VAT Consultancy Services Dubai

  We are a VAT consultancy and accountancy firm in Dubai. Accounting and VAT are two of our expertise. Our goal is to give high-quality services to our clients.Visit: https://vatconsultancydubai.com

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Why Outsource Accounting and Bookkeeping in Dubai?

Outsourcing accounting and bookkeeping services allow businesses to enhance operational efficiency and streamline efforts to achieve growth. In fact, small businesses and start-ups find it economically unfeasible to employ a full-time accountant. However, it is crucial for businesses to prepare financial statements, manage banking operations, and prepare outgoing invoices. The solution is to outsource all your accounting tasks to a reliable and competent firm that provides accounting and bookkeeping services Dubai.

Studies show that more than a third of small businesses outsource their accounting jobs, mainly because they don’t have the necessary skills and experience to manage accounting tasks on their own.  Even if they manage to do it somehow, errors are likely. Note that 62% of all small businesses feel they overpay their taxes due to a lack of proper accounting expertise.

Let us examine the major benefits companies gain by outsourcing Accounting and Bookkeeping Services.

Significant Cost-Saving

There is a wrong perception that outsourcing is expensive, and can be avoided. The fact is, by partnering with the right agency offering complete OCFO services in Dubai, businesses can markedly cut costs.  

Outsourcing your accounting and bookkeeping to a good agency helps you enjoy the best of both worlds: cost savings and high quality.

By outsourcing, you need not worry about paying high salaries, visa requirements, and spending on infrastructure including computers, accounting software, and furniture.

Avoid the hassles of hiring the right talent

Recruiting the right candidate is a time-consuming and expensive process. Either you can do it yourself—by developing a recruitment strategy and implementing the same in a phased manner, or you can approach a human resources firm to do the hiring job on your behalf. Either way, you need to spend time and money.

Focus more on core business functions

Your aim is to grow your business and improve your bottom line. Accounting and bookkeeping are not your goals, it is a supporting function that helps your business move ahead. If you involve yourself in overseeing accounting tasks, it will negatively impact the quality of your business performance. The time you spend verifying the reports and statements produced by your accountant can be utilized to develop better business strategies.

Also, if your accountant is not skilled enough, you need to look for a replacement. And this means going the whole hog again.

Access to unmatched expertise

Outsourcing gives you access to a pool of professionals with high-end expertise in accounting and bookkeeping at an affordable price.

Accounting practices and regulations evolve over time, and you may not be in a position to provide skill development training to your accountant. Firms that outsource bookkeeping and accounting services are always up-to-date with the latest accounting software and practices. Top accounting companies regularly provide quality training to their employees. This ensures you get error-free accounting services.

Scalability

As your business grows, you need to scale up your accounting tasks. Again, this is not an easy process. You need to look at hiring new staff and allocate a higher budget in terms of salary and resources.

However, accounting service providers can easily scale up their operations at short notice and meet all your needs.

The same applies to scaling down the operations as well. By outsourcing accounting jobs, you need not worry about laying off your own staff.

Technological edge

Accounting automation software saves time and minimizes risks and errors. It also produces reliable real-time reports. Further, it rules out internal accounting fraud. An accounting outsourcing company can give you all the potential benefits of the latest accounting tools such as Quickbooks, Sage, Visma, Xero, Microsoft Dynamics, SAP, and more.

Consultancy

Hiring an accounting company in Dubai gives you access to valuable insights into the latest practices and software tools. You never stay in the dark as far as new developments and regulations in accounting are concerned.

Go for outsourcing your Accounting and Bookkeeping

If you feel you don’t require a full-time accountant or you can’t find a suitable candidate, but at the same time you need someone to take care of your accounts, you can consider outsourcing.

If you want to scale your firm’s accounting and bookkeeping in the near future, start negotiating with an accounting outsourcing firm without delay.

Also, in cases where you need only temporary accounting services, you can look at outsourcing. These may include preparing end-of-the-year financial reports, or your full-time employee going on a long leave.

Accusafe Taxation Consultancy Services: Your Best Partner

We are one of the best bookkeeping and accounting Dubai, trusted by big and small companies for reliable outsourcing of their accounting tasks. With a talent pool of eminent chartered accountants and accounting and bookkeeping experts with years of experience in the UAE market, we are fully geared to offer the best accounting and bookkeeping services to our clients at competitive rates.

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Tax Registration in Dubai | TRN Registration in Dubai

Tax Registration in Dubai. Have you finished your Excise Tax Registration in Dubai? Our experts can help you to finish your tax registration process.

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Outsource Accounting Services Dubai | OCFO Services in Dubai

Outsource accounting services in Dubai. As we know outsourced accounting or OCFO services become popular and their prominence is increasing among SMEs in Dubai.

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VAT Return for Business in Dubai

Value Added Tax: A Brief Overview

Dubai requires all businesses operating in the country to file their VAT returns. Consumption tax, also known as Value Added Tax, is imposed on goods and services. This tax is imposed at various stages of the supply chain. From the point of manufacturing to the point of purchase, the value is added. When it comes to Value Added Tax, the end-customer is responsible for paying the tax.

As everyone knows, the UAE implemented the Value Added Tax in 2018. There is a 5% VAT rate in the UAE. It is considered as a revenue generating source for the government and the revenue generated is utilized to improve the services offered to the residents. VAT is fully based on consumption of the customers. Irrespective of the income everyone has to pay VAT at the point of consumption. The Federal Tax Authority (FTA) has made it mandatory for all taxable persons and businesses to VAT returns filing as recommended. VAT Consultancy provides hassle-free VAT return filing procedures in Dubai and other Emirates. Get in touch with Vat Consultancy for VAT filing in Dubai, VAT filing in Abu Dhabi and VAT return filing in other emirates.  

VAT Return Filing

Calculating VAT is a tedious and complex process since it requires compiling and calculating all taxable supplies and exports for a period. Tax returns are filed through the Federal Tax Authority’s online portal after subtracting net supplies and demand. Form VAT 201 can be filled out under the e-services at eservices.tax.gov.ae by visiting eservices.tax.gov.ae and completing the form for return filing.

VAT is applicable equally to companies registered in the emirate’s mainland and free zones, although goods are considered tax-free on exchange between designated zones.

Due to the requirement for consolidated sales and purchase information, filing a VAT return in the UAE can be difficult for businesses with no prior experience in filing a VAT return. Hence it is advisable for all kinds of VAT compliant  businesses to go for VAT filing services in Dubai or VAT filing services in Abudhabi offered by expert vat consultancy like  Vat Consultancy Dubai due to a number of benefits:

Obtain and compile all VAT filing transactions in terms of the format specified by the FTA.

Prepare summaries and comprehensive details of sales/purchases, outputs and inputs of VAT.

Eradication of all chances of missing the deadline.

Using the latest tax software to file taxes efficiently.

Availability at all time for any clarifications by the authority or clients

If the supplies are less than the purchase you need to apply for VAT refund and In such cases you need to apply separately furnishing all documents required by the FTA. All the documents related to business and VAT returns should be maintained and are liable to furnish as and when required by the FTA.

How does Accusafe Taxation Consultancy Services file your VAT return?

Accusafe Taxation Consultancy Services offers support and assistance in submitting your VAT return by a team of highly skilled tax experts.

During our frequent visits to your office, our team will collect all of the information and records that are necessary for completing your tax return. In compliance with the VAT laws applicable in the UAE, our team will prepare and submit the tax return on your behalf at the end of each tax period.

In accordance with VAT law, our tax experts will also be able to give you recommendations regarding payment of tax liabilities.

You can be assured that your return will be filed within the FTA’s timeframe.

Our tax planning services are tailored to the client’s needs.

Our professional Tax Consultancy Support is at call away to serve you with our Professional Tax / VAT Consultancy Services, which include filing your VAT returns and assisting you in implementing VAT across your organization, as well as training your staff to follow required processes in place. Call us for your VAT return filing in Dubai or VAT return filing in Abu Dhabi or any other emirates in UAE.

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VAT Filing in UAE

If you are a registered taxpayer in the UAE, then you are required to file a VAT return once every tax period. The tax period could be a month or a quarter (3 months) as specified by the FTA on your VAT certificate.

Whether it is VAT return filing in Dubai, VAT filing in Abu Dhabi or any other emirate, the entire VAT return process can be hassle-free for you if you are knowledgeable about the relevant rules and terms. Any confusion or lack of clarity regarding the VAT return in Dubai can lead to incorrect filings and you may end up paying penalties.

It is always good to ensure that your business is aligned with UAE’s local rules and regulations when it comes to vat filing in Dubai and vat filing in Abu Dhabi or elsewhere. The best way to ensure that your business always complies with UAE’s vat return requirements is to hire a competent consultancy that offers an efficient vat filing service in Dubai.

As the best VAT filing consultant in Dubai, we’d like to share with you some of the key points that will help you to run your business without any VAT related issues or fines with the Federal Tax Authority (FTA).

Standard Tax Period

The applicable standard tax period allowed for a taxable person is generally three calendar months ending on the date decided by the Federal Tax Authority (FTA). However, the period could be different for each entity.

Submission Date for Tax Returns

It is mandatory that VAT Tax Returns are submitted online to the FTA no later than the 28th day following the end of the specified Tax Period (or the date as notified by the FTA). The next business day will be considered for VAT returns filing in case the 28th of the month falls on a weekend or a national holiday.

Emirate-based VAT on Sales

It is to be noted that VAT on sales needs to be reported emirates-wise. Standard-rated supplies are reported separately for the 7 emirates of Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah, and Fujairah.

VAT on Zero-rated & Exempt Supplies

Even though zero-rated supplies and exempt supplies are free of VAT charges, however, both supplies need to be reported to the FTA authority through the mandatory periodical return submissions.

Documentation for Exports Goods

Exports of goods are reported to be zero-rated. But as per the UAE VAT regulations, businesses are required to maintain all export documents issued by the local Emirate Customs Department for goods leaving the emirate. The commercial export documents include airway bill, bill of lading, consignment note, certificate of shipment, etc.

Import of Services

As for the import of services, what is applicable is the reverse charge system, and as such, they must also be reported under the system. This effectively means that the VAT amount must be shown under both liability and asset. Further, input VAT is considered credit only when all the FTA compliance requirements are fulfilled.

Foreign Currency Transactions

All foreign currency transactions are to be reported in AED as per the UAE Central Bank Rate. The exchange rates against UAE dirham for VAT-related purposes are published on the official website of the central bank of UAE.

Input Expenses & VAT recovery

You can recover the VAT on input expenses only if the invoice is fully compliant with the regulations and requirements set by FTA.

Tax recovery conditions

Input tax recovery needs to be done in the first tax period. If you fail to recover the input tax in the tax period, you are allowed to recover the input tax in the immediate next tax period. But if the tax input isn’t recovered during the first two taxation periods, it is mandatory for taxable entities to submit a voluntary disclosure.

Record maintenance for 5 years

Businesses or individuals registered for VAT are required to keep the required records for a minimum of 5 years (the tenure is 15 years for real estate owners) after the end of the relevant tax period. In some cases, the FTA may require the taxable entity to retain the records for a longer period.

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VAT Registration in UAE: A Complete Guide

VAT has been made mandatory in the UAE. But what exactly is VAT, and who are all supposed to pay VAT? As the leading provider of business consultancy services including VAT registration services in Dubai and other emirates, we are going to make things easier for you in this blog. Whether it is VAT registration in Dubai, VAT registration in Sharjah, VAT registration in Abu Dhabi or VAT registration in Ajman, you can rely on us for the most efficient VAT registration and allied services.

Basically, VAT stands for value added tax, and it is a form of indirect tax that is levied on the supply of goods and services, with some exceptions. Another point to note is that VAT is charged at each stage of the supply chain. It is to be understood that VAT is not imposed on any business; rather the tax is borne by the end consumer. The role of businesses is to collect the tax and maintain proper accounting. In other words, businesses collect VAT from the consumers on behalf of the government.

VAT in UAE

VAT is collected by governments concerned for various purposes, mostly to help them provide public services. As for the UAE, the tax is used by the government to make life better for its residents by providing them with good roads, parks, hospitals and other civil services. Thus, although the consumer pays VAT, he/she stands to benefit, eventually.

VAT boosts a country’s economy by serving as a new source of income. UAE sees VAT as a means to reduce its dependency on oil-based revenues. VAT is also used to support UAE government’s vision of building a sustainable knowledge based economy.

To get a VAT number in Dubai or elsewhere, a business needs to provide a tax identification number issued by the Trade Register. The FTA has incorporated a VAT registration number look up feature on its website to help businesses.

VAT-Imposed Sectors in UAE

VAT is charged on the supply of all goods and services like food, commercial properties, hotels and hospitality services etc. There can be cases of zero rate of VAT or exemptions.

A zero rate VAT means the business needs to pay the tax, but can recover the VAT incurred on each purchase. Such businesses should also register for VAT. However, businesses that deal in goods and services that are exempt from taxes can’t claim back the tax incurred by them on purchases.

VAT Registration Limit

There are two types of VAT registration limits: mandatory and voluntary. It is mandatory for a business to register for VAT if their supplies and imports that are taxable exceed the registration limit of 375,000 AED.

Voluntary registration for VAT can be done by a business, if its supplies and imports fall below the mandatory registration limit, but are above voluntary registration cap of 187,500 AED.

VAT Registration Mechanism

You can register for VAT using the Federal Tax Authority’s website that is open 24x7. It allows tax payers to contact the authority for clarifications.

VAT Records

It is equally important for businesses that are registered or unregistered to keep various financial reports and statements including balance sheets, profit and loss statements, records related to assets and payroll, stock and inventory reports and other accounting records such as payments, receipts, sales etc.

Sometimes, businesses may be required to make relevant changes in their primary operations, financial management system and accounting practices to reflect VAT compliance.

Documents Required for VAT Registration

Documents identifying the authorized signatory, company trade license, power of attorney, business activity profile, last 12-month turnover, sales documents, import and export related documents, customs registration documents and more may be required depending on the nature and scope of businesses.

Let us do the Job for you

The fines and penalties related to VAT non-compliance are comparatively high in UAE. VAT registered businesses are required to display prices that are inclusive of VAT. A professional VAT consultant can take the pressure away from you.

Partner with us for easy VAT registration and returns, as we have a full-fledged team of tax experts who are highly knowledgable about the VAT procedures in UAE. We manage the entire range of VAT related processes, so that companies can focus on their core business goals.

Our VAT services are one of the most cost-effective and hassle-free. We are reliable, efficient and committed to providing the best VAT services in Dubai and other emirates of UAE.

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Cost-Effective Accounting and Bookkeeping Services Dubai

Bookkeeping is an essential component of accounting, and is a crucial function of any company’s financial department.

Let us examine what exactly is bookkeeping. It involves recording all the financial transactions of a company. Accounting has a larger scope and involves categorizing and summarizing of those transactions. In a way, bookkeeping can be called the core of accounting, as several key documents such as financial statements and reports are prepared based on the information culled from bookkeeping.

The bookkeeping function is one of the different components of accounting. Accounting spans the entire bookkeeping process and encompasses a much broader scope than bookkeeping. Thus for accounting to be precise and error-free, proper bookkeeping is crucial.

The best bookkeeping and accounting firm in Dubai

We are one of the leading providers of professional accounting and bookkeeping services in Dubai, and are trusted by businesses of all sizes and types as the best accounting company in Dubai. Our team of certified accounting experts can take care of all your accounting and bookkeeping, and let you concentrate more on your core business activities. We offer the most cost-effective accounting outsourcing services in Dubai.

If you are looking for professional bookkeeping and accounting in Dubai, Sharjah or anywhere, give us a call for a free consultation. We guarantee the most efficient and affordable bookkeeping and accounting services in Dubai or anywhere in UAE.

We are driven by a passion to offer the best accounting and bookkeeping services to all our clients in Dubai and outside.

The Accounting Cycle

There are essentially four stages in accounting. They are:

(1) Defining transactions, (2) Journal entry of transaction, (3) Updating ledgers with journal entries, and (4) computing trial balances.

General ledgers have account titles at the top, followed by debit and credit entries on the left and right sides respectively. By properly categorizing all your assets, liabilities, equity, revenues and expenses, you can keep track of your business’s expenditure and earnings.

Corporate Accounts

A corporate accountant is tasked with the preparation of cash flow statements, financial records and balance sheets. Corporate accounting also involves generating consolidated financial reports. Professional and efficient bookkeeping can help maintain highest accuracy in these reports. At the end of the day, error-free and useful financial data and insights enable you to make better business decisions.

Global accounting standards

In keeping with the times, companies in Dubai have adopted International Financial Reporting Standards. Accordingly, accounting and bookkeeping services in Dubai have acquired a more technical and complex nature. You can partner us to ensure your company follows proper accounting and bookkeeping as per international standards. We offer global accounting and bookkeeping services in Dubai.

Our accounting services are customized so that your business is never crippled due to false or incompetent financial information.

Competent team of accounting experts

We boast one of the best teams of experienced professional accounting experts in Dubai. We can offer you the best VAT consultancy and tax strategies, and the complete range of accounting services including bookkeeping, internal auditing, outsourced accounting, and CFO Services.

Some of the leading businesses in Dubai have hired us as their accounting services provider. You can confidently outsource all your accounting and bookkeeping functions to us. This is more economical than hiring full-time accountants for your company.

We provide the full set of accounting and bookkeeping services including the following:

· Logging of all financial transactions.

· Account reconciliation

· Maintaining banking information

· Accounts receivables management

· Payables management

· Due tax compliance

· Financial statements

· payroll and human resources management

· Monthly, quarterly, or yearly accounting records

As the leading provider of bookkeeping services in Sharjah, Dubai and elsewhere in UAE, we are committed to ensuring your business is financially organized in the proper manner. We use advanced bookkeeping software for efficient communication and archival of all your financial documents.

With a fine team of top accounting professionals and the use of state-of-the-art accounting tools and global practices, our accounting and bookkeeping services are rated among the best in Dubai.

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Accusafe Taxation Consultancy Services is a leading consultancy in Dubai. We are providing vat registration services Dubai, vat filing service in UAE, accounting and bookkeeping services Dubai, etc.