Why Do You Need VAT Consultancy Services in UAE?

Why do you need VAT Consultancy Services in the United Arab Emirates?

On January 1, 2018, the United Arab Emirates implemented a new indirect tax known as Value Added Tax (VAT) with a rate of 5% on goods and services. In the aftermath of the oil crisis, the GCC countries’ VAT strategy could theoretically broaden the economic reach of the countries by incorporating an additional source of revenue. By transitioning to a more sustainable consumption structure, this additional stream of revenue will be used to fund high-quality public services. It also aims to reduce the government’s financial reliance on oil and other hydrocarbons. Read on to learn more about the importance of VAT consultancy services in UAE.

What are VAT Consultancy Services in Dubai?

VAT (Value Added Tax) is a tax levied at each point of sale on the expenditure or use of goods and services. The end-consumer would ultimately bear the costs. Organizations are required to collect and account for the tax with the assistance of the government. A includes a combination is one in which a business in the UAE distributes goods or services and is taxed at a rate of either 5% or 0%. Imports are also examined to see whether a supply of the same products or services rendered within the UAE will be taxable.

VAT Consultants in UAE provide a variety of services

VAT Consultants in UAE provide a variety of services, depending on the type of company. The VAT agent’s archetypal duties include the following:

  • Issues with VAT enforcement and control.
  • Reduce the amount of VAT you owe.
  • Determine the level of risk and the appropriate solutions.
  • Make a list of potential tax preparation opportunities.
  • Fill out the VAT form and make the payment.
  • Organize and record data for accounting and bookkeeping.
  • Organization of purveyors.
  • Client’s company.

Procedure for VAT Registration

In general, a company can choose between two forms of VAT Registration: Mandatory Registration and Voluntary Registration. A successful VAT Consultancy services in UAE will assist a company in registering for VAT when taking into account the overall value of its taxable supplies and imports. The required registration threshold for a corporation is AED 375,000, while the optional registration threshold is AED 187,500. International organisations, on the other hand, are exempt from the mandatory registration requirement.

What is the procedure for registering for VAT Consultancy Services in the UAE?

Businesses can register for VAT via the FTA’s e-Services portal after building an account. The FTA has introduced an easy-to-use system for filing tax returns and paying taxes through the e-Services portal that is available 24 hours a day, seven days a week.

Contacting a reputable VAT consultant in the UAE can assist you in performing various VAT-related activities such as VAT accounting, VAT registration, VAT de-registration, maintaining proper records for VAT return filing, tax accounting, tax consultation, VAT impact analysis, and other VAT-related activities with a clearer understanding of the VAT procedures. They are well-versed in the proper procedures for VAT registration in the UAE. As a result, Simply Finance is a very good choice for businesses to consider when it comes to complying with the UAE’s VAT rules.

VAT Consultants’ Responsibilities

A vat consultant’s main responsibilities can vary depending on the situation. A VAT consultant’s primary duties include the following:

  • Maintain a proper accounting and bookkeeping system for your business.
  • Complete the VAT filing process.
  • Ensure the VAT regulations in the UAE are followed.

Why do you need to hire a VAT advisor?

Many companies are unfamiliar with the laws and regulations governing VAT measurement and payment. Getting assistance from VAT experts makes it easier to deal with complicated formulas, statistics, and estimates. Other reasons to hire VAT Consultancy services in UAE  include the following:

  • Better Knowledge: The most knowledgeable VAT consultants have a thorough understanding of VAT processes, laws, and regulations. VAT experts who are well-versed in VAT laws and rules will inform taxpayers about the different VAT rates and how to calculate the correct payment.
  • Accuracy: Unlike our in-house accountant, VAT Consultancy services in UAE go above and beyond to ensure that every VAT filing is right.
  • Experience in the Industry: A trained VAT consultant with years of experience will help you avoid common mistakes made during VAT registration, return filing, and other related activities.
  • Time-saving: Hiring a good VAT consultant will help you save a lot of time by reducing the amount of time you spend on VAT research, surveys, and risk management for your business.
  • Reduced risk: A VAT consultant with extensive experience can cope with any type of business risk. They will advise you on the best choices for reducing the possible risks associated with VAT.
  • Improved financial process: Financial analysis, calculations, and evaluations necessitate careful consideration. As a result, it is always a good idea to obtain financial advice from an experienced VAT consultant in UAE.

VAT Consultancy Services in the UAE through Simply Finance

CDA, as one of the UAE’s leading VAT consulting service providers, offers a wide range of VAT-related services, including:

  • VAT is taken into account. 
  • Purchase invoices are examined.
  • Sales invoices are reviewed in accordance with FTA rules and regulations.
  • Internal VAT Inspection VAT Assist with tax filing Assistance with the FTA payment process.
  • VAT consulting services are available.
  • VAT registration is required.
  • Training on the VAT.
  • Report on Revenues Preparation for FTA submission.

Request a call back. Contact us today for VAT Consultancy services in UAE.

Leave a Reply