Accounting Firms for VAT in Dubai
Lots of businesses and individuals are looking for the professional accounting firms for VAT in Dubai. As the value added tax will be effective in UAE from 2018, the need for expert consultants is obvious. As an established accounting firm, we are here to help our businesses to get ready for the value added tax. The newly introduced tax is a consumption tax applied on all the goods and services. Barring few essential services like education, medical, and basic food items, the tax is applicable at 5% rate to the purchase or sale of goods.
Though VAT implementation is a new affair in Dubai, it is one of the most popular commercial tax worldwide. More than 150 countries are already following the value added tax mechanism. Though, the rate of the tax differs in different countries for different categories of goods and services. Hence, with our deep insight into the VAT followed worldwide, we hold an expertise in guiding our clients for VAT management.
Why You Need a VAT Consultant in Dubai
As the VAT will be one of the major commercial tax, it is essential to hire accounting firms for VAT in UAE for efficient management of VAT.
Since the value added tax is a new commercial tax in Dubai, people are not aware of it. Right from the registration to the filing of returns, a person needs to be updated about all the VAT rules. We are a highly recommended value added tax consultants in Dubai. Our professional team of experienced chartered accountants and financial advisors are adept in the VAT management. With a skilful team, we are equipped to provide consultancy to small enterprises, individuals, and bigger corporates.
When there are hundreds and thousands of transaction in your firm, tax management is not an easy task. Each and every record of the transaction with applicable taxes, tax payment, and other details is mandatory for the firm. Since the sellers and buyers of goods and services do not have complete knowledge of handling taxes, a professional consultant is required to communicate with the tax authorities.
Professional VAT Services
Several accounting firms are now also providing all the VAT related services. However, one should be sure of the services they expect from a value added tax consultant in UAE. It should cover the entire range of VAT related liabilities:
- VAT Planning
- Updating the client about basic VAT rules and regulations
- Tracking all the updates for immediate implementation to avoid penalties
- VAT registration of the firm
- Maintaining records of VAT related documents and statements
- Advising on VAT rates
- Filing returns
- Liaising with the tax authorities whenever required
Instead of relying on internet data, it is always the best option to hire a VAT consultant. Companies are advised with the latest information and rules related to the tax. How to do the VAT registration? How to pay taxes and file returns? How to deal with the tax related penalties and other inquiries from the tax authorities? Businesses save themselves from dealing with these tedious tax-related matters by hiring accounting firms for VAT in Dubai. The biggest benefit is that this allows businesses to concentrate on their core business.