A E Y Accounting LLC Services
A E Y Accounting LLC team will significantly facilitate you to implement the required accounting systems. Further, it includes all the corporate and company documentation suggested during the advisory stage of VAT.
We deliver the introduction and documentation of VAT policies too, coupled with processes, and controls for small companies. Moreover, we assist in each stage of implementation. We will significantly ensure accounts payable. Therefore, receivable functions reflecting the proper VAT implementation during the implementation phase.
Services we provide:
To comply with the VAT law of the UAE, businesses in the UAE must get proper guidance. As a result, it can establish a strategy to implement a VAT-compliant system in its business procedures. The method which our tax experts adopt for significant implementation of VAT compliant processes are mentioned below:
- Understanding of the business model
- Evaluating the VAT impact on the firm
- VAT Registration
- Allocation of VAT Related Duties
- Identifying a Team Leader for Entity’s VAT Team
- VAT Training for Staff
- VAT Compliant Accounting Systems
- Invoicing under VAT
- Changes in Entity’s IT System
- Filing VAT Return in UAE
We are always ahead to provide best accounting services to you.
What do we assure?
A E Y Accounting LLC is among the top accounting firm in Dubai. We work end to end with our clients, hence, including below:
- Firstly, we compliant client’s system and operation coupled with FTA regulations.
- Secondly, deliver training to client staff. Hence, they can better record types of business transactions, including tax invoices, provisions, tax credit notes, reversals, journals, etc.
- As a result, VAT returns are effective, accurate, and complete with zero error.
- In addition, a detailed audit on VAT returns before submitting.
VAT implementation in UAE plans
It includes the below:
- Evaluation of business transactions – it accurately assessed all transactions with smooth implementation.
- Further, identify implications–to evaluate the most suitable VAT implementation plan. Therefore, evaluating the impact based on the present model.
- VAT assessment–firms should assess the VAT readiness of their platforms and ensure that they are strong enough for them to incorporate new implementation.
- Moreover, VAT blueprint is significant to have a blueprint. Therefore, highlighting the implementation of VAT on your business model.
- Above all, configuration of IT system–they should structure the IT system according to the VAT regulations.
VAT Implementation phases
There are a few phases of VAT implementation in UAE, and these are below:
VAT Impact Assessment
It is Phase 1, and we draft the revenue part. We significantly notice any new operational cost in the business.
Planning and implementation
Further, in the second phase, we start VAT process design with the new supply chain structure and build an IT project to provide tax-technical results. It considered VAT training material too, further for internal management while starting the process.
Transition and output testing
In phase 3, we did sample testing on the project built. Once it is done, we evaluate it from a VAT perspective. If it is yes, we need it to establish a trial run-generated VAT report, therefore, highlighting the founded issues.
Finally, there is review and cross-checking on the significance of supply chain management and sample transactions in the last phase. It can highlight particular areas according to VAT Compliance.
Impact of VAT on UAE
Since business entities have implemented VAT services, business persons have different impacts. These are below:
- The better infrastructure of the nation
- Improvement in business effectiveness
- New revenue stream to the UAE government
- Non-financial advantages such as reducing civil fraud, corruption, waste, etc.
- Costs by business persons get distributed through sales channels
- Above all, open market for advisory firms specialized in VAT
Why do you need us?
- Firstly, get the best and most remarkable knowledge of laws and regulations.
- Secondly, VAT implementation in UAE makes sure every VAT submitted is accurate.
- Thirdly, VAT consultants reduce the time required for evaluation
- Further, we minimize risk by finding the best alternatives to reduce the dangers related to VAT.