Value Added Tax (VAT) Services
VAT was implemented in the UAE in 2018. It is levied at a rate of 5% on most goods and services. Companies with taxable turnover exceeding AED 375,000 in a 12 month period must register with the Federal Tax Authority (FTA) and take steps for VAT implementation in their work process.
It is important that businesses understand the implications of the VAT tax and make every effort to align their business model to the FTA reporting and compliance requirements.
Businesses may find VAT difficult to implement, but failure to do so could result in costly penalties from the FTA. Standard Keys can simplify the VAT implementation process to help you comply with the VAT law.
As one of the leading VAT consultancies in the UAE, we can assist with any VAT issues you may come across. Standard Keys can help you with all VAT related advice and consultations including:
Advising on how VAT can depend on your legal structure.
Guidance on the documentation and information required.
Reviewing your business activity and transactions for VAT compliance.
Providing a standard data template (Input and Output transactions).
Review and analysis of data and underlying documents.
Preparation and submission of all statutory reports.
Training of your employees to ensure they are familiar with VAT laws and processes.
VAT accounting requires companies to maintain separate records for the VAT you pay and charge. The VAT law mandates every taxable person to maintain books of accounts, which needs to be kept for a minimum of five years.
Businesses should maintain electronic copies of the original documents as FTA requires tax returns to be submitted electronically. However, accounting records relating to business activities must be kept, including the balance sheet, profit and loss account, payroll records, wages, fixed assets, records, and inventory statements. FTA might demand additional documents at any time.
Standard Keys can manage the entire VAT accounting process, assist you with the procedure and introduce you to the VAT accounting software that enables you to send invoices, restore bank transactions, take care of expenses, track inventory and create professional reports. Maintaining records in an accurate and timely manner will enable smooth VAT return process.