Strategic Solutions: How VAT Consultancy Can Benefit Your Bottom Line

Dubai is the most business-friendly city with the best policies, world-class infrastructure, efficient transport, desirable lifestyle, diversity, and culture; being the central city of the nation, numerous free zones, a wealth of job opportunities, and, more critical, UAE has emerged as many benefits as possible in Dubai and the United Arab Emirates. Business owners do not need to worry about VAT in Dubai. Doubt regarding VAT rates in Dubai or seeking out a well-qualified VAT expert as of January 1, 2018, when the country introduced the 5% Value added tax (VAT) that can be applied to as much as 375,000 dirhams in working hours each year. This article will discuss the significance of VAT Consultancy Services in Dubai in determining the ideal date to apply for VAT on behalf of your business. However, you should also know the benefits of VAT registration within the UAE.

Let’s discuss why your company needs to work with an accurate tax consultant within the UAE.

A Quick Overview

VAT is the tax imposed on the use or consumption of products and services for sale. It is currently 5 per cent across the UAE. If you are a business owner, you can quickly determine if you are required to sign up for VAT based on the VAT registration requirements set by the government. These include:

Suppose the annual tax-deductible Value of items and services provided by the company exceeds AED 375,000. This is a requirement.
Businesses can be registered for VAT if their turnover and sales exceed AED 187,500.
Companies are accountable for paying all taxes owed by customers to the federal government.
They can also request tax refunds from government importers. Foreign companies can claim back VAT they incurred while visiting the UAE. You can look up UAE laws and rules (VAT and excise tax) at the Federal Tax Office website.

Which VAT consultants are there? What are the services they add?

One thing you should know the most about when running a business is that failing to adhere to the VAT rules in the UAE can result in severe fines. Your VAT consultant can help you manage VAT compliance. In addition to aiding businesses in registering under their registration with the UAE VAT regime, these consultants also oversee the VAT requirements of their clients and inform them of VAT-related issues for certain businesses.

Based on the type of business, the services offered by UAE VAT consultants usually consist of the following:

VAT Advisory Services
VAT Compliance and Management
VAT Consulting Conversation
VAT Refunds
VAT Registration and VAT Withdrawal
VAT Training
Help with FTA payment methods.
Prepare information about revenue that can be submitted to FTA.

Internal VAT audit
Analysing purchase receipts.
Analysing sales invoices and compliance to FTA rules. 
Reduced VAT liability 
Identification of risk and the appropriate solution.
Identification of sources for tax preparation. 
Bookkeeping as well as Accounting using VAT-related decisions.

Benefits of Hiring a VAT Consultancy in Dubai

In the UAE or any other part of the world, the laws and regulations are constantly changing, and businesses must stay up to date with the most recent developments without facing penalties for non-compliance.  Furthermore, you don’t wish to make mistakes with your VAT calculation or declaration payment process.

When you have a knowledgeable VAT expert, tackling complex VAT is much easier. You don’t have to deal with complicated calculations, formulas, and math.

There are additional reasons to consider getting in touch with any of the excellent tax consultants within the UAE:

Professional Expertise

VAT experts are familiar with VAT regulations and rules. They can assist taxpayers with different VAT rates and help them make tax payments.  The most experienced VAT consultants deeply understand VAT rules, procedures, and rules on the table.

Eliminate any possibility of error

VAT experts will go above and beyond to ensure that all VAT submissions (returns and payments) are accurate. As they’re experts in their area and have years of experience in this industry, they will be sure to avoid mistakes in VAT registration return filing and other tasks.

Save Time

A VAT business’s evaluation, analysis and risk assessment is challenging and time-consuming. Engaging a knowledgeable and skilled VAT representative will save you valuable time.

Identify any Risk

Risk management for tax is one of the responsibilities of VAT experts. They can manage a variety of risky situations in business. A VAT specialist can help you identify and reduce risks like improper taxes and non-compliance with VAT.

Tax Preparation

As most people imagine during the tax year, filing a VAT return isn’t the only step in the tax audit. However, it’s the first stage of the VAT audit. Companies must review the VAT return and ensure that the taxes chosen by the company are valid and that the supporting documentation is in place. All the required documentation is integrated into the system, and the business prepares VAT returns and financial records for future VAT audits.

Financial Analysis

They boost the process of financial management. The in-house finance department needs help handling analyses, calculations, and measures. Therefore, it is recommended that you always seek the advice of a well-qualified VAT expert to get financial guidance.

These are just a few benefits that employing a VAT agent or specialist could provide. In most cases, hiring an expert in VAT from a well-known business setup firm located in Dubai, UAE, can prove extremely beneficial to your company.

Where do I find accurate VAT-related consultancy in the UAE?

ebs Chartered Accountants are Value-Added Tax consultants in Dubai who will be happy to assist you with all aspects of VAT, including registration and deregistration, filing payments and returns, auditing and providing advice on how to minimize liabilities, addressing any issues with compliance, and offering VAT-related education. When ebs VAT specialist works with you, you’ll not only avoid penalties for not complying, but you will also reduce unnecessary expenditures in the business, basically simplifying it. They can also help the tax accountants in your company and the finance department understand the different elements of VAT that may affect your business’s future. By optimizing your resources, you can accomplish the highest profit, which is among your business’s primary goals.