Tag: VAT consultants in dubai (page 2 of 4)

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.

How to file VAT Return in Dubai and Across UAE

VAT consultants in dubai

VAT (Value added Tax) is set to implement in Dubai in Jan 2018. The govt, as well as several personal institutions, are releasing new data frequently to assist people and businesses get familiar with the new tax system as smoothly as possible. Among several things VAT connected, one among the foremost important is VAT tax returns.

As per the normal VAT standard, the returns are filed quarterly, i.e., once in three months. The VAT returns are going to be filed online on the official portal of the Federal tax authority. Businesses that are trying forward to creating a sleek transition to the new tax system should get familiar with the return filing procedure under VAT in Dubai.

What is a VAT Return and why is it important?

A VAT return is that the formal document/statement of the VAT liability of a taxpayer for a selected tax period. It contains the small print of VAT liability of the person, tax paid by him, etc. for a tax month or quarter.

VAT returns are vital as a result of they contain the records of the tax paid by the users in a very given period. It’s a proper document that works as a proof that the sure party has paid their tax. The govt. needs these records to keep up a correct taxation system wherever each individual pays his/her liabilities on time. These are utilized by the tax authorities for activity auditing and different activities as per the tax laws. Your VAT come contains the summary of your total earning and therefore the value-added tax paid by your on it earning for that exact period.

Get you VAT in UAE Questions Answered By Experts

VAT consultant in UAE

VAT in UAE has been implemented on Jan 1st, 2018. Till now no one has a clear picture about VAT. Even lot of companies are in a confusion situation about what VAT is?  If you are one of them you are at right place.  namassociates will help you to clear all your confusion on VAT in UAE  and also helps you in filing for VAT

As our VAT consultant in Dubai is the best one that any business can approach, we ensure the clients will get the best services when it comes to getting the services related to VAT and tax.

Our Nam associates team takes care of VAT, Excise Tax, international taxation, indirect taxes, guiding about local tax laws, and compliance with tax and VAT regulations in different countries.

Our experienced VAT consultant in UAE will be able to make sure that the needs and the requirements of the clients are met in the best possible way

We offer following services for the hassle-free management of your tax issues:

Do not pay VAT if your bill doesn’t have these

vat consultant in dubai

A tax invoice must include the name and address of the establishment. An invoice must have a sequential tax invoice number or a unique number and date of issue, which enables identification of the tax invoice and the order of the invoice in any sequence, the federal law says.

VAT Services

As our VAT consultant in Dubai is the best one that any business can approach, we ensure the clients will get the best services when it comes to getting the services related to VAT and tax.

Our namassociates team takes care of VAT, Excise Tax, international taxation, indirect taxes, guiding about local tax laws, and compliance with tax and VAT regulations in different countries.

Our experienced VAT consultant in UAE will be able to make sure that the needs and the requirements of the clients are met in the best possible way

We offer following services for the hassle-free management of your tax issues:

TRN a must for charging VAT in UAE

VAT Consultant in UAE

There are some traders who are charging value-added tax (VAT) without showing the Tax Registration Number (TRN) on the receipt.

A tax invoice must include the name, address, and TRN of the registrant making the supply. An invoice must have a sequential tax invoice number or a unique number and date of issue, which enables identification of the tax invoice and the order of the invoice in any sequence.

 Ministry of Finance approves first purchase invoice with

The Ministry of Finance (MoF) on Tuesday issued the first VAT-inclusive purchase order, and approved the first VAT invoice on its federal financial system, becoming the first federal entity to implement tax procedures and issue a tax invoice in 2018.

The ministry provides a fully-integrated system, a technical support team, as well as a telephone number dedicated to responding to any inquiries related to VAT (value-added tax) from any federal entities linked to the system.

VAT Services

As our VAT consultant in Dubai is the best one that any business can approach, we ensure the clients will get the best services when it comes to getting the services related to VAT and tax.

Our namassociates team takes care of VAT, Excise Tax, international taxation, indirect taxes, guiding about local tax laws, and compliance with tax and VAT regulations in different countries.

Our experienced VAT consultant in UAE will be able to make sure that the needs and the requirements of the clients are met in the best possible way

We offer following services for the hassle-free management of your tax issues:

  • VAT Consultancy
  • Accounts for VAT
  • VAT report preparation
  • Setting up accounting records and maintaining them
  • Tax Planning
  • Filing Returns with VAT authorities