Tag: tax agent

VAT Registration and Its Impact

VAT Registration And Its Impact

Value Added Tax (VAT)

Value Added Tax or VAT is a tax on the consumption or use of goods and services levied at each point of sale. VAT is a form of indirect tax and is used in more than 180 countries around the world. The end-consumer ultimately bears the cost. Businesses collect and account for the tax on behalf of the government.

VAT Registration – What is VAT registration?

VAT registration is the process of listing your business with the government as active in production and sales. Once you are VAT registered, you will become eligible for the return of VAT.

Implication of VAT on individuals

VAT, as a general consumption tax, will apply to the majority of transactions in goods and services. A limited number of exemptions may be granted.

As a result, the cost of living is likely to increase slightly, but this will vary depending on an individual’s lifestyle and spending behaviour. If an individual spends mainly on those things which are relieved from VAT, he is unlikely to see any significant increase.

The government will include rules that require businesses to be clear about how much VAT an individual is required to pay for each transaction. Based on this information, individuals can decide whether to buy something.

Implication of VAT on businesses

Businesses will be responsible for carefully documenting their business income, costs and associated VAT charges.

Registered businesses and traders will charge VAT to all of their customers at the prevailing rate and incur VAT on goods/services that they buy from suppliers. The difference between these sums is reclaimed or paid to the government.

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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