The United Arab Emirates government released value-added tax (VAT) on taxable supplies and imports with a 5% VAT rate. The VAT law has been enacted from 1st January 2018 on the mainland and free zones of UAE. Each taxable firm operating in Dubai, Sharjah, Abu Dhabi and other Emirates must take VAT services in UAE. Individuals and corporations who do not comply are subject to heavy fines and penalties. Moreover, this VAT eligibility assessment is a prerequisite for both exempted and non-exempt organizations as proof to FTA.
VAT compliance is a set of multiple VAT services which includes registration or de-registration, return filing, refund submission, voluntary disclosure and auditing services. BestaxCA, the leading accounting firm in Dubai, is one of the best organizations that can provide all these VAT related activities under one roof. A team of expert tax advisors has extensive knowledge and experience of VAT services in UAE. Below, you will find an in-depth description of each of our services, so you can discover what makes us the best VAT consultancy in Dubai.
1- VAT Registration
VAT registration is an online procedure on the official portal of the Federal Tax Authority (FTA). They ask you for valid information about the applicant, stamped and verified documents, and many other requirements. Almost all VAT registrations take 1-2 weeks for approval, however, if the information is incorrect, the application could be delayed, rejected, and penalized. To get rid of all nuisance, you must outsource our your VAT registration services in Dubai, which assist you in the following ways:
- Examine your business and its activities.
- Assist you in Creating an E-Service Account.
- Detail Information About the Applicant and Company.
- Getting you Ready for all VAT-required Documents.
- Secure you from Late-registration VAT penalties.
- Follow up until the VAT Application is Approved.
2- VAT Return Filing
The VAT return filing is totally dependent upon your annual turnover on the supplies of goods and imports. Within 28 working days, all VAT registered businesses operating in the United Arab Emirates, must comply with their VAT return filing. Let’s explore our VAT services in UAE for return filing.
- Review of all your VAT documents e.g invoices and contracts.
- Assure well-maintained financial records and transactions.
- Comply with all FTA laws and legislations.
- Analyze all processes and recommend necessary changes.
- Validation of eligibility for input VAT claims.
- Claim the maximum amount of input VAT.
- The filing of VAT returns before the deadline.
3- VAT Refund Submission
The VAT refund application can be submitted to the Federal Tax Authority when the input tax is greater than the output tax. This procedure helps individuals and businesses to refund their net VAT by fulfilling specific requirements. Bestax Chartered Accountants facilitates you with these below-mentioned VAT services in UAE to refund your tax:
- Examine the eligibility criteria for the VAT refund.
- Full Assistance in preparing VAT refund application.
- Review all documents and information as per FTA requirements.
- Provides solutions to all the queries from FTA for repayment.
- Follow-up until your VAT Refund application is submitted.
Get more information about VAT read this Article: Everything you need to know about VAT
4- VAT Voluntary Disclosure
If there was a calculation error that resulted in the payable tax being less than the required AED 10,000. In that case, an individual or business may submit the VAT voluntary submission within 28 working days. Failure to comply with FTA deadlines for VAT voluntary disclosure may result in heavy fines and penalties. Although Our qualified accountants help taxpayers with the best VAT services in UAE for voluntary disclosure.
- Deeply analyze your business records and financial accounts.
- Identification of errors in payable tax.
- Review and submit all required documents for voluntary disclosure.
- Aware of penalties if they do not comply with voluntary VAT disclosure.
- Providing follow-up assistance until the VAT voluntary disclosure has been approved.
5- VAT De-registration
The VAT de-registration means the cancellation or deactivation of tax registration number. The taxable person may apply for this, if he/she falls under the specified criteria for VAT de-registration. In this case of non-compliance with VAT de-registration, an individual or corporation may attract the penalty of AED 1000 each month delay. That’s the reason we will guide you in de-registration VAT services in UAE, to ensure a smooth submission of application:
- Assessment of the eligibility criteria for VAT de-registration.
- Safeguard your earnings from FTA penalties.
- Review all documents to save you from unnecessary delays.
- Submit your VAT de-registration application as per FTA standards.
- Follow up assistance from FTA
6- VAT Penalties Reconsideration
The UAE government gave much relief to businesses to generate and secure their profits. For that, the Federal Tax Authority (FTA) introduced these VAT reconsideration penalties. This law waives fines, if a business fails to comply with VAT registration, VAT return payment, VAT voluntary disclosure and other VAT non-compliance activities. Any taxpayer submits their application for VAT reconsideration within 20 working days of being penalized. The Bestax Chartered Accountants fully assist you in VAT services in UAE, like here:
- A comprehensive investigation of each case.
- Guide clients about required information and documents.
- Prepare your VAT reconsideration application as per FTA standards.
- Our VAT consultants gave give their best to prove your case.
- Verify that all supporting points are completed before submission.
- Follow-up with the authority on the status of the application.
7. VAT Audit Services
VAT audit is mandatory in the United Arab Emirates, to ensure FTA that business is complying with all VAT laws. As per the VAT Decree law, each tax registered business must be notified before 5 days of auditing by FTA. It’s like an accuracy test of your accounting records and transactions. Our following VAT services in UAE assist you in the comprehensive audit:
- Prepare your financial statements, payments, invoices, and record-keeping.
- In-depth VAT health check-up.
- Implement advanced software for VAT compliance.
- Analyze errors in existing records and provide solutions.
- Provide all company details under the deadline.
- Ensure and implement FTA defined standards for Auditing.
- Presenting case on your behalf before FTA Auditors.
Bestax Chartered Accountants Committed You:
BestaxCA is providing the best VAT consultancy services in Dubai, with over 15 years of successful experience. Our team of qualified chartered accountants and tax advisors is committed to providing accounting solutions. We believe in the following values for our national and international clients, such as:
Reliability and Integrity
Excellence in Services
Valuable VAT Solutions
Now that you have found the best VAT services in UAE, don’t waste more time and contact our tax advisors today.
Call: +971 56 7981808