A E Y Accounting LLC Services
VAT Consultancy in UAE
A value-added tax is tax consumption based on expenses to your goods. It is an indirect tax taken from the buyer to release an invoice. Moreover, sellers collect VAT from customers. Hence, they pay it back to the government.
Furthermore, GCC countries implemented VAT in the entire region. However, an approved entity confirms the decision, and all nation members sign it. UAE has already implemented the VAT laws and compliances. They execute it from January 1, 2018, along with the Kingdom of Saudi Arabia.
What do we offer?
A E Y Accounting LLC is among the top accounting firm in the UAE, therefore assisting you in the below-mentioned ways:
- First, we do VAT Consultancy in UAE and its implementation in your business. Further, we upgrade it by all means.
- Second, we answer your queries 24/7.
- Third, we develop your VAT strategy and planning.
- We identify and mitigate VAT risk.
- VAT and Accounting compliance.
- In addition, we provide VAT training for staff and management. So, as a result, you can notably reduce the human factor causing VAT risks.
- Above all, we plan and structure international taxing.
We are always ahead to provide best accounting services to you.
The VAT registration process in UAE
Submission of related documents for VAT registration
- Receive your trade license, proof of business setup, banking details & signatory papers
- Prepare documents to apply for business authorization like POA, MOA, etc.,
- Relevant description of Business activities in the form of declaration
- File your income from the previous 12 months and provide expected a figure
- Financial experts will calculate the value of imports and exports
- Manage your planning to deal with GCC officials & customers.
VAT penalty in UAE
Fines and penalties are an excessive burden on companies. I mention the general fines for VAT in UAE below:
- If you cannot maintain influential records and information, you will face a penalty of AED 10,000.
- Whereas, the second time, it increases up to AED 50,000.
- When authority demands to submit accounts and do not follow the timeline, they will face the AED 20,000 penalty.
- If you cannot inform FTA after any amendment in the UAE leads to a penalty of AED 5,000.
- However, for the second time, it extends up to AED 15,000.
Advantages of hiring VAT consultants in Dubai
Some benefits of having a reliable VAT consultant in the UAE are below:
You can easily register VAT in Dubai.
- Get the skilled professionals, therefore, deal with VAT.
- Save your efforts and time.
- Can ask about as much as queries regarding it.
- Use your free time in other essential activities of the business.
- Maintain your private data for business.
- Effective recording of VAT for your firm.
- Significantly assist in VAT planning throughout.
- The compelling but better process of finance.
How we assist
As in any new law, businesses always face issues while preparing themselves for VAT. Therefore, you may have many challenges and questions while registering for VAT.
We assess your existing accounting system among Dubai’s top VAT consultancy services firms. Our professionals deliver significant VAT consultant’s services in Dubai. Hence, we implement VAT accordingly. We also provide practical suggestions and authentic recommendations. As a result, you can remove the issues and improve your system and successive.
We recognize the difficulty of transition and implications for registration and responsibility. Further, we acknowledge the impact of VAT on operating procedures, cash flow, and procurements. So, significantly understand the VAT-related contract requirements, hence, provide accounting & tax services.