Tag: value added tax consultants in dubai (page 1 of 3)

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.

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

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.

Things You Need To Know About the New UAE Tax Law 2018

VAT Consultant in dubai

According to the new law in Dubai – UAE, value added Tax (VAT in UAE) is applicable to varied categories of businesses and services. All the industrial activities are currently subjected to the payment of 5 % value-added tax VAT in Dubai, UAE.

New tax law

The Federal Decree Law No. (8) Of 2017 on value added Tax expressed by the Ministry of Finance summaries the tax prospects among the country; the responsibilities the VAT rate which will be carried out by the gathering of those taxes for the growth of the country; the taxes which will be applied on the supply chain. The new UAE tax law also defines the UAE tax registration and de registration, additionally as the necessary threshold for tax registration, tax registration, registration exceptions and tax group for government bodies additionally as voluntary registration.

Things that you must know about the new UAE VAT Tax Law:

  1. Businesses operative across UAE got to adhere to the changes within the price structure, compliance as well as structure structure as well as file tax returns on Monthly and Quarterly basis due to the VAT implementation in UAE and comply with the UAE VAT needs and updates at all times.
  2. Obtain VAT registration from the FTA
  3. Reclaim any UAE VAT they have paid on business-related goods or services
  4. Charge VAT in UAE on taxable goods or services
  5. Keep a range of commercial and business records for FTA’s evaluation.
  6. In case of a UAE nonresident, the new UAE Tax law who makes supplies of goods and services in the country requires registration in accordance with the provisions of the Decree-Law. The Federal Tax Authority shall register him with effect from the date on which he or she started making supplies in the UAE. It could be an earlier date if agreed by the FTA and the non-resident entity.

The most easy and quick solution to maintain all sorts of communication and understand guidelines provided by the Federal Tax Authority is to get in touch with Nam Accountants. Our VAT Consultant in Dubai will give all the support to your VAT and Tax Services.

Important Things You Need to Know About VAT Accounting

VAT Consultant dubai

If you are a VAT Consultant in Dubai, you know more about it, the lot of benefit you and your business will derive from it. Here are some essential things that you got to know about VAT Accounting.

  1. VAT Registration or VAT Consultation

If your turnover is more than £68,000 per year, you must register for VAT. Once you’ve got registered for VAT that is once VAT consultants are helpful to you. They will advise you on the most recent regulations and keep your business on the great side of HM Revenue and Customs.

  1. VAT Schemes

Our business can register for VAT need to account for tax when they invoice customer. Customs has a variety of VAT schemes that allow your business to save lots of time for VAT after they are actually paid. To work out that scheme bests suits you, request the qualified recommendation of a skilled VAT consultant.

  1. VAT Records

If you are keep accurate VAT records regarding any Tax paid. Keeping correct VAT records helps you to avoid paying an excessive amount of tax. To find out more about keeping correct VAT records, speak to a VAT accounting specialist.

  1. VAT Responsibilities

A VAT consultant can allow you to know your VAT responsibilities and assist you to stay to them. You do not need to be a VAT expert once you have a VAT consultant, they will keep you informed of all of your responsibilities regarding worth added Tax.

 

Effect of VAT Implementation in the UAE

VAT Consultant in UAE

Even though UAE is usually perceived as a totally tax-free country because of lack of income tax, this notion is untrue. Simply to call a few, there are tourism fees, property tax, and custom duties that are imposed on consumers and businesses. However, VAT goes to be implemented within the UAE for the first time. Governments usually impose VAT in order to increase revenue and provide more public service.

Advantages of Value Added Tax (VAT)

  • AT is simple to administer as compared to other indirect tax.
  • There is mass participation of taxpayers.
  • As compared to other taxes, there is a less chance of tax evasion.
  • The price does not increase as a result of VAT.

How to prepare for VAT?

VAT rules are often complicated and also the implications don’t seem to be always considered. Implementation of VAT wants careful planning for its success. Our expert VAT consultant can help you consider each stage of the implementation process.

VAT Implementation

We can provide a simple accounting systems and implementation of VAT rules. That are,

  • Analysis of IT system and accounting requirements
  • Assist with the VAT registration
  • Assistance in claiming VAT refunds
  • Analysis of the VAT impact on your business
  • Preparation and filing the VAT returns

PROCEDURE OF FILING VAT RETURNS IN DUBAI, UAE

vat consultant in dubai

What is VAT Return?

It is a statement that shows the taxpayer’s VAT liability for an exact amount. This formal document has the main points of the tax liability: tax payer’s name, tax paid, tax saved, etc.

VAT Return Important?

This document is important for the reason that it’s all the recorded tax paid by customers for a period of time. It serves to be a signal that a registered business has paid the tax due. To have a correct and working tax system within the country, these documents are required for that maintenance to make sure that each tax liability is paid on time.

Procedure for Filing VAT Returns in Dubai, UAE

There is no facility that may be designed and dedicated for VAT tax returns filing alone. Businessmen won’t manually file their VAT returns. Everything is done online. It’s fairly easy to be familiar with the online portal to able to recognize the process and file VAT.

The details that may be utilized by the taxpayer are the e-mail address and password that were used in making an account upon registration on the portal.

  • Go to the Federal Tax Authority website at tax.gov.ae
  • Go to the e-services section of the website
  • Add the login details, which are the TRN and password
  • Choose the return filing option
  • The VAT return should then be filled with your business’ details
  • Upload the necessary documents
  • Check the details to ensure that they are all correct and submit the form with the documents

Nam accountants, one of the best VAT Consultancy Dubai, UAE. We offer cost-effective VAT services. We have high qualified VAT consultants in Dubai.

VAT in UAE | How to Implement VAT in Your Business?

value-added tax consultant in Dubai
VAT or Value Added Tax is an indirect tax; it is a new concept in UAE. This is collected at each stage of sale and is also known as the consumption tax.
Steps to Implement the VAT in our business
1. VAT Registration

  • Prepare the information for the registration
  • To verified the information’s
  • Register VAT with Federal Tax Authority

2. To understand the organization structure

  • Understand the business operations
  • Provide training to the Management and employees

3. Analyze the impact of VAT on business

  • To analyze your fanatical stamen
  • Check the VAT impact for your business

4. VAT Return Filing

  • Preparation of VAT returns
  • Review of TAX credit notes issued and received.
  • Preparation of VAT Audit File

Nam accountants offer clients with a wide range of Tax or VAT service to their business needs in the Dubai, UAE.