The United Arab Emirates introduced Value Added Tax (VAT) to generate a new source of income for the government. It is an indirect form of tax that is applied to the sale of all goods and services, including food items, healthcare, education, professional services, etc. Since navigating the VAT structure of the UAE can be challenging, businesses hire VAT consultants in Dubai who can deal with tax-related issues like pros.
The Federal Tax Authority (FTA) is the chief regulatory authority that takes care of the UAE taxation system. As per their guidelines, businesses with annual revenue of AED 375,000 or more are required to register for VAT. Moreover, they must ensure to clear their tax payments within the due date. To ensure the legitimacy of payments, businesses must maintain an accurate record of all invoices, VAT returns, accounts, and any other significant accounts.
VAT Laws in the UAE
Value Added Tax is a consumption tax levied on goods and services and eventually borne by the end consumer. In the UAE, tax-registered businesses are required to impose VAT on the taxable supply of goods or services at a rate of 5% at each stage of the supply chain. The collected VAT is then remitted to the government.
Federal Decree-Law No. 8 of 2017 and the Cabinet Decision No. 52 of 2017 on VAT mandates businesses operating on the UAE mainland and in free zones to register for VAT in the UAE.
VAT consultants in Dubai
VAT consultants basically help businesses manage their VAT obligations and assist with VAT procedures, thereby ensuring that companies comply with the rules and regulations of the FTA. From registering for VAT to filing for VAT returns,VAT consultants in UAE make sure that the responsibilities are fulfilled well on time and accurately.
In addition, they advise companies on VAT-related matters, help minimize their tax liabilities, assist during VAT audits, and also offer training facilities to staff on VAT procedures. On the whole, businesses can handle their VAT commitments smoothly and stay away from any legal problems with the support of VAT consultants in Dubai. They can add value to the business in the following ways:-
- Assess the advantages and disadvantages of the organizational structure
- Assist in choosing the suitable VAT schemes
- Apply effective strategies to increase profitability and lower costs
- Reduce tax liability by staying current on tax laws
- Time and money-saving bookkeeping training
- Create performance assessments based on metrics to identify market trends
- Conduct VAT health checks to identify areas of non-compliance and recommend corrective measures
Services offered by VAT consultants in UAE
- VAT Registration: Helping businesses determine their eligibility for VAT registration and guiding them through the process.
- VAT Compliance: Ensuring adherence to VAT regulations, including timely submission of VAT returns and accurate record-keeping by businesses.
- VAT Advisory Services: Offering expert advice to businesses on the VAT consequences of various transactions and helping them improve their tax liabilities.
- VAT Audits and Representation: Assisting organizations with internal VAT audits and representing them during external audits by the FTA.
- VAT Return Filing: Preparing and filing VAT returns on behalf of the organization and ensuring accuracy and compliance with legal requisites.
- Training and Support: Training the company staff on VAT procedures and keeping them informed on VAT laws and regulations changes.
Thus, VAT consultants in Dubai take up these responsibilities to effectively manage the VAT obligations of companies, minimize their risks, and optimize their tax position and overall financial health.
Need for VAT consultants in Dubai
VAT consultants are essential for businesses to help them navigate the complexities of VAT regulations in the UAE.
- Expert guidance – VAT laws are intricate and tend to change from time to time. A VAT consultant shares their expertise through their advice and ensures that the business stays compliant and avoids costly penalties.
- Accurate procedures – VAT consultants prepare and submit VAT returns and ensure that they are accurate and submitted on time to avoid the risk of errors.
- Compliance assurance – VAT consultants ensure that businesses adhere to all VAT regulations and maintain proper documents and records, thus protecting them from non-compliance issues.
- Cost efficient – VAT service providers optimize the VAT procedures and help companies minimize their tax liabilities, thereby ensuring potential tax savings.
- Audit Support – Consultants provide essential support during VAT audits, represent the company, and ensure smooth communication with FTA.
- Focus on core business – While VAT consultants in Dubai handle tax matters, organizations can focus on growing their business without having to worry about the difficulties of VAT.
Hence, to ensure effective tax management within the organization, businesses must employ VAT consultants to operate smoothly and efficiently in a regulated environment. If you are looking for the best professional VAT services in the UAE, then connect with SHuraa Tax. They will be your ideal companion and guide for your financial distress.
Tips to choose the best VAT consultants in Dubai
By choosing the right VAT consultants, businesses aim for several benefits, accomplishment of business goals, and growth. With the implementation of the VAT system in the UAE, companies need the assistance of qualified tax professionals. But choosing the right one among many can be a tough call. So, here are some important tips to help you find your ideal tax partner for all your tax needs –
Referrals
Referrals are one of the simplest and most direct ways to seek the best specialists for your organization. For example, ask co-workers who have filed tax returns or resolved financial issues previously. The vast and significant information you get from them can be used as a guide.
Direct meeting
If you are not convinced by the referral method, you can also schedule a meeting with the tax firm you want to deal with. An in-person meeting can help you learn a lot about people, how effectively they communicate with their clients, the level of empathy they have for their clients, and many more.
To evaluate their level of experience, you can ask relevant questions regarding their level of involvement in the entire process, the range of experience they have in this industry, etc. Asking such questions will help you analyze their reliability and other forms of credibility in their line of work.
Experience and professionalism
You only want to work with the best when it comes to financial matters. It is extremely important for any firm as a minor mistake could result in an unimaginable loss. Therefore, you must look for knowledgeable and qualified tax agents to avoid such glitches. Check their credentials and determine whether they are eligible to manage the financial matters of your company.
Partner with Shuraa for reliable VAT support
Shuraa Tax Consultants & Accountants have been the leading VAT consultants in Dubai serving as a one-stop solution for all the financial needs of different organizations. From Corporate Tax and VAT Registration to Accounting and Auditing, Shuraa has the best and expert solutions to all tax-related concerns. Their FTA-approved tax agents have extensive experience and deep expertise in UAE Taxation that helps them efficiently address the problem, thereby ensuring timely and practical assistance in delivering comprehensive and reliable support.
So, take advantage of the world-class services and proficiency of Shuraa Tax and watch your business rise and grow. Email: [email protected]
