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.