VAT stands for value-added tax, a general consumption tax that is imposed on all the stages of production and distribution. VAT is adopted by more than 160 countries in the world and the United Arab Emirates is one of them. In 2018, the regulatory authorities officially announced that each taxable business in UAE has to do VAT compliance. As a result, companies face a lot of trouble in managing their value-added tax as per Federal Tax Authority standards. Because they don’t have tax experts who will help them with VAT registration, submission, VAT return filing, and many other activities. If any business fails in VAT compliance, the authorities charge them in the form of fines, penalties, and license suspension.
Thus, it is advisable to choose the right VAT consultants in Dubai and avoid potential errors. You just need to put a little effort into reading this guideline to find an efficient VAT solution for your business.
What are the Reasons that you Need a VAT Advisory?
VAT is a relatively new idea in UAE, and business owners did not know how to handle VAT compliance tasks on their own. Also, they are not aware of the latest updates of FTA for value-added tax in the UAE. Consequently, they require an expert opinion that professionally support the companies in calculating VAT. Here we have the following essential reasons why you need a VAT advisory in Dubai:
- Error-free VAT Compliance
- Time and Cost-effective
- Implement Latest FTA Regulations
- Accurately Maintain VAT Records
- Minimize the Risk of Penalties
- Technical Support for Businesses
- Provide Training to Employees
- Hands-on Expert Knowledge of VAT
- Guarantees Success in VAT Compliance
Best Ways To Choose Best VAT Consultants in Dubai
At this point, it is crystal clear that VAT consultancy in Dubai is not an option, but a requirement to comply with relevant regulations for your business. The foremost step is to search for an expert VAT advisory that best fits your business objective. However, we discuss key elements for selecting a VAT consultancy firm in Dubai, such as:
Qualified, Certified, and Experienced VAT Advisory
At the first stage, you should consider the qualification of VAT consultants in UAE, which must be ACCA, CA, CPA, ICAEW and other certified Chartered Accountants in UAE. The team must have top-notch expertise, skill and relevant experience in the field of VAT advisory and other tax-related services in Dubai. Also, you may acquire which major industries the advisory worked for VAT compliance. Mostly, this type of information is mentioned on the official website of the company. If not, the business owner can directly ask about it and select the finest service. Due to their expertise in VAT, they can also assist you with implementing VAT solutions based on all the latest updates from the FTA.
VAT compliance is a combination of extensive services which includes preparation and submission of VAT invoicing, VAT registration, VAT return filing, VAT refund submission, voluntary disclosure, VAT de-registration, and VAT audit services. While selecting a VAT consultancy firm in Dubai, they should offer this wide range of services.
In the future, when companies have to present their documents to the FTA, these precautionary measures will help you avoid troubles during FTA Tax Inspections. Furthermore, these professional VAT service providers will facilitate the FTA on your behalf.
A Reputable and Licensed Firm
Choosing a firm for VAT consultancy in Dubai is very critical because regulators are so strict in imposing penalties in case of violation of the tax laws. That’s why companies always look forward to a reputable and licensed accounting firm in the United Arab Emirates. It assists businesses in handling VAT compliance as per the organization’s financial goals and they promise top-notch services to maintain their goodwill in the market.
Getting VAT services from an unlicensed firm is illegitimate in the UAE, also it negatively impacts your business and its stakeholders. So, it’s essential to assure firm licenses before assigning any complex project.
VAT Compliance Align with FTA Laws
The Federal Tax Authority (FTA) took charge in 2016 for managing all federal taxes and applicable fines or penalties, as well as implementing the tax-related procedures in the UAE. Additionally, FTA describes a complete guideline and conditions for completing VAT compliance that is mandatory for each taxable business in Dubai.
If a business fails to apply VAT needs as per FTA regulations, it has to endure a hefty amount of fines. It is advisable to select a VAT consultancy firm in Dubai, which safeguards your business from VAT avoidance. Aligning your company with FTA laws is the only possible solution to avoid such invasions which are intended to cause fines.
Provides Cost-Efficient VAT Solutions
Many business owners are confused at this stage, and what would be the appropriate amount for VAT consultancy in Dubai? Is it just an expense on our cash flow with no paybacks? Why should we outsource a VAT consultant even if we are paying taxes as well? Take a break, we will help you out to clear all your doubts. Before selecting a service you have the right to discuss your budget and the facilities with consultants.
Always select a cost-efficient VAT solution for your business, which means a top-notch quality service with a fair package. You may do a quick competitor analysis to analyze which one offers the best VAT facilities at a minimum price. In this way, VAT consultants save your money and effort as well.
The last statement, you need a professional Chartered Accountant who assists you in completing VAT compliance in Dubai. The above mentioned tips are essential because minor mistakes in selecting a VAT advisory would cost your business. So, assure all these tips and let experts handle your work.
Next Article: Revised VAT Fines and Penalties in UAE