The Role of Tax and Accounting Services

tax service

Tax service and accounting are one of the most important functions of any business firm. Irrespective of their nature, size or scale of operations, organizations employ accountants, payroll managers, tax service, consultation and auditors to streamline the financial and regulatory records of their day to day transactions, bookkeeping processes and different in-house accounting wants and requirements. With the rise in employment and number of business transactions, these companies are finding it additional convenient to source this core function to professional tax service and accounting services providers.

Apart from making diligent and experienced adjustments to accommodate client requests, they additionally provide access to state of the art infrastructure and software support to manage confidential accounting data-smartly and in a quick manner.

Most of those service providers are supply professional and high-quality services. They provide an exhaustive list of services starting from the most critical jobs like tax and come filing to the generic ones like debt bank, payroll management, reconciliation, preparation of final accounts and income-expenditure statements, accounting of receivables and payables and another day to day data entry work.

The additional corporations are looking towards minimization of operational and transactional costs, availing customized tax preparations and other services-the reliable and trusted way.

Nam Accountants offer customized professional accounting and tax services to high-growth companies across various industries.

UAE Offshore Company Formation

offshore company formation in uae

Firstly it portrays a good image within the minds of clients and suppliers. Secondly, the method of setting up is straightforward and therefore the greatest asset is that it’s tax-free in nature. It will be maintained as a confidential entity and a company bank account may also be opened by a UAE Company.

A UAE offshore cannot use workers within the UAE. It cannot conduct any business activity, it also, must appoint a registered office within the country premises and last however not the least important issue is it needs to submit its audited financials to the UAE government. Offshore company formation in UAE is a complicated method. First of all, some international tax procedures and legal processes are involved in it. The method of setting up a company at the base of the country is that the necessary side. A direct access to the company assets of the company as well as building a complete image within the emerging markets need to be ascertained. It’s a matter of privacy and status of the company. It permits funds to be transferred from the geographical boundaries of 1 country to the other country and there’s a considerable reduction in paperwork also.

They generally need the same documents that are needed for setting up a domestic company. It’s widely suggested that we take the help of workplace having its presence in UAE because of its familiarity with the local laws. First, of those entire agencies do an initial consultation, then they adopt a method of due diligence. When doing the groundwork the necessary documents are incorporated that are basic to the formation. Then a registered office of the company is set up along with the formation of a registered agent. Finally, we return to the final stage in the method wherever the requisite payment fees are done and then the company is finally registered.

an offshore company formation in UAE is a relative method however the only drawback is that it will be set up in a country, which encourages such an offshore company formation. in fact, it’s a matter of great privilege and some extent noteworthy is that countries like UAE have inspired this and the results are there to be seen.

Nam Associates offering the business consultancy services like offshore company formation in UAE, company set up in Dubai etc.

VAT Return Filing in the UAE

vat in uae

VAT return filing is that the official tax document to be submitted to the Federal Tax Authority before the due date. VAT return filing needs to be done by the taxable Person at regular intervals depends upon his tax amount. The VAT return should show the details of any output tax due and input tax recoverable at the side of different information as required by the format.

What has to be taken care while filing your VAT return?

While doing the VAT return filing method, details of the taxable Person are going to be pre-populated. Further, details like current VAT return amount, Tax year finish, VAT/Tax period reference range and VAT return submission due date also will be generated automatically.

The following should be taken care of VAT Return filing,

  • All mandatory fields should be completed
  • All amounts should be in AED
  • Use “0” if there are no amounts to be declared.
  • All amounts should be added to the nearest fills

The VAT Return Filing requires every registrant to provide details of taxable supplies.

Details to be summarized under Taxable Supplies include the following;

  1. Advances received.
  2. Supply of goods and services
  3. Goods sold under Profit Margin Scheme
  4. Credit notes issued
  5. Deposits received other than those which are refundable
  6. Sale of Commercial Property

The value of supplies of products and services under Reverse Charge Mechanism is to be declared separately. However, a worth of goods imported into UAE is auto-populated to the extent it had been declared under the taxable Person’s customs registration number.

Adjustments will be created to the of imported goods that are auto-populated in case of omission or mistake in the value when compared with the amounts reported within the customs and import declaration. Further, any import of products that aren’t subject to the standard rate of VAT within the UAE at 5-hitter can even be adjusted as by default all the imports are assumed to be subject to 5 VAT rate.

For assistance please contact +971-558876440 or visit:www.namaccountants.com

Concept of VAT in UAE

VAT I n uae

Businesses and consumers are charged with various forms of taxes and it’s vital to know what we are being taxed for. Value-added Tax (VAT) may be a form of consumption tax that is levied on totally different varieties of product and services provided to consumers. Most of the revenue generated by businesses for the availability of products and services are subject to tax. The tax is fully bared by the final consumers of the goods.

The quality Value-added Tax (VAT) rate is 20 %. But for bound categories of products and service, a reduced VAT rate of 5 % or a zero VAT rate of 0 percent might apply. Domestic fuel, sanitary hygiene product and energy-saving equipment are charged a 5 % VAT rate. Books, food and public transportation qualify for the 0 percent VAT rate. Certain product and services are altogether exempted from the VAT. This category of products and services include education, insurance, medical treatment and fundraising.

After understanding the basics of the VAT, we tend to are certain that you can have additional questions about the topic. Alternative common queries regarding VAT includes the business registration for VAT, VAT payment and refunds and also VAT connected notices, forms and application guidelines. VAT may be a complicated tax matter for most people to know. To read up additional or to get professional facilitate with reference to the VAT, get in touch with your local tax agent or search for more data online.

 

Tips on How to Choose a Tax Agent

tax agent

It’s once again the tax season however you haven’t hired any Tax Agent and now you’re troubled because your company is at risk. What to do in such situation? Who to believe and who not to? Evidently right now there are thousands of queries running in your brain and you’re doubtful regarding the consultant that you’ll hire will be good or bad.

Here you will find the tips which will be help for you while choosing a Tax Agent.

  1. Asking the Right Person

First step is to ask from among friends and relatives who have some experience on this activity. Appearances are deceiving. Friends and relatives who seem prosperous are not essentially those who have the simplest tax agent. However, those who have own some business and many properties may have someone whom they calculate to do their tax statements. These individuals obviously would suggest someone.

  1. Deciding Which Tax Consultant

After short listed for the tax agents, make an appointment to visit their office. Tax agent is privy to extremely confidential financial info. Before deciding that one, the experience and credentials of the chosen one should be established.

Tax preparation needn’t be something to be anxious concerning. As long as you’ve got the proper tax consultant with you then there’s nothing to worry about. Assist the tax professional by keeping records in an organized manner. Don’t build unrealistic demands unless ready to supply information and data that may build those demands happen. Good accounting work takes time and effort. Your cooperation and honesty is important to positive results. The tax consultant could be a key person for your financial well-being. Make sure to have the proper tax agent for worry-free tax statements.

If you are looking for a Tax or VAT Consultancy in Dubai,

Visit: www.namaccountants.com

Choosing a Tax Agent in Dubai

We have lot of benefits from having a good Tax agents in Dubai. Here are some tips for getting good Tax agents in Dubai, to help you get in order your individual tax returns.

  • Complete tax situation
  • You have more tax issues. This includes being behind in filing tax returns, owing tax to the government among the range of accounting services.
  • You are having issue filing your own individual tax return.
  • You want to protect your business, like acquisition, financial and leasing.

The tax agents who is qualified to handle particular areas that you may need to help in dealing with. Here are some tips:

  • Do not trust agents accountants who say that everything are often deducted or that they will deliver big tax refunds every time.
  • If you have got a straightforward, uncomplicated tax return, you’ll approach any retail accounting company to assist you prepare and file it. The price usually depends on the amount of tax forms to be accomplished and also the seniority of the tax accountant.
  • Get only certified and authorized tax agents in Dubai. Keep in mind that there’s a range of accounting expertise.
  • You have the option of going to a Tax consultancy firm.

In you search for the correct tax agent in Dubai; you will be dealing with tax experts.

If you have any assistance in Tax preparation, Visit: www.namaccountants.com

Looking Into Accounting and Audit Services

audit service

If you think that the financial side of your business can be running additional smoothly, then you’ll wish to check out all the various firms who offer accounting service and audit services. Each business needs to have their money sector running properly, and if you think that yours desires a little bit of facilitate, then you’ll wish to contact one of these firms immediately. You’ll be able to also realize several of them that do payroll services as well. Ensuring that each one of your workers is paid during a prompt and correct way is one of the most important aspects of running a business. These firms can make sure that all of your workers are satisfied with their work compensations weekly or bi-weekly, depending on the pay policy your individual company has.

You may also feel that you would like financial advice. Whether you manage a business, this service is of good help to you. There are many various things to admit in terms of what you’re going to do with your cash once you pass on. These companies will help you with each the money and legal aspects of those issues.

These firms will even help non-profit organizations with their financial issues, no matter they will be. If sure complications are arising because the result of the money that is coming in, then you’ll need good solid advice as presently as possible. By hiring a corporation like this, you’ll get the kind of financial recommendation you need to stay far from overly-complicated legal things. Whether or not you’re trying to manage your budget or wish help preparing your taxes, having one in every of these firms could be a great idea.

If that’s the case, then you may need to consult a corporation like this to assist you out. These financial advisers are specialists at what they are doing. No matter however hopeless or confusing your own specific situation looks, you’ll get facilitate. Big businesses communicate firms like these all the time for facilitate, particularly once it issues their payroll for employees. there is nothing a lot of important than keeping your operation running smoothly and making sure that there are no complications that present itself because the results of financial problems. By hiring a team of specialists to advise you and your company, you may be able to stay the proper track along with your business.

If you have any financial problems, getting a Nam Accountants can help you to get back on track with your accounting. There are all types of Accounting service, auditing service, VAT Consultation and Tax agents in Dubai, UAE.

More About VAT

VAT Consultant

Value added Tax or VAT is defined as the consumption tax that’s levied on product and services rendered to customers. VAT is absolutely bared by the end customers of various product and services. The taxable portion of the sales gained by businesses and organizations can then be used to pay the taxes owed to the govt for worth added activities, and also for taxes on input and raw material. In several countries, it’s a very important supply of income for the govt. Therefore, most countries throughout a certain style of tax the same as VAT, on its end customers. It is a form of tax charged on the majority types of business transactions. It’s passed down from one party to a different on the value chain of a product

AT doesn’t base its tax on the sales price, however only the value added activities of every stage of production. While each VAT and sales tax is charged on the top consumers, VAT is also remitted by the various parties among the supply chain.

The rate for VAT varies between countries and additionally for the products and services provided. Most things are charged with the quality rate while a number of the things that are deemed beneficial to the society and country could be charged with a lower rate. The usage of domestic fuel and power, the usage of energy-saving equipment and sanitary hygiene product are a number of the items that qualify for the 5 % VAT. As for the zero rate VAT, a number of the items qualified include books, newspapers, public transportation and food. The main reason why lower rates of VAT are charged for these items is due to the importance and the benefits of the goods and services.

How to Choosing Your VAT Consultancy Firm in UAE

vat consultant

Once you decided to have your company VAT-registered, then that’s once the set up started to roll. The primary thing in order is to find credible VAT consultants in Dubai to initiate the method. With the mandate of the UAE government for corporations to register.

Knows accounting as well

Basic knowledge in accounting is very important. Once VAT is applied to your accounting, changes are expected to implement. Your tax consultant should be ready to guide your finance team on however they’d be ready to incorporate this on their system and show your team a minimum of the basic computation that they’ll follow.

Range of service

Some tax and VAT consultancy in UAE, offer limited services, only for computation. however if you’re a business trying forward to registering your company, it might be best to appear for one that offers a variety of tax consultancy services – from registration to computation and refund consultancy. This could stop you from getting services of multiple suppliers to get the work done. This would possibly lead to confusion, communication issues and delay. Keep in mind that each company has their own systems and process that they follow and hiring over one consultant might have conflicting processes and can simply create the registration harder than it seems.

Organized and accurate

When you are handling numbers, a systematic technique should be followed to ensure the accuracy of the results. The employees of you tax firm is expected to supply correct computation therefore you’d know how much exactly are you handling in terms of numbers.

Knowledgeable in international Tax computation

This is crucial especially for businesses that are running world operations. VAT and tax rules differ on every location and there’s no one-size-fits-all resolution to tax issues. Your tax consultancy firm should be informed on different tax rules and knows that one is applicable for your case. They should be able to give correct computation location wherever your business is running thus you’ll be able to estimate the taxes you wish to obey on each branches.

How the businessmen should be ready for VAT

vat consultancy in dubai

Value added tax (VAT) may be a sort of indirect tax that’s to be paid by the residents. It’s the tax that’s charged on each stage of the assembly until the final stage. The VAT is to be enforced in UAE from January 2018 and every one business that fulfills the specified criteria should register for VAT. The quantity of VAT is collected by the government with the assistance of the documents which will be maintained by the businesses. However, not every business has to be registered with VAT.

Requirements for VAT Registration

These are divided into three types,

  1. For businessmen registering as an authority
  2. For a businessman applying for a VAT certificate as an individual
  3. The requirements for a Dubai-based business registering for VAT
  4. for businessmen registering as an authority
  • Application letter with authorized signatory
  • Act of incorporation copy
  • Decree copy
  1. for a businessman applying as an individual
  • Applicant’s resident permit
  • Applicant’s request letter with signature
  • Applicant’s passport copy
  1. Dubai-based business registering for VAT
  • Trading license copy
  • application letter signed by the company’s authorities

After the registration of VAT, you would like to properly mention the amount of VAT you have got charged for the production of goods or the quantity that the business has paid to the govt. All the reported documents should be submitted through a proper procedure and may be submitted on-line. Moreover, if any business has charged over the amount of VAT you have paid, you would like to pay the distinction to the govt. Same like this, if you have paid a lot of amount of VAT than you have got charged, claim it back from the government.