You do not need to be a large business to benefit from management accounts. If you want to grow with confidence rather than guesswork, they are one of the most useful tools available to you.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

Reviews like this are why we do what we do.Every client who takes the time to share their experience helps us reach the ...
14/07/2026

Reviews like this are why we do what we do.

Every client who takes the time to share their experience helps us reach the next business owner who needs exactly this kind of support.

If you are looking for an accountant who is genuinely in your corner throughout the year, we would love to have a conversation.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

We hear this one more than you might think.Xero is excellent software. We use it with every single one of our clients an...
13/07/2026

We hear this one more than you might think.

Xero is excellent software. We use it with every single one of our clients and we genuinely recommend it.

But Xero is a tool. It records your transactions. It reconciles your bank. It helps you send invoices and file your VAT return.

What it cannot do is tell you whether you are paying yourself in the most tax-efficient way. It cannot spot that your Director's Loan Account is creeping into territory that will trigger a tax charge. It cannot tell you whether the VAT Margin Scheme applies to your business. It cannot plan your year end to minimise your Corporation Tax bill.

Software records what happened. An accountant helps you decide what should happen next.

The best result is always Xero plus a proactive accountant working together. Not one instead of the other.

If you are using Xero but not getting much from your accountant, that is a problem we can help with.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

If you buy and sell antiques, vintage items, or collectibles, the VAT Margin Scheme was designed for businesses exactly ...
10/07/2026

If you buy and sell antiques, vintage items, or collectibles, the VAT Margin Scheme was designed for businesses exactly like yours.

And yet most antique dealers we speak to have never had it properly set up or explained.

Under the Margin Scheme, you only pay VAT on the profit you make on each item, not the full selling price. For a business where margins vary significantly from piece to piece, getting this right can make a very meaningful difference to your tax bill.

At Rhombus Accounting, we help antique and collectibles dealers with:

🏺 VAT Margin Scheme setup and quarterly returns
📋 Stock book compliance for every eligible item
📊 Bookkeeping through Xero tailored to your buying and selling cycle
📈 Year end accounts and Corporation Tax
💰 Management accounts so you always know where your margins sit

If you trade in antiques, art, vintage items, or collectibles and you are not confident your VAT is being handled correctly, now is the time to find out.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

Not all accountants are the same. Here are 5 things a great accountant should be doing for you that a lot of them simply...
09/07/2026

Not all accountants are the same. Here are 5 things a great accountant should be doing for you that a lot of them simply are not.

1. Reaching out to you proactively
Not waiting for you to call. Flagging things before they become problems. Sending a quick message when something changes that affects your business.

2. Reviewing your tax position throughout the year
Not just at year end. Tax planning only works if it happens during the year. By the time accounts are being filed, most of the opportunities have already gone.

3. Explaining the VAT Margin Scheme if it applies to you
If you buy and sell second-hand goods and nobody has ever mentioned this, you may be overpaying VAT every single quarter.

4. Helping you understand your numbers
Not just filing them. You should always know what your profit is, what your cash position looks like, and what is coming up.

5. Being reachable
Fast replies on WhatsApp. Not chasing for a response for days on end.

If your accountant is not doing these things, it might be time to find one who does.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

We get a version of this story every month.A business owner gets in touch. They have been with the same accountant for y...
08/07/2026

We get a version of this story every month.

A business owner gets in touch. They have been with the same accountant for years. They are not unhappy exactly, but they are not getting much either.

No proactive advice. No regular contact. No one checking whether the VAT Margin Scheme applies to their business. Just a set of accounts once a year and an invoice.

Last month we onboarded a new client, a second-hand vehicle dealer who had been trading for three years. In that time they were not getting the true value from their accountant.

Within the first month of working together we had the margin scheme set up correctly, reviewed their stock records, and identified a meaningful saving on their quarterly VAT returns going forward.

That is what switching accountants can actually mean in practice.

If you are coasting along with an accountant who is not really working for you, the switch is simpler than you think. We handle the Professional Clearance. You just need to say yes.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

Growing a business often requires capital. Whether that is to buy more stock, invest in equipment, take on staff, or bri...
26/06/2026

Growing a business often requires capital. Whether that is to buy more stock, invest in equipment, take on staff, or bridge a cash flow gap, having access to the right funding at the right time can make a significant difference.

At Rhombus Accounting, we work closely with two funding partners to help our clients access finance quickly and without the usual headaches.

💼 iwoca
One of the UK's leading small business lenders. Flexible credit lines and loans that can be approved and funded fast, with decisions based on your real business performance rather than just a credit score.

💼 Swoop
A funding platform that searches across multiple lenders, grants, and equity options to find the best fit for your business. We have already helped clients secure funding through Swoop including a £40,000 supplier finance facility for a retail client.

We handle the groundwork. We prepare the financial information lenders need, present your business in the strongest possible light, and guide you through the process from start to finish.

If you are thinking about funding, start the conversation with us first.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

We are halfway through 2026. Now is the perfect time to take stock of where your business finances actually stand.Here a...
24/06/2026

We are halfway through 2026. Now is the perfect time to take stock of where your business finances actually stand.

Here are 5 questions every business owner should be asking themselves right now:

1. Do you know what your profit is so far this year?
Not revenue. Actual profit after costs.

2. Are you on track to hit your revenue target?
If not, do you know why and what you are doing about it?

3. Do you have enough set aside for your next tax bill?
Self Assessment, Corporation Tax, or VAT. Whichever is coming next.

4. Is your bookkeeping up to date?
If your last reconciled transaction was months ago, your numbers are not reliable.

5. Have you spoken to your accountant in the last 3 months?
If the answer is no, you are missing out on planning opportunities that only exist during the year.

If any of those five made you uncomfortable, it is not too late to get on top of things. There is still half a year to go.

Discover if we are the right accountants for your business ⬇️

🌐 www.rhombusaccounting.co.uk
📧 [email protected]
📞 01405 447448

Address

F15, Raise Business Centre, Tom Pudding Way
Goole
DN146BS

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+441405447448

Website

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