E-Services FTA, Top FTA VAT Return Filing Services in Dubai Abu Dhabi UAE
FTA
The VAT compliances can often be complicated and businesses can end up making mistakes while filing VAT returns in UAE. Filling VAT returns require compliance with the FTA standards. Failing to do may attract heavy fines and penalties. Some of the mistakes that the companies make due to lack of knowledge of VAT filing include incorrect tax strategy, wrong calculation of VAT, inadequate accounting system, failure to issue valid tax invoices to counterparties, etc.
The VAT related formalities can be complicated but you can avoid all these mistakes by hiring competent tax professionals.
Businesses That Require VAT Registration Services in UAE
Before considering VAT return filing, it is crucial to ascertain whether your business requires VAT registration in UAE.
A business can opt for any of the two types of VAT registration in UAE:
- Mandatory Registration
- Voluntary Registration
What are the Limits for VAT Registration in Dubai and Abu Dhabi?
In case of mandatory registration, businesses have to compulsorily register for VAT when:
If the total value of taxable supplies and imports exceeds AED 375,000 in the last 12 months.
If the total value of taxable supplies and imports is expected to exceed AED 375,000 in the next 12 months.
Note: This threshold is not applicable to foreign organizations that do not have a place of residence in the state of UAE. In simple words, foreign organizations have to compulsorily register under VAT irrespective of the registration threshold.
In case of voluntary registration, businesses have the option to register for VAT when:
The total value of taxable supplies and imports or taxable expenses exceeds AED 187,500 in the last 12 months.
If the total value of taxable supplies and imports or taxable expenses is expected to exceed AED 187,500 in the next 12 months.
How Can Businesses File VAT Returns in UAE?
Businesses need to file a tax return electronically through the Federal Tax Authority (FTA) portal: eservices.tax.gov.ae. If your business is required to file a VAT return in Dubai, Abu Dhabi, UAE, it must comply with all the formalities. You must submit a comprehensive statement of supplies made and received during the tax period. Failing to do so may attract severe penalties and other problems. Apart from that, filing VAT requires in-depth knowledge of UAE laws and regulations. Therefore, is it advisable to use the services of professionals like Aviaan Accounting to file VAT returns as per FTA standards.
Things to Follow When a Business Has to File VAT Return?
When your business needs to be VAT registered and complaint, you need to do the following things;
You must maintain your VAT records for 5 years at least. The VAT records include documentation of the company’s import/export of goods and services, supplies, tax invoices, etc.
There is a fixed period within which VAT returns must be filed. Failing to file VAT on time may attract penalties. Since the weekends have changed in UAE, it is important to take the assistance of a VAT consultant to avoid any non-compliance.
If the business has to pay taxes, it is better to avoid delayed payments and file returns timely. It is always better to file VAT dues before the due date.
It is advisable to take the assistance of a VAT filing expert in UAE when the business is dealing with those goods and services where the applicable VAT rate is 0%.
The Federal Tax Authority offers a range of comprehensive and distinguished electronic services in order to provide the opportunity for taxpayers to benefit from these services in the best and simplest ways.
Auditing is a significant business requirement that assesses the evidence and documentation of the economic transactions of a company. AHG (Morison Global) provide an independent examination of financial statements. Auditing increases the profit and reliability of financial statements, thereby reducing investor risk and costs. At AHG, we ensure complete auditing in compliance with several corporate objectives. As an accounting firm in Dubai UAE and in Egypt, we share an independent opinion with the stakeholders on the reliability and state of affairs in the financial statements. Whether in compliance with companies or other relevant acts, report by exception to the stakeholders. The internal revenue service verifies the accuracy of taxpayers’ returns and other financial transactions.