VAT Consultancy in Business Bay Dubai, Abu Dhabi, UAE

You must be VAT registered and compliant if your total taxable supply and imports have exceeded, within the last 12 months, the mandatory registration value of AED 375,000, or will exceed it within the next 30 days.

What are the things you need to follow?

• Maintain your VAT records. It is important to have the VAT records for at least 5 years. The documentation includes- the company’s supplies and imports of goods & services, tax invoices, credit notes, alternative documents, records of goods and services for which no input tax has been deduced, records of goods and services exported by the company, any adjustments or corrections made on tax invoices, and more.
• The VAT returns should be filed in a timely manner. The FTA allows for quarterly tax periods, in which the returns must be filed to avoid deductions and penalties. Given the change of weekends in the UAE – it’s important to be in touch with your VAT consultants in Dubai UAE to ensure compliance.
• In case of any payable taxes, VAT registrants must settle it on the return filing date, to avoid delayed payments. Ideally, you should pay your taxes well in advance of the required dates and maintain compliance with your VAT filings.
• International shipping, investment-grade precious metals, certain healthcare and education services, and more are among the products and services that have a 0% VAT rate. Your VAT filing consultants in Dubai UAE can guide you on this topic.

With VAT having been implemented in the UAE for close to five years (as of April 2024), businesses now have a significant amount of experience to leverage. This makes it an opportune time to conduct a post-implementation review of their VAT processes, procedures, and reporting.

A thorough VAT review ensures businesses are optimally structured and taking full advantage of VAT regulations. It identifies areas requiring refinement to improve efficiency and reduce risks of non-compliance penalties. Working with one of the reputed VAT firms in Dubai, Abu Dhabi, UAE offers several benefits for post-implementation reviews.

Experts can audit your entire VAT infrastructure, from invoice handling and registrations to refund claims and record keeping. They will carefully examine input tax reclamations to see if any deductions were missed. VAT consultants in Abu Dhabi, Dubai, UAE also check compliance with reverse charge provisions for imported goods and services.

Performing multi-year reviews allows consultants to compare VAT returns over time. This helps uncover trends, highlighting processes that need streamlining or functions where compliance has broken down. Some VAT companies in Dubai use VAT audit software to thoroughly scan large volumes of business transactions and invoices for errors or lapses.

Post-implementation reviews identify opportunities for recouping excess input tax paid in previous tax periods. They help optimize group VAT structures and simplification of complex supply chains involving multiple related entities. Customized recommendations ensure businesses are compliant with changing VAT rules as the UAE system matures.

Partnering with trusted VAT advisory services in Dubai gives peace of mind that your VAT affairs are in order should you face an audit by tax authorities. Their industry expertise and knowledge of special schemes deliver assurance your processes meet necessary standards. Overall, post-implementation reviews help strengthen VAT compliance for years ahead while flagging savings that boost your company’s bottom line.

Proper guidance delivers tangible commercial value by leaving no loose ends in a business’s VAT arrangement. It future-proofs operations as the tax landscape evolves. Working with the best VAT companies in Dubai ensures you reap all rewards from the UAE’s prosperity as the nation progresses towards its next 50 years of progress and development.