VAT Consultancy And Tax Audit Services
Businesses in the UAE are not sure whether they had done their returns properly and a few filled their returns wrongly. After the implementation of VAT, businesses should file their VAT returns either monthly or quarterly as required by the Federal Tax Authority of the UAE. There should not be any mistake made while filing the returns to the authority to avoid the penalty. Therefore, they always look for VAT consultancy and tax audit services.
Being a trustworthy accounting and financial consultancy firm, Accounts Supervisehas the best-in-class team of taxation specialists who can assist you in eliminating all obstacles such as not having much information about VAT laws and regulations, VAT compliance issues, lack of in-house resources, and lack of an advanced accounting system. From VAT registration to audit, consultancy, VAT implementation, and return filing matters, our VAT specialists can serve you the best in all taxation matters.
Accounts Supervise plays a great role in the growth of your business by implementing tailored accounting practices, utilizing modern technology to improve compliance quality, anddecreasing yourbusiness expenses.We aim to provide premium quality, prompt, and hassle-free VAT services to all kinds of businesses in the UAE. We guarantee that you will discover our VAT service procedure transparent, useful, and mistakes-free.
Why Do You Need To Choose VAT Consultancy Services?
VAT is one of the most complicated tax management requirements that every business needs. UAE VAT rules are too complicated to understand, and there may be a penalty for failing to practicethem. This is why you should perform your VAT tasks with proper and useful VAT planning and analysis. Each and every factor related to your business should be reviewed, which will help you to reduce the risk of non-compliance.
To avoid the issues of heavy fines, you should look for reliable VAT consultancy services. The expert VAT consultants of Accounts Supervise save your valuable time and increase the overheads of your business by handling all the issues by themselves.
A Variety OfVAT Consultancy And Tax Audit Services We Offer
VAT consultancy services for VAT implementation, impact analysis, changes to be adopted in the accounting records and systems, training the accountants in the organization, etc.
- Assessment of VAT Impact on Business in UAE
- Implementation of VAT Compliant Accounting Software
- VAT Bookkeeping Services
- Training of Your Staﬀ on VAT In UAE
- VAT Return Filing Services as per UAE VAT Laws
- Company Registration for VAT
- Design & Implementation of VAT Structure in Your Company
- Assessment of VAT on Your Sales Price and Proﬁtability
- Business Impact Assessment - Mapping of Existing Systems and Identifying Key VAT Touch Points
- Review of Key Documents Like Existing Contracts and Incorporation of VAT Clauses in The Existing and New Contracts and Related Documents
- Training Sessions to Create an Organization-Wide Awareness and preparedness on the eﬀect of VAT Implementation
- Advise, Develop & Assist in Restructuring Transactions, Supply Chain and Other Related Processes
- Handhold during the Initial Phase
- Align Compliance Practices with VAT Requisites
Perks Of Using Accounts Supervise VAT Consultancy Services
At Accounts Supervise, we provide you with expert assistance in handling every matter related to VAT. Have a look at some benefits that will convince you get our VAT services.
- Professional Reviews and Analysis
- VAT compliance and Filing
- Comprehensive tax audit
- Training and resources
- A dedicated team of VAT consultants
How VAT Services Are Beneficial For Your Business Growth?
You need to understand the fact that VAT is not an extra burden or cost for your business. In simple words, every business works as a moderator of the Government. Only your cashflow is affected by the VAT. Thus, when you do proper planning and manage your tax collection and its implementation effectively, it willbring added value and cash inflows to your business. VAT services are helpful in the several following ways:
- To avoid mistakes in filing the tax return.
- To claim the input tax that you have to pay as per the VAT law.
- Offer assistance in preventing fines and penalties.
- Manage the accounts’ books for five years, according to law.
- Perform the tax audit to protect your company from material misstatement.
- Provide support for the preparation of sale invoices.
- Keep yourself updated regarding the recentmodifications in the VAT law and its effect on accounting.
Frequently Asked Questions
Value Added Tax or VAT is an indirect tax that applies and is charged with the supply of goods and services. As it is connected with goods and services, we can also say it is a transaction-based tax, and it arises as and when a transaction has been taken place. As VAT is applicable in our day-to-day transactions, businesses need to make planning for the relevant VAT.
VAT in UAE was imposed on 1st January 2018 with a rate of 5%. For businesses, VAT of 5% is charged to the end customer. However, it is applicable when buying from suppliers, the difference in the sum is then paid or reclaimed by the UAE government.
Yes, VAT applies equally to all the businesses operating in the UAE mainland and free zones, as well. Nevertheless, there is a certain free zone (designated zone) defined by the UAE Cabinet, which is considered outside the UAE for tax purposes. So, it is tax-free to transfer the goods between and within designated zones.
Non-residents who are involved in taxable goods in UAE will have to getregistration for VAT. However, any other registered UAE resident is liable for accounting VAT on these supplies.
Generally, you have to submit your VAT return within 28 days from the end of the tax year. But, as per the FTA, you can also go for monthly or quarterly VAT returns.
To get registered for VAT in UAE, you have to create an e-service account by accessing https://eservices.tax.gov.aeand entering all of the details required. After that, you can log in to your account and begin the VAT registration by clicking at the option of “Registration for VAT.”