An accounting firm mainly offers accounting and auditing services for any business, be it small or big. We are the up-coming Charted Accountants firm based in Dubai to provide intelligently and cost-effective financial support solutions to understand the client’s requirement and time constraint.
VAT (Value Added Tax) is a type of indirect tax. Presently, more than 180 countries worldwide follow this new sales tax system and are one of the major sources of revenue for any country that follows this system. In simple terms, VAT can be explained as a type of consumption tax. Each country has its methods to assess the tax liability and collection methods.
On 1 st January 2018, VAT came into force at UAE.
At the time of its inception, the rate was 5 percent at each supply chain step. This tax system slowly encouraged the UAE government to move forward to minimize the dependence on oil and hydrocarbons revenue sources. Each VAT payer has to file the return at the scheduled stipulated period to the Federal Tax Authority (FTA).
OUR RANGE OF SERVICES UNDER VAT
VAT Record Keeping
Whatever may be the VAT payer’s size, FTA can demand the payer details like Annual accounts, general ledgers, VAT ledgers, etc. as per requirement.
Any alteration in the details after registering needs FTA sanctioning either through the notification and amendment. If not, then the payer is liable for a penalty.
Suppose taxable payers did not submit on the verge of the business. In that case, it can apply for registration or be exempt from VAT registration.
For a taxable payer, for any reason, fails to apply for a mandatory de-registration of VAT within the scheduled time frame of 20 days has to pay the penalty.
Not only do we provide training support in return filing at utmost accuracy, but we also support our clients by providing training in the rules and regulations of VAT.
The tax imposed shall be refunded from FTA within 20 business days from the date of the refund claim application submitted by the taxpayer.
OUR SAFETY MEASURES PROVIDED UNDER VAT SERVICE
Provides Legal Assurance
We are obliged with our clients’ interest binding with proof and legal assurance for long-lasting relationships.
For the smooth functioning of the business, it’s better to minimize registration issues, through a specialist like us will help to assist from fundamental prerequisites of the entire registration process.
A VAT-registered taxpayer has no obligation to meet the VAT Act’s requirements and regulations and ease the taxpayer’s environment.
HOW TO FILE VAT RETURNS IN UAE
You’ll need to file a VAT return using FTA online portal named “eservices.tax.gov.ae”. Here, the taxpayer must settle the tax and the necessary documents that arose in the reporting period. Dubai based Beyond Numbers believes that our expertise and experience will provide advice and support in return filing complications.
How do I know which VAT scheme is needed for me in UAE?
The tax is levied by the tax period. The taxable payer must settle the tax claim that arose in the reporting period within 28 days of the end of that period. In principle, an effective reporting method must be used.
Here, business with the monthly turnover of AED 150 million and more or quarterly turnover below AED 150 million are the taxpayers. The FTA shall permit taxable payers on request to use tax period based on the business. Suppose the taxpayer fails to remit tax as per FTA rules and regulations. In that case, the payer is liable to pay the fine in line with the provisions of Cabinet Resolution No.40 f 2017 on Administrative Penalties for Violations of Tax laws in UAE.
Calculate VAT Due/Liability
All VAT payers are accountable to the online filing process of FTA bounded with the guidelines
- Total Turn Over of the tax period
- Total Sales Turn Over
- Total Purchase Debit Made during the tax period
- The turn over tax liability incurred on collection
- Assessment of the rights of refund
How do I report VAT?
For registered business, a VAT is required, and all VAT returns are filed online portal of FTA.
What is VAT Return Form 201?
201 is a self-declaration form that every taxpayer has to submit at the end of the tax period, where it reflects the details of output and input tax of the supplies.