Professional VAT Returns Filing Service in Dubai, UAE
No.1 VAT Returns Filing Service in Dubai
An accounting firm mainly offers accounting and auditing services for any business, be it small or big. But after providing the on-time & professional VAT returns filing service in Dubai, We believe that we are the up-coming chartered accountants firm based in Dubai to provide intelligently and cost-effectively financial support solutions to understand the client’s requirement and time constraint.
VAT (Value Added Tax) is a type of indirect tax. Presently, more than 180 countries worldwide follow this new sales tax system and are one of the major sources of revenue for any country that follows this system. In simple terms, VAT can be explained as a type of consumption tax. Each country has its methods to assess the tax liability and collection methods.
1st January 2018 - When VAT Return in UAE Came Into Force
At the time of its inception, the rate was 5 percent at each supply chain step. This tax system of VAT return in UAE slowly encouraged the UAE government to move forward to minimize the dependence on oil and hydrocarbons revenue sources. Each VAT payer has to file the return at the scheduled stipulated period to the Federal Tax Authority (FTA).
Our Range Of VAT Return Filing Service in Dubai
In VAT record keeping, whatever may be the VAT payer’s size, FTA can demand the payer details like Annual accounts, general ledgers, VAT ledgers, etc. as per requirement.
In VAT amendment, any alteration in the details after registering needs FTA sanctioning either through the notification and amendment. If not, then the payer is liable for a penalty.
Suppose taxable payers did not submit on the verge of the business. In that case, they can apply for registration or be exempt from VAT registration through VAT returns filing service in Dubai.
For taxable payers, for any reason, if they fails to apply for a mandatory de-registration of VAT within the scheduled time frame of 20 days, they have to pay the penalty.
Not only do we provide training support of VAT return filing at utmost accuracy, but also we support our clients by providing training in the rules and regulations of VAT.
The tax imposed shall be refunded from FTA within 20 business days from the date of the VAT refund claim application submitted by the taxpayer.
Safety Measures Provided Under Our VAT Return Filing in Dubai, UAE
At Beyond Numbers, we are obliged with our clients’ interest binding with proof and legal assurance for long-lasting relationships.
For the smooth functioning of the business, it’s better to minimize registration issues through our VAT return filing in Dubai which will help to assist from fundamental pre-requisites of the entire registration process.
A VAT-registered taxpayer has no obligation to meet the VAT Act’s requirements and regulations and ease the taxpayer’s environment.
How You Can File A VAT Return in UAE?
You’ll need to file a VAT return in UAE using FTA online portal named “eservices.tax.gov.ae”.
Here, the taxpayer must settle the tax and the necessary documents that arose in the reporting period. We at Beyond Numbers believe that our expertise and experience will provide advice and support through our VAT return filing.
How Do Businesses Can Know Which VAT Scheme is Needed in UAE?
The tax is levied by the tax period. The taxable payer must settle the tax claim that arose in the reporting period within 28 days at the end of that period. In principle, an effective reporting method must be used.
Here, business with the monthly turnover of AED 150 million and more or quarterly turnover below AED 150 million are the taxpayers. The FTA shall permit taxable payers on request to use tax period based on the business.
Suppose the taxpayer fails to remit tax as per FTA rules and regulations. In that case, the payer is liable to pay the fine in line with the provisions of Cabinet Resolution No.40 f 2017 on Administrative Penalties for Violations of Tax laws in UAE.
Calculate VAT Due/Liability
All VAT payers are accountable to the online VAT Return Filing process of FTA, bounded with the below guidelines:
- Total Turn Over Of The Tax Period
- Total Sales Turn Over
- Total Purchase Debit Made during the tax period
- The turn over tax liability incurred on collection
- Assessment of the rights of refund
How Do I Report VAT?
For registered business, a VAT is required, and all VAT returns filing service in Dubai are available online on the portal of FTA.
What is VAT Return Form 201?
VAT Return Form 201 is a self-declaration form that every taxpayer has to submit at the end of the tax period, where it reflects the details of output and input tax of the supplies.
VAT Returns Filing Service in Dubai - Beyond Numbers
VAT returns will not be so complicated if you approach the firm that offers this service, such as Beyond Numbers Accounting Firm, with your VAT return needs. Founded in Dubai, the firm boasts expertise in serving professional, on-time vat return filing in Dubai to various small and big start-ups and corporations. Cost-effective solutions are always kept in mind while finding the specific financial needs of their clients.
Understanding VAT and the Importance of VAT in Dubai
Value Added Tax is a consumption-based tax recovered at all supply chain stages on goods and services. In the UAE, VAT was introduced effective January 1, 2018, wherein a 5% rate applies to numerous goods and services liable to VAT. The tax policy was big enough to alter the country’s other sources of income, reduce the economy’s dependency on products, and widen the economic base.
VAT return filing is about the requirement to comply with the Federal Tax Authority. It is a legal requirement for a trader to file VAT returns within the scheduled time. Non-compliance brings forth penalties and fines; hence, there is a need for any business to find itself in a secure hand like Beyond Numbers when filing this requirement.
Why is VAT return filing Important to the Businesses of Dubai?
Beyond the number game, VAT return filing is much more than a compliance exercise. It has gone beyond the simple compliance of filling returns, which returns- what now seems like a very technical exercise gauging a company’s credibility and transparency. A business that stays compliant wins the trust of its stakeholders and portrays commitment to its operations by staying within the confines of the law. Beyond Numbers makes VAT filing as painless as possible, giving a structured, reliable, and efficient service to ensure your business is fully compliant with the regulations of FTA.
How the VAT Return Filing Works
Under this VAT return filing, input tax paid on all purchases is recorded against VAT collected on sales or output tax. An accurate record of all taxable supplies and purchases undertaken is necessary to calculate the net VAT payable to the FTA or refundable from it. The VAT return filing process is mainly comprised of the following:
Recording Transactions: All taxable sales and purchases are accounted for.
Calculation of Output Tax: VAT is collected in all sales.
Calculation of Input Tax: VAT paid in all purchases
Calculation of Net VAT: The payable/refundable is determined by removing the input tax from the output tax.
Why engage Beyond Numbers for Dubai VAT Return?
Save from potential errors and penalties or extra operational delays with the right accounting partner for filling vat return in UAE. Beyond Numbers offers expertise, commitment, and personalized support to meet your VAT filing needs. Here’s what sets us apart:
Good knowledge of FTA guidelines
With proper knowledge of the FTA guidelines, our team submits the VAT returns with accuracy and as per regulatory standards. We are kept informed of all the changes in VAT laws drafted for the UAE to ensure that you receive current and compliant services.
Cost-Effective VAT Solutions
Most businesses, especially SMEs, look out for cost factors. Beyond Numbers offers low-cost VAT return submission services in Dubai without compromising quality. The solutions given are based on the financial structure of your business.
On-time and Reliable Service
One of the most important aspects is timeliness with the VAT return filing. Filing after the due date may attract penalties, and it has always been our mantra to ensure all our clients file on time. So, we will follow the VAT filing date and prepare all documents in advance to be submitted.
Personalized Support and Consultation
Every company is unique, with different financial requirements and difficulties. We provide complimentary, tailored consultations to identify your needs and ensure our services suit your needs. In case you have any VAT return-related questions or concerns, we are here to assist you in the event of future requirements.
Call Us For Quote
We are available via the contact below for your convenience and prompt assistance.
Data Security and Confidentiality
We highly esteem your trust and maintain tight data protection for your financial information. Your data privacy is our concern, and we ensure confidential handling of your sensitive information.
How Beyond Numbers Simplifies VAT Return Filing
Beyond Numbers made VAT return filing easy and hassle-free. Here’s how we work with our clients:
Step 1: In-Person Meeting
We meet, agree on the most important facts about your business, discuss your VAT obligations, review your transaction records, and try to understand your individual needs.
Step 2: Review of Documentation
With all that understood, we meticulously review the business’ financial documentation. Primarily, we examine sales invoices, purchase receipts, and any other records that will be needed to determine the VAT liabilities owed by your business.
Step 3: Calculating and Verifying VAT
Our team will compute the output tax, input tax, and net VAT payable for you; they verify every entry against the FTA to minimize the possibility of error in filing for you.
Step 4: Submitting
Once the VAT calculation is finalized and verified, we submit your VAT return to the FTA online portal. Submissions are maintained with timely inputs so that you achieve all your filing deadlines.
Common Challenges in VAT Return Filing and How Beyond Numbers Helps
VAT return filing requires proper and detailed record-keeping. We advise our clients on record-keeping and assist in organizing transaction data to file the VAT return efficiently with zero errors.
The UAE VAT laws are amended from time to time. Beyond Numbers assures you of timely updates on the latest regulations, and your VAT return will always comply with the day’s guidelines.
Error in VAT returns may lead to a penalty. Our checking’s will ensure you have no errors in your Filing.
If VAT returns are filed late, penalties may be imposed. We keep tabs on the filing deadlines on VAT returns and ensure that Filing is done well on or before time so as not to attract penalties.
Benefits of Professional VAT Return Filing Services in Dubai
Professional VAT return filing services save business time and minimize unnecessary stress while complying with local legislation. Some benefits accrue to the organization by using such services, such as:
Reduced Risk of Penalties: Professional assistance prevents late submissions or mistakes, which could result in fines.
Effective Management of VAT Obligations: A professional team can handle the VAT-related work, leaving you free to focus on core business activities.
Enhanced Financial Accuracy: Expertise in VAT regulations reduces the risk of financial discrepancies in your records.
Contact Beyond Numbers for VAT Return Filing in Dubai
For the most professional, reliable, and cost-effective VAT Returns Filing Service in Dubai, contact Beyond Numbers. Let our team of skilled professionals manage the hassle of VAT filing, and you can focus on building your business while we take care of yours. Contact us today for more information and learn how we can efficiently meet all your VAT needs.