VAT or commonly known as Value Added Tax is applicable to almost all business scenarios in Dubai and the whole of UAE.
Right from its inception to production and sales, every business here calls for strict VAT compliance.
But managing it all well can sometimes get tedious.
Added tax knowledge, market information, and accounting skill sets are essential tools for seamless bookkeeping and filing taxes on time.
Why do you need a VAT consultant?
VAT consultants in Dubai, UAE are a perfect fit for the job at hand. They offer tax management and tax planning solutions to every business sector in the country. And it’s highly advisable for every successful enterprise to hire a professional tax consultant with the complete responsibility of keeping a steady business growth and optimizing resource management.
A VAT consultant can save the company time, plan taxes well in advance, get refunds if any, gain VAT benefits and avoid late payment penalties.
A quick overview
With investment friendly policies and modern well-equipped infrastructure, Dubai and the UAE have attracted new enterprises and seasoned entrepreneurs across the globe every year. With the dreams of enjoying a tax free regime. One hadn’t bothered about filing VAT or hiring a VAT consultant in Dubai until the 1st of Jan 2018, the historic day when Value Added Tax or VAT was added at the rate of 5% in the country for the first time ever for corporations that grossed the turnover threshold of DH 375,000 annually.
The current scenario
A mandatory tax levied on the consumption of goods or services at PoS or point of sales is termed VAT which is deemed at 5% across the entire country at present.
Whether one should register for VAT filing as a business owner depends on the following government registration criterions
- A business MUST MANDATORILY have to register if its imports and supplies exceed ADH 375,000 annually.
- It’s VOLUNTARY to register for VAT if the annual turnover exceeds ADH 187,500.
Who is a VAT consultant?
VAT noncompliance in the UAE can attract penalizations. It’s your tax consultant that keeps you compliant and your business safe. They can help get your business registered officially on the UAE VAT system. Keeping a tap on the liability and implications in every transaction they help to offer you the following-
- Advisory on VAT
- VAT compliance control
- VAT transaction management
- VAT return filings
- VAT registration & deregistration
- VAT Audit
- Review of Invoices in compliance with the FTA rules and regulations
- Client management
- Minimizations of VAT liabilities
- Identification of risk
- Tax planning opportunities
- Client data management
- Accounting Services
UAE VAT Laws and Procedures
Involves business liability to pay all the tax from customers back to the government. One can claim a tax refund from the government on the taxes paid to their suppliers. Foreign businesses can refund the VAT they incurred when visiting the UAE. Contact Financial Cube for more information and details.
Here are a list of perks well worth your money for hiring a VAT consultant in Dubai, UAE.
Tax consultants are trained and certified experts in accounting and the financial top jobs. They are quite well equipped to handle the hackles or stresses associated with taxation policies and follow the prescribed tax rules and limitations while encasing savings for your company.
It’s often advisable to hire or outsource a professional VAT consultant in Dubai, to handle the tax jobs rather than doing it oneself.
The tax structure and taxation policies are often abstruse and difficult to understand for non-professionals and amateurs with no accounting backgrounds.
Professional VAT consultants are equipped with the acumen, accuracy, education and experience in the tax sector and are constantly updated with the slightest changes in the policies and schemes under the Federal Tax Authority. Their detailed knowledge and niche skill-sets makes them fit the bill for handling the tax part of your business.
Get easy VAT Registration
The FTA rule implies mandatory and legal VAT registration for seamlessly running your business.
It’s an absolute must for your business to get registered within the government rules and VAT regulations. But for starters, it’s not at all easy to apply for without seeking professional help.
With the help of accounting firms in Dubai and the UAE, VAT consultants get easy access to VAT registration for the company, helping themselves to get legalized and secure government approval and authentication. With the right papers and documents in hand, no policy can untimely terminate the company licenses. But failing to register for VAT in time can cost a fortune in the long run and might wind up the business eventually.
Understanding taxation policies is time consuming and needs effort. Rather than wasting resources on uncharted fields, it’s best to implement those ideas and optimize one’s business growth. It’s wise to hire a VAT consultant in Dubai who is an expert in the tax field. They are professional, skilled and trained to manage clients and handle business tax portfolios.
Every tax agent in Dubai offers the most rewarding VAT advantages and profitable tax advice to their clients for enjoying maximum benefits and savings within the laws of government.
They suggest investment plans to save revenue by strategically deploying tax-saving schemes and rebates.
With the right knowledge of taxation policies and schemes VAT consultants firms in the UAE can help their clients in taking the right decision and advise them well on legal formalities and related Paperwork.
They help in maintaining the client’s best interest while complying with government policies and regulations.
Where to look for the best VAT consultation Services in the UAE?
Welcome to Financial Cube – a Guiding VAT registration agency in the UAE.
Financial cube is a modern and cohesive finance-based network offering financial and taxation solutions, based in the UAE. With services offered in filing taxations, auditing, accounting and bookkeeping.
Financial cube is your one stop financial service provider offering high level VAT implementation and tax agent services for all your business and accounting needs in the Gulf region.