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At BusinessWise Accountants, we speak your language with a team of qualified professionals offering expert accountancy services in over 20 languages.
What is VAT
VAT (Value Added Tax) is a tax charged on most goods and services sold by VAT-registered businesses in the UK. Businesses with a taxable turnover above the £85,000 threshold must register, charge VAT on their sales, and submit regular returns to HMRC. We manage your VAT registration, returns and record-keeping so you stay compliant and never pay more than you should.
When you must register for VAT
You must register for VAT when your taxable turnover exceeds the £85,000 threshold in any rolling 12-month period, or if you expect to cross it within the next 30 days. We monitor your turnover and handle registration at exactly the right time to keep you compliant.
Submitting your VAT returns
Under Making Tax Digital, VAT returns must be filed using compatible software, usually every quarter. We prepare and submit your returns accurately and on time, reconcile your input and output VAT, and make sure you claim back everything you are entitled to.
Choosing the right VAT scheme
HMRC offers several VAT accounting schemes, and choosing the right one can improve your cash flow and reduce administration. We assess your turnover, sector and trading patterns to recommend the scheme that suits your business best and handle the switch on your behalf.
Popular VAT schemes
Standard
Accrual scheme
VAT is accounted for on invoices issued and received during each quarter — the default approach suitable for most established businesses.
Flat Rate
Simplified scheme
You pay a fixed percentage of your turnover to HMRC, simplifying record-keeping for smaller businesses with limited expenses.
Cash
Accounting scheme
You account for VAT only when payment is actually received and made, protecting cash flow if customers pay late.
Penalties for late VAT returns
HMRC operates a points-based penalty system for late VAT submissions and payments, with financial penalties and interest building up the longer a return is overdue. We keep your filings on schedule so you avoid points, penalties and unnecessary interest charges.
Join us for Free Consultation
Whether you’re looking to optimize your tax strategy, streamline your bookkeeping, or navigate complex financial regulations, our team of experienced professionals is here to guide you every step of the way. Book your free consultation today and take the first step toward financial clarity and success!