VAT Consultancy
As one of the leading Tax consultant in the UAE, we can assist with any Tax related issues you may come across. Whether you are an independent accountant, a charity or not for profit organization, or a business owner keen to find out more about how making the right decisions can benefit the financial health of your company. We are providing VAT Consultancy Services for small as well as medium sized companies in UAE and India.
It is essential that businesses try to understand the implications of the new taxes and make every effort to align their business model to government reporting and compliance requirements. Hence these companies requires experiences Tax Professionals to support. At HAAB Accounting Consultancy our Experts have relevant industry experience in taxation. We have been providing one of the best VAT consultancy services in UAE.
In the UAE, VAT will be levied at a rate of 5% on most goods and services, although there will be some exceptions.We can perform VAT Consultancy, assessment and structure your business in the most tax-efficient manner with respect to the utilization/refund of input VAT, Implement appropriate Accounting systems and tailor your record keeping to meet the requirements. Businesses can find the matter of VAT extremely difficult to decipher, but failure to do so could result in costly penalties from the Federal Tax Authority. Whether you are an independent accountant, a charity or not for profit organization, or a business owner keen to find out more about how making the right VAT decisions can benefit the financial health of your company- we can help.
VAT Record Keeping
The FTA said that tax returns must be submitted electronically. Its also important to keep accounting records and documents relating to business activities. Which is including the balance sheet, profit and loss account, payroll records, wages, fixed assets, records, and inventory statements. Hence, any company registered under VAT Law shall maintain its books of records for a minimum period of 5 years. The core essentials of this book includes the following:
- Taxable Supplies and purchase invoice
- Zero-rated supplies and purchase Invoice
- Debit and credit notes
- Import and export notes
- Accounting books
Further more, failure to keep required records and other information specified in Tax Procedures Law (Ref Article (78) in Federal Law No. (7) of 2017 on Tax Procedures) will attract a penalty of AED 10,000 for the first time and AED 50,000 in case of repetition.
Why HAAB Accounting Consultancy
We have been providing one of the best VAT consultancy services in UAE in VAT Consultancy as well as Accounting Services. We assist with all VAT related advice and consultation , which includes the following:
- VAT Consultancy and Registration
- VAT Refund for Tourists
- Advising on how VAT can depend on your legal structure
- Guidance on the documentation and information required
- Reviewing your business activity and transactions for VAT compliance
- Providing a standard data template (Input and Output transactions)
- Review and analysis of data and underlying documents
- Preparation and submission of all statutory reports
- Training your employees to ensure they are familiar with VAT laws and processes