VAT Consultants in Dubai
VAT Consultants
We are the best VAT Consultants in Dubai , providing specialized expertise and guidance on Value Added Tax (VAT) matters to businesses operating in Dubai, United Arab Emirates. Whether a voluntary VAT registered business, mandatory VAT-registered company or an entity registered as a tax/VAT group, all have to deal with VAT filing. It can’t be helped if you are indulged in taxable activities as per FTA. Being VAT compliant is vitally important for any business especially if they don’t want to attract unnecessary penalties and hassles. And timely and appropriately conducted VAT return filing keeps you VAT ready and compliant. VAT return filing is part and parcel for any VAT-registered company in the UAE aiming to report the tax authorities (FTA) VAT collected and paid by the entity to the tax authority during the given specific time period. Usually filed quarterly, VAT return filing communicates about how much VAT is to be paid or repaid by the tax authorities and allows businesses to pursue the correct financial path.
PROFITZ ADVISORY is one of the best accounting company in Dubai , with a team of experienced vat consultants and agents. We also offer advisory services to help businesses manage our taxes effectively and minimize tax liabilities.
In conclusion, if you are a business owner in Dubai, and you require accounting-related services such as VAT consultancy, corporate tax, international taxation, audit and assurance, bookkeeping,PROFITZ ADVISORY is an excellent option.
Why You Need a VAT Consultant in Dubai
A VAT (Value Added Tax) consultant in Dubai can guide you with valuable expertise and advice to businesses operating in the United Arab Emirates (UAE) hand in hand with VAT obligations. Some of the reasons why you might need a VAT consultant in Dubai:
VAT Compliance: VAT regulations may be complex and they are subject to frequent changes. A VAT consultant can help you knowing the specific VAT requirements applicable to your business activities in Dubai and assure that you comply with the laws and regulations. We can also help with VAT registration, filing VAT returns, maintaining proper records, and dealing with VAT audits or inquiries from the tax authorities.
Cost Efficiency: With the support of a VAT consultant, you can optimize your VAT processes and systems, making sure that you are not overpaying or underpaying VAT. We can help you in finding opportunities for VAT savings, such as input tax recovery, and take you to the correct application of VAT rules for different business transactions. This can lead you minimizing any potential penalties or interest charges resulting from non-compliance of laws.
VAT Planning and Structuring: A VAT consultant can help you in analyzing business operations and give strategic advice on structuring your transactions to reduce VAT liabilities. We can guide you in identifying potential VAT exemptions, zero-rated supplies, and other tax-efficient strategies to optimize your VAT position. This can be particularly beneficial for businesses engaged in international transactions or those with complex supply chains. Training and Awareness: VAT consultants can provide training to finance and accounting teams for better understanding of VAT regulations and procedures. This will ensure that your staff members are knowledgeable and equipped to handle VAT-related tasks successfully.
VAT Recovery for Non-Resident Businesses: If you are a non-resident business focusing on exporting goods or providing services in Dubai, a VAT consultant can lead you on the eligibility criteria and procedures for claiming VAT refunds. We can guide you in completion of the refund process and ensure that you maximize your VAT recovery.
PROFITZ ADVISORY provides a best VAT consultant in Dubai who can offer specialized knowledge and support to help your business meet its VAT obligations.
Documents Required for VAT Registration in UAE
The necessary documents needed for VAT registration in the UAE may change depending on the nature of your business and the applicable registration requirements determined by the Federal Tax Authority (FTA). Here are some documents which are inevitable for completion of VAT registration in the UAE:
- Trade License: A copy of trade license issued by the concerned licensing authority in the UAE.
- Certificate of Incorporation: A copy of the certificate of registration for the business firm.
- Identification Documents: Copies of documents to detect identity (such as passport copies) of the business owner(s), directors, partners and other authorized signatories.
- Voluntary Registration Application (as the case may be): If your sales turnover is below the registration limit and you prefer voluntary registration, provide a voluntary registration application indicating the reasons for registering voluntarily.
- Bank Account Details: Information regarding the company’s bank account, including the account number and IBAN.
- Financial Statements: Financial statements, such as balance sheets and income statements, for the past 12 months (may be required for certain businesses).
- Proof of Address: Documents confirming the physical address of the business premises, such as tenancy contracts or title deeds.
- Customs Registration Details: If your business is engaged in importing or exporting goods, you may need to provide your customs registration details.
- Business Activity Details: A description of the goods or services provided by your business and the corresponding HS codes or tax classifications.
It is important to note that these documents are only intended to be broad guidelines; depending on your particular business circumstances, more paperwork can be needed. For the most exact and current details on the paperwork needed for VAT registration in the UAE, our accounting firm provides vat consultants.We are the best VAT consultants in Dubai, providing specialized expertise and guidance on Value Added Tax (VAT) matters to businesses operating in Dubai, United Arab Emirates.
Questions
VAT Consultancy in Dubai means the services provided by a tax consultancy firm to businesses in Dubai to assist them comply with the value-added tax regulations. This includes guidance on VAT registration, preparing and filing VAT returns, and providing advices to businesses on matters related with VAT.
5% is the standard VAT rate in the United Arab Emirates (UAE). Certain goods and services fall under 0% rate or be exempt from VAT.
VAT registration for a new Company can be done either voluntarily or mandatorily. For the voluntary VAT registration of a new Company, the Company needs to have a minimum income or incur expenses subject to VAT of AED 187,500 in the last 12 months to be registered for VAT or expect to make AED 187,500 as revenue within the next 30 days. Or else for mandatory registration, the revenue of the Company has to exceed the threshold of AED 375,000 in the last 12 months and the application has to be submitted within 30 days of exceeding the threshold failing which there would be a penalty of AED 10,000.
To register for VAT in the UAE, you need to finish an online registration form through the Federal Tax Authority (FTA) website Emaratax Portal. You will need to give business details, financial information, and relevant supporting documents. After submission, the FTA will review your application and issue a VAT registration certificate if approved.
In the UAE, the standard VAT return filing period is quarterly. VAT returns must be filed within 28 days from the end of the respective tax period. However, the FTA may allot some businesses a monthly filing period based on certain criteria.
Businesses registered for VAT in the UAE is eligible for claiming VAT refunds if they have excess input tax (VAT paid on purchases and expenses) compared to their output tax (VAT collected on sales). The process of claiming VAT refunds follows the guidelines set by the FTA.
Some goods and services are exempt from VAT in the UAE. They may include residential properties (except the first sale within three years), healthcare services, local passenger transport, education and certain financial services. It is good to review the VAT legislation or consult with a tax professional to know about the specific exemptions in detail.