The Federal Tax Authority (FTA) of UAE introduced Value Added Tax (VAT) in UAE from January 2018. The UAE government has embraced this big change in order to reduce its reliance on oil-based revenue and invest more towards development of economy’s infrastructure and provide even better lifestyle to the residents. While the basic rate applicable for VAT is 5%, this new economic move will have its impact on the general population, business, job market and the government. Businesses in particular, is having to make changes in operations, technology and human resources.
At Beyond Numbers we provide a 360° solution to all your VAT related needs. Under this spectrum, we help our clients with VAT registration, accounts for VAT, tax planning, report preparation, and filing returns to the VAT authorities.
VAT registration is the first step towards enrolling your business under the new VAT laws enforced by the government. The Federal Tax Authority (FTA) has mandated every individual (natural persons) and companies (legal persons) performing business in the UAE to register for VAT if their total taxable supplies and imports of goods and services in UAE exceed AED 375,000, over the past 12 months or is about to cross the aforesaid turnover in next 30 days (for the rolling 12 months period). This excludes the supplies and imports of goods and services that are exempt.
Businesses (including start-ups) or individuals who expect their supplies and imports to exceed AED 187,500 can voluntarily register for VAT. Non-residents performing business in the UAE mandatorily require to register for VAT irrespective of the registration thresholds mentioned above.
As emphasized by FTA, VAT registration is a critical process which involves a careful review of the data and documents submitted. Inaccurately recorded data and impending faults associated with that, can lead to rejection of application. Or in other cases, the application will be sent back to the registrant for amendments which may lead to delay in receiving the tax registration number (TRN).
To ensure that you successfully register for VAT and receive the TRN without any hassles, Beyond Numbers previews the data before submission and executes the entire process with flawlessness. Beyond Numbers acts as your compliance management partner from the first step of registration process.
Accounts For VAT
After having registered for VAT, every taxable entity is required to prepare and maintain a record of accounts for VAT (for minimum five years). As an extension, the authority can ask to submit documents including annual account details, purchase daybooks, invoices issued and received, general ledgers, credit notes, debit notes and records of imports and supplies.
Having a team of consummate professionals, Beyond Numbers helps you with the keeping of records related to taxable supplies and imports of goods and services. We ensure that all the accounts related to VAT are valid, up to date and duly maintained for a minimum of five years – a requirement readily available when your business undergoes the audit. As a part of our accounting service, we keep your VAT records in an organised and standardised form and resolve any accounting related issues thereby protecting the business from the incurrence of any penalty and fines from the government. Our expertise, credentials and long-established experience manifest in our full-fledged accounting services including sound financial forecasting and advice that ascertains that your business reaches the maximum efficiency.
VAT Report Preparation
To comply with FTA requirements under the VAT law, every taxable business and individual requires to prepare a VAT report prior to submission of any records to the authority. Beyond Numbers helps companies to draft report that is precise, captures all the details and is in accordance with the FTA compliance requirements. We help you prepare the records under defined deadlines, while keeping an eye on the accuracy of the submissions. VAT touches every aspect of a business including IT systems, finance, legal teas, inter-organizational transactions and human resources. We support the entire company level reporting process.
It is not always possible for the companies to look after the tax issues and get them resolved with the concerned authorities. Beyond Numbers acts as your tax planner and manages all the tax matters meticulously. We provide a reliable tax planning strategy for your business and offer a comprehensive service package that meets your exact needs.
We provide tailor-made services to businesses and high net worth investors who look for optimising their asset protection and minimising their international tax exposure. We also provide a merger and acquisition roadmap followed by a properly-structured tax-efficient plan. We keep business informed of any regulatory amendments made by the government to ensure your business keeps away from its negative impact.
Filing VAT Returns
With the implementation of VAT in UAE, it is required that every taxable business should submit VAT to the government through the FTA portal. A business needs to file VAT returns on a periodic basis which is usually within 28 days of the end of the tax period. The tax period is a stipulated period of time for which the payable tax needs to be calculated and paid. Prior to filing the VAT returns, you need to assure that all your tax requirements are met. Beyond Numbers takes care of all the required information and documentation and helps you to file your VAT returns with due compliance. We assist you in preparing and filing the VAT return by taking the exact input tax credit against the total VAT liability into account. We help you to achieve the end result of VAT returns with professional guidance which helps you catalyse timing of cash flows seamlessly. Above all, we make sure that your VAT return is filed as per the specified timeframe, hence saving your business from violations and penalties.
Beyond Numbers has a dedicated team of VAT specialists who support your business with the nuts and bolts of the VAT implementation in UAE, with proficiency and insightfulness. We support our clients with strategic advising, planning and implementation of VAT ensuring their business functions well in line with every aspect of new VAT legislation, now and in future.