Are you sure to remove tag permanently?
Are you sure you want to delete this collection permanently?
Article cannot be published without adding a cover image and title.
Are you sure you want to exit without publish article?
Would you like to save your changes?
WHY VAT SERVICES REQUIRED FOR YOUR BUSINESS IN UAE
VAT refers to Value Added Tax imposed on taxable business owners on the import and also on the supply of Goods and Services. The companies can collect tax from the customers and make the payment to the govt. in the form of VAT returns.
VAT registration in the UAE is an online process that is available within the Federal Tax Authority’s online portal. Before proceeding for VAT registration, the candidate should decide whether to register as a mandatory option or a voluntary option or, as a standalone or a tax group, etc.
RELEVANCE OF VAT CONSULTANCY SERVICES FOR YOUR BUSINESS IN THE UAE
Helping businesses to attain overall efficiency is one of the key aims of implementing the VAT in the UAE. It also helps the government reach a stable economy and upsurge its revenues. Several VAT consultants across the nation work towards enabling businesses to achieve compliance & efficiency through their specialized VAT services. An excellent VAT consultant not only helps your business meet the necessary VAT standards but also offers comprehensive solutions to run the business successfully and effectively. A skilled VAT consultant increases your business performance, VAT compliance, and operational efficiency. A plethora of advantages, as listed below, awaits business owners by hiring the best VAT Services.
If you are looking for the best VAT Consultants in UAE that help you in VAT consistency? ARC Associates offers the best VAT Services in UAE and comprehends the client’s needs. We have the required expertise and knowledge regarding VAT laws. Our competent and skilled VAT consultants have relevant industry-specific experience in taxation complying with international standards.
Do You Need To Know About VAT Registration
About VAT preparation in UAE
A VAT is a consumption tax placed on a product when a value is added at each step of the supply chain, from production to the point of sale. The VAT is introduced on 1st January 2018. The present VAT rate is at 5%. One of the main reasons why VAT is introduced within the nation is to provide a new source of income, which can be continued to be utilized to supply high-quality public service. It also helps the government to move towards its vision of decreasing dependence on oil and other hydrocarbons as a source of income.
To become registered under the VAT law means a business is approved by the government, as a supplier of goods and services and is permitted to gather VAT from clients and remit an equivalent to the government. Only VAT registered businesses are allowed to do the following:
• Charge VAT on the taxable supply of products & services.
• Claim Input Tax Credit on VAT paid on their purchases, which can be deducted from VAT liability on sales
• Payment of VAT to the govt.
• Periodic filing of the VAT return.
In addition to these, all registered companies need to align their business reporting structure in line with the compliance requirements like accurate and updated books of accounts, tax paid documents like credit notes, debit notes, records to all or any inward supplies and outward supplies, tax invoice, etc. are essential to be maintained. Hence, knowing the basics of VAT is one of the vital steps for your VAT preparation and obtaining VAT registration in countries like UAE, which are going to be the primary step towards transiting your businesses to the VAT era.
Need Any Help For VAT Services In Dubai?
Looking for any professionals to come up with a perfect VAT implementation plan for your business? Get in touch with experts like ARC Associates, the top VAT consultant in Dubai. With a set of expert and well-experienced accountants who work towards customer’s goals and wants, you can be reliable over ARC Associates services, with the highest proficiency.
Outsource Your Accounting & Bookkeeping Services in UAE
How Audit Companies Minimize Financial Risk In Businesses?
Auditing is a means of evaluating the efficiency of a firm’s internal controls. Keeping an effective system of internal controls is essential for attaining the business objectives of a company, generating reliable financial reporting on its operations, preventing fraud and misappropriation of its assets, reducing its cost capital and so on. For this, hire the best auditing companies in the UAE.
Here are a few ways that describe how an auditing company helps an organization to overcome financial challenges and guide their business on the right growth path.
• Assess the Risk of Misstatement-Auditors evaluates the risk of material misstatement in a firm's financial reports. Without a system of internal controls or an audit system, a firm would not be able to generate reliable financial reports for either internal or external purposes.
• Detection of fraud & Prevention- Auditing plays a crucial role in companies for the detection of frauds, waste or abuse. The repeated analysis and evaluation of the firm’s operations and keeping rigorous systems of internal controls can prevent and find out different types of frauds and other irregularities in accounting.
• Building Credibility-If you are looking at interesting investors for your business, or simply looking at generating a strong brand, correctly audited financial reports become helpful in building up the necessary authority and credibility for the company.
• Good corporate governance & staying on track with public policy & regulatory change- Internal audits assess a business’s internal controls, together with its corporate governance and various accounting processes. They confirm compliance with laws and regulations, precise and timely financial reporting and data collection.
• Get to comprehend the actual position of the business-Auditing company helps the firms to get a clear cut understanding and insights into what the actual position of their business is. However a company may create each effort towards appropriate maintenance of accounting records, a constant audit is the finest way to verify all the good effort or find out any anomalies that might be present.
Hire an Audit Company in the UAE for Guarding Your Business
When it comes to protecting your business, hire a top Audit Company in UAE which can give you an edge. Audit companies have generated a strong case for themselves by functioning on diverse portfolios of clients and assisting them through their audit requirements. At ARC, we have customer-centric crews of expert auditors. Our professional auditors bring rich experience of handling clients across businesses. With our cutting edge approaches and proficiency in this field, we can ensure that our clients can move in the right direction and enhance their business performance.
Boost Your Business with Accounting Services in Dubai, UAE