VAT Registration Services
VAT Returns & Filings
Vat return filing is an integral component of VAT system as it is used for the purpose of reporting the VAT collected and paid by the entity to the tax authority during a specified time period.
Our VAT Return filing services includes:
- Timely reminder for VAT filing deadlines and payment schedules
- Proper classification of transactions according to VAT Laws to ensure correct TAX is collected
- Verifying input and output tax recorded correctly
- Review of operational changes to comply with VAT Law, same time minimizing the additional procedures/workload to existing resources
- Review of Documentation maintained for
- Advise on optimizing tax liability and minimal impact on cash flows
- Adjustment and changes in VAT computation for effective compliance with FTA laws.
- Filing TAX returns within the due date specified by the Federal Tax Authority
- Regular update and follow-up on the VAT Return submitted
Our experienced Tax Consultancy Team is available at a call or email to serve you with our expert services in which we will perform your VAT returns filing and we can also help you implement VAT across your Organization as well as train your staff for acting on required processes and procedures relating to quarterly VAT compliances.
With the introduction of VAT in UAE, accounting software’s in helping the businesses to comply with the VAT requirements. Filing of VAT returns- Monthly or Quarterly, maintaining the books of accounts for a period of 5-10 years, issuing Tax Invoices/Credit notes, generating Audit File (FAF) etc. are some of the major VAT requirements.With the objective of making the taxpayer’s life simpler, the Federal Tax Authority (FTA) has issued strict requirements which an accounting software must fulfilto be eligible as ‘Tax Accounting Software’.
Zoho Books is Federal Tax Authority Accredited Tax Accounting Software. It lets you send invoices, reconcile bank transactions, manage expenses, track inventory, and generate insightful reports effortlessly. Some of the Features of the same are as below
GENERATE FTA VAT COMPLIANT DOCUMENTS
With Zoho Books, you can issue invoices,bills, and credit/debitnotes that meet all the specifications prescribed by the Federal Tax Authority.You can customise these documents to by adding company logo, digital payment options.
THE RIGHT TREATMENT FOR EACH CUSTOMER
Handling customers from multiple countries? You can use VAT treatments to divide your customers into VAT registered, non-VAT registered and non-GCC entities. This helps in collection of Requisite VAT from each and every customer
COLLECT AND RECORD VAT ON TRANSACTIONS
Record the place of supply and select appropriate VAT rates for the goods or services involved in a transaction. You can also mark goods as excise and services as digital services.
AUTOMATED TAX REPORT GENERATION
The VAT summary report generated by Zoho Books covers all of your sales and purchase transactions and your claimable input VAT credit.
To make the experience easy and effortless, ZOHO provides guided webinars to make sure you know exactly how it works and ease you through the proper setups.
At Broadway we always recommend ZOHO accounting software because it seamlessly integrates with all of the most common applications and programmes; it eliminates struggling with “tricks” to make it work with your current software; it works your way—the right way—every time.Our familiarity with ZOHO allows us to develop insights and provide meaningful information that other firms simply won’t recognise.
Managing VAT obligations will be an ongoing challenge for businesses. With the passage of time, VAT legislation is likely to witness changes, which will have an impact on businesses.Since all the VAT related expertise may not be available to you in-house, it is critical that you partner with qualified, experienced Tax Expert, who can guide you on all VAT related matters.
We assist companies by managing the queries raised during and post VAT implementation and would undertake the following:
- Providing advice on ongoing matters with respect to the Company’s VAT obligations, including tax position to be adopted, tax risks,
- Review of internal controls and procedures including review of documentation
- Ascertaining the impact on the tax updates / developments, on the tax position taken by the Companies.
- Assisting Companies in filing Reconsideration to challenge to decision issued by the Authorities
- Conducting Technical and Functional Trainingsfor in-house personnel to be abreast with the VAT updates
VAT Audit Assistance
- Providing pre-audit, during audit and post audit support to Companies in form transaction advisory, documentation support, etc.
- Highlighting risks, areas of exposure / non-compliance during pre-audit and audit phase
- Advising on way-forward post completion of Audit by the authorities.
VAT Refund Assistance
Refund of VAT is a scenario where input tax amount is higher than output tax amount as per the tax return filed with the tax authority. Typically refund claim is scrutinised by the tax authority before sanctioning the refund claim. We assist in undertaking the following:
- Advising whether refund application should be filed or excess input tax should be carried forward to subsequent tax return
- Preparation of refund application and assistance in submission (including review of refund related documents)
- Assisting in replying to queries raised by the Authorities prior to sanctioning the claim.
VAT Deputation/ VAT Function Outsourcing
Taxation is a branch of knowledge which requires specific educational background along with domain specific experience. Accordingly, basis the scale of operations a tax team or tax expert is required to manage governance and compliance. We can assist companies by providing tax specialists (i.e. outsourcing, co-sourcing, deputation, etc.) so that the company has to only focus on business while tax compliances are handled by experts.
VAT De-registration Services
VAT de-registration, also known as termination or cancellation of VAT registration is done when a business needs to cancel its VAT registration with the Federal Tax Authority of UAE. De-registration of VAT in UAE can be approved by the FTA only if the cancellation application is supported by valid reasons and the conditions as required by law are fulfilled. For taxable individuals and businesses, VAT deregistration in UAE is as important as it is to register for a VAT. Businessmen must know the rules and process for VAT cancellation in UAE, as administrative penalties will be imposed upon failure to file an application within the timeframe specified in the tax law.