VAT Accounting Services

Lots of businesses and individuals are looking for professional accounting firms for VAT in Dubai. As the value-added tax has been introduced in UAE from 2018, the need for expert consultants is obvious. As an established accounting firm, we are here to help our businesses to get ready for the value-added tax. The newly introduced tax is a consumption tax applied on all the goods and services. Barring few essential services like education, medical, and basic food items, the tax is applicable at a 5% rate to the purchase or sale of goods. Though VAT implementation is a new affair in Dubai, it is one of the most popular commercial tax worldwide. More than 150 countries are already following the value-added tax mechanism.

Though, the rate of the tax differs in different countries for different categories of goods and services. Hence, with our deep insight into the VAT followed worldwide, we hold expertise in guiding our clients for VAT management.

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Why You Need a VAT Consultant in Dubai?

As the VAT will be one of the major commercial taxes, it is essential to hire accounting firms for VAT in UAE for efficient management of VAT.

Since the value-added tax is a new commercial tax in Dubai, people are not aware of it. Right from the registration to the filing of returns, a person needs to be updated about all the VAT rules. We are a highly recommended value-added tax consultants in Dubai. Our professional team of experienced chartered accountants and financial advisors are adept in VAT management. With a skilful team, we are equipped to provide consultancy to small enterprises, individuals, and bigger corporates.

When there are hundreds and thousands of transactions in your firm, tax management is not an easy task. Each record of the transaction with applicable taxes, tax payment, and other details are mandatory for the firm. Since the sellers and buyers of goods and services do not have complete knowledge of handling taxes, a professional consultant is required to communicate with the tax authorities.

VAT Services in Dubai, UAE

Several accounting firms are now also providing all the VAT-related services. However, one should be sure of the services they expect from a value-added tax consultant in the UAE. It should cover the entire range of VAT related liabilities:

Instead of relying on internet data, it is always the best option to hire a VAT consultant. Companies are advised with the latest information and rules related to the tax. How to do the VAT registration? How to pay taxes and file returns? How to deal with the tax-related penalties and other inquiries from the tax authorities? Businesses save themselves from dealing with these tedious tax-related matters by hiring accounting firms for VAT in Dubai. Searching for professional experience VAT Consultants in UAE, VAT Consultants in Dubai? FIN STATICS Accounting & bookkeeping are trusted VAT advisors in UAE. The biggest benefit is that this allows businesses to concentrate on their core business.

Find FIN STATICS Accounting & Bookkeeping a Leading Accounting Firms for VAT in UAE, for more information, Enquire us today

VAT Registration & Deregistration

VAT Registration

If your business generates an annual turnover of more than AED 375,000/- then your company is liable for a mandatory VAT Registration. VAT in UAE came into effect since January 1, 2018. If your company comes under the above threshold limit, then you must register for VAT.

Before registering to VAT in UAE, you must analyse various aspects: whether to register as a voluntary option or mandatory option, whether to register as a Tax Group or a single entity, etc.

Under the Registration of VAT in UAE, FIN STATICS will assist you with

VAT Deregistration

Businesses and individuals registered under Federal Tax Authority (FTA) can de-register from VAT in two situations:

VAT deregistration in the UAE should carry out as soon as possible to escape any penalty.

If you voluntarily registered for VAT and after 12 months, your business no longer generates revenue equal to AED 187,500. You shall analyse and evaluate if it’s taxable supplies will exceed within the voluntary threshold (AED 187,500) in the next 30 days, if not, then you should apply for VAT Deregistration in the next 20 days.

Under the Deregistration of VAT in UAE, FIN STATICS will assist you with VAT. 

  1. Deregistration Eligibility Assessment   
  2. VAT Deregistration

However, more than this, VAT registration and deregistration can help the business in the following ways,

VAT Implementation & Compliance

After VAT was decided to be implemented from January 2018 in the UAE with the rate of 5.00%, businesses are mandated to follow the new tax system and comply with the same unfailingly. This has ensured that all businesses may implement VAT in their business operations and stay compliant to the tax regime as demanded by the VAT Law. Since the entire process was new and complex for a range of businesses, VAT implementation and compliances services are often required by numerous businesses. If you are looking to find the best name in business to support in effective and efficient implementation assuring uncompromised compliance to VAT, FIN STATICS is the best place.

Importance of VAT Implementation and Compliance

While the most important goal of VAT is helping the UAE government have more revenue, it helps the businesses in a range of ways, as well.

VAT Penalty Reconsideration Application

Do you believe that your company has been not liable for the penalties? Or do you not agree with FTA decision over your penalties? 

FTA, as the regulatory body for United Arab Emirates VAT Laws; takes charge of managing and collecting federal taxes and fines. And knowing tax laws has its perks for business organizations and individuals. Due to the numerous situations where, if you are not satisfied with the Authority’s decision, there are always an option for a VAT reconsideration.

UAE Nationals VAT Refund

If you are a UAE National, you will be entitled to a refund of Value Added Tax (VAT) incurred on the construction of a new residence for your use.

Since the construction of a building is a taxable supply under the UAE VAT Law, when a person constructs even a residential building, he has to pay tax for the expenses incurred during construction, including building materials, contractor’s bill, and many.

But Under the Vat Refund Scheme for UAE nationals, the tax paid for constructing the new residence can be refunded with certain conditions. This VAT refund scheme is beneficial to UAE Nationals to reduce their expenditure incurred on account of VAT paid while constructing a new residence.

VAT Documentation.

Carrying out VAT documentation is no doubt an extensive and highly tiresome job to carry out. With bigger and more extensive business transactions, more complex VAT documentations come. And most businesses may not have the full expertise and understanding to take care of all the VAT documentation processes. That’s the reason you need expertise hands on the deck to help you effortlessly pull of the challenges, and it is FIN STATICS that can help you there. We have been supporting a range of clients over the years with VAT documentation in UAE to great success and client satisfaction. As we have immense experience that spans across various business verticals, we can help you with all your VAT document requirements in UAE.

Importance of VAT Documentation

Since Value Added Tax has become the most important tax system in the UAE, it is really important that businesses must file the same as needed by the VAT Law.

apart from the mandatory requirements, VAT documentation can help a business in the following ways,

  • File the VAT more efficiently and effectively
  • Avoid confusions and troubles while filing the returns
  • Create a good-will in the market for effective VAT filing
  • Have better VAT record keeping for future references

VAT Refund Application

You can claim the VAT refund provided by your business is registered under VAT and charge the 5% VAT reasonably.

If you are a VAT registered business owner, you must file a VAT return, which should provide the details of your sales and inputs/outputs VAT paid during the time of tax.

To clarify you, the money you collect on the sales is the output VAT, while the funds payable to the supplier that adds to the expenses is the input VAT of your business. If your input VAT amount is higher than your output VAT amount, then the extra amount is VAT refundable.

You must note that any inappropriate VAT charged on goods and services is not refundable.

VAT Return Filling

If you are a taxable person, you must submit the VAT returns in the UAE with a prescribed format given by the Federal Tax Authority (FTA). Every taxable person must have the VAT returns filing done within 28 days from the end of each tax prescribed period by the FTA. The filing is carried out through an online portal of the FTA.

You must ensure that the provisions of filing the VAT returns are per the UAE VAT law. You are also liable to pay the specified return submitted amount to the FTA within the time frame given by the FTA, i.e., 28 days.

Under the VAT Returns Filing in UAE, FIN STATICS will assist you with: 

  1. VAT Return Filing – Single Company
  2. VAT Return Filing – VAT Group 

Let Our Team Help You With The Accounting & Auditing