About VAT
VAT is a consumption-based tax levied on the supply of most goods and services in the UAE. Introduced on January 1, 2018, the standard VAT rate is 5%, making it one of the lowest globally and ensuring minimal impact on consumers. Certain goods and services, such as basic food items, healthcare, education, and exports, may be exempt or subject to a zero-rate.
For businesses, compliance involves registering with the Federal Tax Authority (FTA), maintaining accurate records, and filing periodic returns, making VAT an important part of financial planning and day-to-day operations.
Our VAT Services
- VAT Registration: We'll determine if your business meets the mandatory or voluntary registration thresholds and handle the entire registration process with the Federal Tax Authority (FTA).
- VAT Return Filing: We prepare and file your periodic VAT returns accurately and on time, ensuring all transactions are correctly accounted for.
- VAT Planning and Advisory: Our experts provide strategic advice to help your business optimize its VAT position and understand its obligations regarding input tax recovery and cross-border transactions.
- VAT Compliance and Audits: We ensure your records are maintained in accordance with FTA regulations and provide representation and support during any FTA audits or inquiries.
Why Timely VAT
VAT non-compliance can lead to significant penalties. We help you avoid common pitfalls, such as late registration, incorrect return submissions, and poor record-keeping, allowing you to focus on your business with confidence. VAT Advisory and Consultancy
- VAT Impact Assessment: We analyze your business operations to determine how VAT affects your pricing, supply chain, and cash flow. This assessment helps us develop a customized strategy to minimize its impact.
- Voluntary Disclosure: If you discover errors or omissions in your previous VAT returns, we can guide you through the voluntary disclosure process with the FTA. This ensures you rectify past mistakes and avoid future penalties
- Reconsideration Requests: If the FTA imposes an administrative penalty you believe is incorrect, we can prepare and submit a reconsideration request on your behalf, providing the necessary evidence to support your case.
Record-Keeping and Accounting
Accurate and organized financial records are the cornerstone of VAT compliance. We help you establish robust systems to ensure you're always prepared for an audit. Our services include:
VAT-Compliant Invoicing:
We assist in setting up invoicing systems that meet FTA requirements, ensuring every invoice contains all necessary information.
Accounting System Setup:
Whether you use a simple spreadsheet or advanced accounting software, we help you configure your system to track and categorize VAT-related transactions correctly.
Record-Keeping Training: We train your team on best practices for maintaining financial records, helping to build a culture of compliance within your organization.
