Tag: VAT return filing

Importance of Charted Accountant

Importance of a Charted Accountants

Chartered Accountants don’t bring together any resources to create any significant economic development, they are resources themselves. Most CAs help the economy indirectly through the following activities:

  1.   Supporting in tax compliance. This includes liaison with government authorities, representing clients in courts, ensuring smooth business operations by taking over the complex tax compliance part. For example, without the CA profession, changes like GST will be very hard to implement.
  2. Financing -Creating opportunities by arranging for business finance. They are helpful in making calculations and convincing banks about the credit worthiness of entrepreneurs. On a large scale too, many CAs working with investment banks help to arrange some key business deals between organisations.
  3. Auditing – which includes the redundant but still necessary function of control procedures. This is to prevent leakages from the economy and stand vigil to check on creation of illegal properties, black money and frauds etc.
  4. Accounting – bringing together professional standards of accounting in changing business environment and to accommodate new developments in business. This ensures comparability, reliability and investor faith, which is good for the economy.
  5. General business support – a lot of other things that Chartered Accountants do can be classified as general support and consulting services. They can do this because of their knowledge about laws, taxes, compliance, financial markets, investments, valuations, banking, regulations etc. It’s too many things, but mostly for supporting roles only.
     

 

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