Alliott Management Consulting has been assisting clients with VAT services in the UAE since the introduction of Value Added Tax (VAT) in the region, our team of qualified chartered accountants and tax expert has been focused on clarifying and explaining VAT obligations to our clients in the simplest way possible, and then implementing and executing reliable procedures to ensure their VAT compliance.
Alliott Management Consulting offers the range of VAT-related services as follows:
A. VAT Registration in the UAE:
The Tax laws set out a threshold for mandatory and voluntary VAT registration in the UAE. FTA has recognized some of the activities of businesses as taxable supplies for vat registration purposes, and companies with no sales and high expenses can voluntarily register for VAT to recover their input tax early.
It is important to provide accurate data and information while registering for the VAT within a specified deadline. To avoid the inaccuracies of the information and delay in registrations, we will conduct a glance at the company’s industry legal documents and financials, audited financial statements, internally generated reports, and other information.
Our scope of work for VAT implementation in UAE:
- Assisting with VAT registration
- Gathering of Accurate requirements and information
- Make sure that your data are entered accurately at the time of registration
B. VAT Advisory Services in the UAE:
VAT advisory services in the UAE is the most important aspect of our service. It allows us to fully understand the day-to-day operations of a client’s business, such as the type and volume of supplies, VAT inputs and outputs, the applicability of reduced rates and exemptions, and their record-keeping capacity. This allows us to assess how VAT is applied to their businesses and identify the changes that are required to their existing accounting systems and business processes.
We can provide you with the following VAT advisory services in UAE:
- VAT margin schemed and reverse charge mechanism
- Recovery of VAT (UAE and other GCC) through our allied firm in the region
C. VAT Assessment and Appeals
VAT is considered to be a more sophisticated means of collecting tax, as it makes individual businesses collect the tax on behalf of the government. If accounting mistakes in tax returns are made, there are chances of tax assessment and penalties. Following a VAT inspection, issues and liabilities can inevitably arise. Alliott Management Consulting can help you to review VAT Authorities assessments and can negotiate with them on your behalf to help ensure that liabilities and any enforced penalties are kept to an absolute minimum. Many of our clients enjoy peace of mind before an inspection by receiving our VAT Integrity check, ensuring that they are compliant in the first instance.
Alliott Management Consulting can assist you with:
- Pre and post-inspection VAT assessment reviews
- VAT appeal aids and any dispute resolution
- Independent assessment of your VAT compliance and potential liabilities
- Mitigation of VAT liabilities and penalties
D. VAT Compliance Audit in the UAE:
With the introduction of VAT in UAE, companies have got an additional responsibility in their checklist in dealing with compliance. Though VAT is a straightforward and easy process still companies have to follow procedures set by the Federal Tax Authority in UAE. This means maintaining books of all the accounts concerning invoices, import and export as well as other transactions. Companies and individuals submitting late, incomplete or incorrect filings could result in hefty fines according to the Federal Tax Law.
Alliott Management Consulting can assist you with:
- Review of the Accounting System / Recorded Transactions
- Review of Calculations Tax
- Review of Payment of Tax Due
E. VAT Return filing in the UAE
VAT returns filing in the UAE must be done on a monthly or quarterly basis, depending upon the size of the business. There are specific deadlines for filing returns, and incremental penalties are applicable for failure and these return filings involve a declaration of standard rated supplies, zero-rated supplies, exempt supplies, reverse charge transactions, imports, and relevant taxes. A well-maintained accounting system and the process are essential to provide the correct figures with ease at the right time.
Alliott Management Consulting can assist you with:
- Preparing /reviewing your VAT returns filing.
- Preparation of your statistical declarations.
- We will also prepare a management report if there are noted exceptions to improve your controls and compliance with the laws and regulations.
- Can also guide the process of settlement for amounts due.
Secondments:
Secondments will prove to be useful for those organization that lost their employees that handle the VAT affairs within the organization either by a long vacation leave or permanently. We will send our experienced VAT specialist to handle your accounting and tax returns, on your behalf.
F. In house VAT training in UAE
Alliott Management Consulting conducts VAT training in the UAE for employees of your organizations and empower them to know all the concepts of VAT. We will have a quick glance of your organization in order to adjust our scope of training that will match their actual responsibilities in the organizations.
Our VAT training in UAE general scopes are as follows:
- Understand the theory behind the taxation
- Understand the history, basic concept of VAT
- Differences between the VAT, GST and Sales Tax Advantages and disadvantages of VAT
- Group VAT and how it works
- VAT history and updates in the UAE as of date
- Differentiate Input VAT and Output VAT
- Categorize the supplies for VAT calculation
- Understand the impact of VAT on the each major industries to GCC region
- Discussions of both Federal Law No. 7 of 2017 Tax Procedure Law and Federal Decree Law
- No 8 of 2017 on VAT (Full discussion on relevant articles with example computations on each)
- Prepare the invoices including VAT and documentation requirements
- Understand the VAT registration process and prepare required documents
- How to prepare for the VAT
Get in touch with our team to book VAT corporate training for your employees.
