VAT or Value Added Tax is a fee that is imposed on the imported taxable business owners. Also, regarding every stage of distribution and production, Deemed Supply seems to be a significant part. In some countries, it is also called GST or Goods and Service Taxes. Incrementally, one can access this tax. This amount depends directly on the value of services and goods at every stage of the production process. In UAE, VAT involves imposition on every selling point till it reaches the end consumer. In the UAE, the VAT is a 5% rate regarding every goods and service.
How does the VAT system work in the UAE?
At each point, VAT is imposing sales tax till it an end consumer buys it. For any purchase that someone makes, “Input VAT” or “Input Tax Credit” involves the collection of VAT, also known as “Output VAT”. With the Output VAT, the adjustment of Input VAT takes place so that it is paid by the end customer.
What Have Compliances Become Necessary Under VAT?
A successful organization is always wary on how the scheme of VAT would affect it. If you are searching for free VAT consultancy services, then several such companies in Dubai comprehends the needs of the client. While taking the help of such services, you need to make sure that they comply with the rules of the clients.
Several such companies help their clients by providing quality VAT solutions. Also, you would not be incurring any cost leverage while choosing these services as they offer free of cost services. Only if you experience benefits can you provide your support to these companies. At any business plan rates, end-customer is affected usually.
What Unique Solutions Do These Consultancies Offer to Your Organization?
There are several reasons that your company should use their services. Being free of cost does not imply that their suggestions would be of no use. One of the primary reasons why your company should choose VAT involves the provision of prospective Book Keeping and Accounting.
Also, reviewing purchase invoices confirm the amount of VAT that you need to pay. Some other reasons involve reviewing your sale invoices that would match it with FTA rules and regulations. Furthermore, it provides sufficient assistance regarding Internal VAT Audit and filing assistance regarding VAT return.
The List of Services Provided by the VAT Consultants
Here is the list of services usually provided by the VAT Consultants.
VAT Return Filing and Compliance Services
- They would review the details of the VAT and assist you with the computations of the VAT Return
- They would ensure that your company meets the tax compliance set be the tax authorities. In this process, they usually employ a team of qualified and experienced professional in ensuring that VAT return filing meets the compliance standards set by the tax authorities
- They also have the ability to review services for the earlier filed returns
- They would also update the latest information of your company to the respective authorities
These consultants would help you with compliance review and MIS Reporting
- These consultants would provide you with quarterly and monthly MIS Reporting
- They also help your company with budgeting
- These consultants would also ensure that your organization complies with the necessary laws of financial reporting
- These consultants would also provide you with analysis report on the financial statements of the company
These VAT consultants would provide your company with optimal capital structure
These VAT consultants would provide your organization with optimal capital structure at least capital cost in the changing VAT laws in the UAE. These companies would also facilitate to cater to the borrowing needs of the organization by emphasizing on strong relationships with various bans and financial institutions. Here is the list of corporate finance services provided by them.
- Analyzing the working capital needs of your organization
- They would provide you consultancy services on private equity and bank credit
- They can also double up as a project financing consultancy
- They would plan on behalf of your organization to decrease the finance costs
- They also help you with refinancing and fixed assets financing
Documentation Services provided by these VAT Consultants
It is important here to note that all the VAT related documents will be retained by these consultants for a specific period as per the compliances. They can also ensure that all your company documents are filed online in a format which can be easily understandable by you.
Internal Audit and Risk Advisory Services
These consultants can also double up as financial advisers to facilitate individualized consultant services. This can also help you to alleviate the stress and uncertainty involved with accounting management. These consultants usually have many years of experience to provide you with sound advisory services.
VAT training and ongoing VAT consulting are some of the primary aspects that they are thoroughly proficient in as well. So, choosing these services would be extremely beneficial to you in the long run.