VAT Consultants in Dubai
Ever since VAT has come into force from 1st January 2018, businesses in the UAE are seeking the services of the top VAT consultants in Dubai in order to facilitate proper and structured implementation of VAT. Moreover, VAT consultancy has become an absolute necessity for businesses to comply with the UAE VAT laws.
Gulf Accounts is among the trusted and top VAT consultants in Dubai, UAE. We are registered with UAE’s Federal Tax Authority. We providing effective VAT assistance to our clients in VAT related areas such as VAT consulting, VAT registration, VAT Training, VAT returns, and tax laws and regulations.
Gulf Accounts – Top VAT Consultants in Dubai, Sharjah, Abu Dhabi, UAE
Gulf Accounts has the best team of specialists who can help you overcome all the hurdles including unfamiliarity with VAT laws and regulations, lack of resources, compliance issues, and absence of an updated accounting system. Our top-notch VAT consultation services in Dubai, UAE include:
- VAT registration and de-registration
- VAT audit and consultancy
- VAT implementation
- VAT return filing
- VAT training and many more
Gulf Accounts contributes to the growth of client’s business by ensuring personalized accounting practices, using advanced technology to improve compliance quality while reducing cost. We strive to provide superior, swift, and hassle-free VAT consultation services to our clients from all sectors of the industry across Dubai, Abu Dhabi, Sharjah, UAE. Our clients appraise us for our transparent, convenient as well as error-free VAT consultant process.
Dubai as a global business hub
Over the past couple of years, Dubai, has become a hub for businesses. The ease with which one can set up their businesses here or can expand their business operations has been a major draw. Owing to the political provisions and booming economy which promises high returns and profits, thousands of people, not just from the country but from all over the world have come to Dubai in order to start their own businesses.
While operating a business in Dubai turns out to be quite profitable, it is also important to remember that you need to adhere to certain rules and regulations of the government with respect to running your business, as it is with any other country. As a business owner, one of the obligations you need to fulfill is registration for VAT in Dubai.
VAT Consultants in Dubai, Abu Dhabi, Sharjah, and UAE explain how is VAT different from Sales Tax?
VAT and sales tax are both consumption tax but there is a significant difference among the two. VAT in Abu Dhabi is imposed on each stage of the supply chain, imports and goods/services. Sales tax is only levied on the final sale and transaction involving goods. VAT is the more sophisticated approach to taxation as it involves business to collect tax on behalf of the government and avoid any misrepresentation and tax evasion.
With VAT, government will be able to enhance the infrastructure and entertainment places for the families leading to satisfied and happy residents. VAT in Sharjah gives government with alternative source of income and lower its dependencies on oil and hydrocarbon, resulting into strong economy. With additional income, The Dubai Federal and Emirate government will be able to provide public with a variety of amusements parks and recreational activities which are paid because of using government budget.
Role of VAT consultants in Dubai, Abu Dhabi, Sharjah, UAE
VAT or Value Added Tax is a consumption tax that is charged by different countries in the world, especially in Europe. In 2018, the Dubai government too decided to begin implementing VAT at a rate of 5%. This consumption tax becomes an indirect source of revenue for the government and is collected by companies on its behalf. It is charged after every sale in the supply chain; any company that manufactures a product must charge VAT in Dubai, UAE at each value addition stage till the final stage. Moreover, not only are companies registered under the VAT norm meant to charge 5% VAT on their products, whenever they buy goods from other companies or suppliers, they too need to pay VAT. It is the difference between the above two amounts that need to pay to the government authorities. VAT consultants in Dubai help you abide by the VAT laws in an effective manner.
The following are ways in which the new VAT can affect your business:
- You will be required to properly document your business income, costs as well as your VAT in Abu Dhabi, UAE associated charges.
- All registered businesses, as well as traders in Dubai (and the Dubai), shall be required to charge VAT to all their customers at the existing rate, which is 5% and shall have to pay VAT on any goods that they purchase. The difference between the two is what must be paid to the government agencies.
VAT Registration Consultants in Dubai, Abu Dhabi, Sharjah, UAE
Maintaining and updating all financial records, transactions and business accounts is essential for every corporate entity. If a business fulfils the criteria of minimum annual turnover, then it should get itself register for VAT in Abu Dhabi. By getting registered means that company can charge VAT in Dubai, UAE to its customers and remit the same to the Government. Registered businesses are admissible to do the following:
- Charge VAT on taxable supply of goods and services
- Claim Input Tax Credit on VAT paid on their purchases
- Payment of VAT to the government
- Filing of VAT return as per VAT Law Dubai
It is advisable to get prepared for the information required during the process of VAT registration in Abu Dhabi, UAE before creating an e-service account. Most important include details of the business, contact/banking information, business partnership, and declaration. VAT consultants in Dubai like Gulf Accounts can help you prepare for VAT.
VAT Verification Consultants in Dubai, Abu Dhabi, UAE – TRN Number
The Tax Registration Number is issued after registering for VAT in Abu Dhabi. It is a unique 15-digit number which differentiates a company from others. VAT verification gives company a strong position among its internal and external stakeholders and increase its credibility in a way that the company is not involved in tax evasion practices. Moreover, TRN facilitate in preparing tax invoice during a transaction, claiming tax refund, and filing VAT return in Dubai, UAE.
What are Goods and Services under VAT Dubai, Abu Dhabi, Sharjah, UAE
According to Executive Regulations and Federal Decree, goods are any form of property that can be supplied. It includes real estate, energy, and water as well. By services, VAT Law in Dubai, UAE means anything other than goods than can be supplied are services.
VAT Refund in Dubai, Abu Dhabi, Sharjah, UAE
Under VAT Law in Dubai, a company can claim VAT refunds in Abu Dhabi, UAE in case of many circumstances, be it a special scheme or a taxable person in a net taxable refundable position, it includes:
- VAT refunds Dubai for foreign businesses.
- VAT refund Dubai for tourists.
- VAT refund for Dubai nationals building new residences.
- VAT refunds for Foreign Governments, International Organizations & Diplomatic Bodies.
You may reach out to Gulf Accounts, one of the best VAT consultants in Dubai, UAE to seek assistance regarding VAT refunds.
Guidelines on Filing VAT Return in Dubai, Sharjah, Abu Dhabi, UAE
VAT Filing in Dubai, UAE is done through an online portal provided by Federal Tax Authority (FTA). All businesses need to provide the information regarding sales, purchases, output and input VAT in the designated areas of VAT return form available on the portal. The form is known as VAT 201, it has different categories which a tax payer needs to fill in order to complete the process of VAT filing in Dubai, UAE. The sections in the form includes:
- Taxable Person Details
- VAT Return Period
- VAT on sales and all other outputs
- VAT on expenses and all other inputs
- Net VAT Due
- Additional reporting requirements
- Declaration and Authorized Signatory
When you hire VAT consultants in Dubai, Sharjah, Abu Dhabi and UAE like Gulf Accounts, you just have to focus on running your business while we will take care of all the VAT return filing work for you.