Finding or getting in touch with a VAT Consultancy in UAE is so simple and became easy –Whether you go online and search or wish to meet face to face, Fanavi Accounting & Tax consultants LLC is on the top list as one of the Best Accounting & VAT Consultancy in UAE.
Value Added Tax in the U.A.E
VAT is a kind of tax that is applicable in more than 180 countries of the planet today, imposed on all the products or services at the time of sale. It has also been mandatory in the UAE since 1st January 2018. The VAT Consultancy in UAE is necessary being the businesses are not familiar with the process.
With the implementation of VAT in the UAE, shall provide an extra income source for the government which may be continued to be utilized for the wellbeing of the public.
The VAT system or the income generated from VAT will also help the government move towards its vision of reducing dependence on oil and hydrocarbons as a source of revenue.
All the companies in the UAE should submit their application to register for VAT before the deadline once the company’s turnover meets the registration threshold. UAE imposed VAT of 5% and categorized supplies in to several heads i.e. Standard rated sales, Zero rated Sales, Exempt supplies and so on…UAE generates an income from the VAT imposed and further used to be providing and enhancing public services.
VAT– Value Added Tax is a form of indirect taxation that bears by end consumer. Whatsoever the Business need to adapt and make several changes to their accounting system to deal with VAT requirements regulated by the Government.
We analyze the VAT things according to FTA law by providing the best VAT consultancy Service in the UAE. Our team of professionals is aware of the fact that every business needs to maintain books of accounts, when it comes to maintaining VAT things, needs high quality services from the VAT consultants in the UAE.
The Fedral Tax Authority law says that a business that generate annual revenue of AE Dirham 375,000 or more, are required to submit an online application to the FTA through FTA portal. VAT registration in the UAE is mandatory when the revenue meets the threshold of AE Dirham 375,000, but if business revenue is greater than AE Dirham 187,500 but didn’t exceed the limit of AE Dirham 375,000, then the business can choose the optional or voluntary registration.
As per Federal Tax Authority all Businesses are required to maintain proper and systematic accounting records for every financial transaction more specifically for VAT transactions.
The following are constraints of the Commercial Company Law No.2 of 2015:
Article 26:
Every business organization must maintain the accounting transaction or reports for the duration of 5 years in distinction to the closure of the company’s financial year as per Article 26 of the Company Law.
Article 348:
Article 348 says that a Fine of AE Dirham 50,000 to AE Dirham 500,000 will be imposed to the business for collapsing in keeping the accounting records.
Article 349:
According to this article a Fine of AE Dirham 20,000 to AE Dirham 200,000 will be imposed or forced if the company fails to maintain the VAT accounting records for the specified period of 5 years
VAT consultancy services
We are a group of professionals and ensure to provide top notch service to our esteemed clients. Our services include:
VAT Advisory Services
As we are professionals in this field and having years of experience, our team of experts can assure solution to your VAT problems. We can help you with advisory services according to the type of industry to find suitable solution.
VAT Registration Services
VAT Registration in the UAE is classified according to turnover of the business. Our team of expert can help you to analyze your business whether your business comes under the specified registration threshold or not. Doing so will help you to keep safe from fines and penalties.
VAT Return Filing Services
If you registered for VAT through Federal Tax Authority web, you should file your input and output VAT to the FTA on timely manner. This seems to be an easy case, well there are several classifications like Zero rated supplies, and Standard rated supplies, RCM and so on. We can analyze and review your VAT transactions to be reported also we can review the VAT transaction previously reported that will help you to be on safe side.
VAT Amendment
Once you registered for VAT through FTA web, it is important to update the Federal Tax Authority about your documents or any changes you made to your business. We can assist you to amend your FTA portal
VAT Deregistration Services
VAT Deregistration may affect your business if you failed to apply within the specified timeframe. Our team of experts can help you with the entire process of deregistration.
VAT Group Registration
The procedure for VAT Group registration is not similar to the normal registration, it needs proper review and expertise, our team of experts can assist you with VAT Group registration according to UAE VAT law.
Is VAT is applicable on consultancy or management services in UAE?
In the UAE the VAT is Applicable on several services if that happened in UAE or the place of supply is UAE. The VAT is UAE is applicable to all services including Management and consulting services.
How we can help you?
We are based in the UAE and we are partner with local Tax Agents to provide full support to our clients in all aspects of VAT in the UAE from VAT advisory to VAT Deregistration.
We are a customer focused accounting firm in the UAE and we believe that our success is completely linked with our client’s success. We always try to keep our clients well informed about VAT, Accounting or whatever the duties we are supposed to or in all aspects of our engagement.
Our VAT experts take care of all your accounting and VAT concerns so you can focus on on your core business point. We always try to ensure that our clients are on top on the VAT UAE regulations. As we described about the importance of VAT consultancy in UAE, it is recommended to appoint or outsource some professionals like us to deal with your VAT transactions, will allow you to focus on your core point of your business.
We can arrange a physical visit or an online interaction as per your preference for VAT Consultancy in UAE. We focus to give our clients ultimate level of experience that brings peace of mind and will help you to take your business to the next level.
Our VAT experts in Fanavi Accounting and Tax Consultants also guide and help you with VAT registration process to make it easy for you. Contact us for any clarification or assistance required for VAT Consultancy in the UAE, VAT Agency Services in the UAE, Accounting and Bookkeeping, Audit and Assurance and more…