VAT Consultancy Service
VAT Consultancy Services
Value Added Tax (VAT) is an indirect tax levied on the consumption of goods and services. In the UAE, businesses must register under the VAT law to gain government approval, tap into a larger market, and enhance their business profile. If you are a business owner seeking VAT consultancy services in the UAE, Aebiaccountax is here to assist you with a variety of VAT-related services, including VAT registration, deregistration, accounting, and return filing.
UAE VAT Consultants
The UAE recently entered the realm of taxation, introducing Excise Tax on October 1, 2017, followed by Value Added Tax (VAT) on January 1, 2018. The Excise Tax is set at 50% for carbonated drinks and 100% for tobacco and energy drinks, while the VAT rate is a modest 5%.
According to Federal Law No. 2 of 2015 on Commercial Companies, tax-registered entities must adhere to several mandatory regulations:
Article 26: All organizations must maintain accounting reports for a duration of five years.
Article 348: Companies that fail to keep accounting records face fines ranging from AED 50,000 to AED 500,000.
Article 349: A fine of AED 20,000 to AED 200,000 will be imposed for not maintaining VAT filing records for the specified five-year period.
Utilizing professional VAT consultancy services in the UAE can help you manage your VAT activities effectively, minimizing the risk of errors and fraud. Aebiaccountax has a team of expert VAT consultants ready to provide exceptional VAT services to clients across various sectors.
Why you Need a VAT Consultant in UAE?
Why do you need a VAT consultant in the UAE? As VAT is a recently implemented concept in the region, businesses require the expertise of trained tax professionals to ensure compliance with the new laws during this transition. Many companies may not fully understand the necessity of VAT registration, the rules and regulations for calculating VAT, and the payment processes.
Here are some advantages of working with a VAT consultant:
The precision of data is ensured by the VAT consultants by taking extra care. They cross-check the VAT files with the help of advanced technology and manual reviews.
The best VAT consultant is equipped with greater knowledge about everything related to VAT. As a beginner, this knowledge can help you to understand various VAT rates and calculate the amount, and to pay on time.
The long-term experience and skill of a professional VAT consultant will ensure that the VAT return will be mistake-free which will save your time and money.
A well-experienced VAT professional can save your time essential for examination, valuations and calculation of the risks associated with the company.
Since VAT registration is mandatory for businesses which are above the threshold limit, VAT consultants can provide clear guidance on the process of VAT registration and VAT filing.
An expert VAT professional has a better industry experience to handle all kinds of risks in business. He can give you better advice on how to reduce the potential risks associated with VAT.
VAT Filing and Processing
You must file for tax return electronically through the FTA portal: eservices.tax.gov.ae. Before filing the VAT return form 201 on the portal, you must make sure that all tax returns requirements are met.
When are businesses required to file VAT return?
Taxable businesses must file VAT returns with FTA on a regular basis and usually within 28 days of the end of the ‘tax period’ as defined for each type of business. The standard tax period is:
- quarterly for businesses with an annual turnover below AED150 million
- monthly for businesses with an annual turnover of AED150 million or more.
What is the form VAT 201?
The VAT 201 is the VAT Return form which a taxpayer needs to fill and submit in order to complete the VAT return filing. The Form VAT 201 the details mentioned below:
- The Details of the Taxable Person
- The period of VAT Return
- VAT on sales and all other outputs
- VAT on expenses and all other inputs
- Net VAT Due or VAT payable for the period
- Additional reporting requirements (Only for the Profit Margin Scheme Applicants)
- Declaration and Authorized Signatory
Once you carefully fill all the above-mentioned details, click the submit button. You will receive a confirmation message from the FTA on your registered mail.
Why Aebiaccountax?
Aebiaccountax is a team of highly skilled accountants specializing in VAT consultancy services. Our expert VAT consultants provide cost-effective solutions tailored to your business needs while adhering to industry standards. Our professionally qualified and experienced VAT consultants will assist you on-site, managing all aspects of your VAT compliance, including registration, return filing, and accounting tasks, while ensuring that you remain fully compliant with local regulations.
In addition to VAT consultancy, Aebiaccountax offers a comprehensive range of business-related services, including CFO services, internal and external audit services, free zone audits, and more, all designed to support your business requirements.
Feel free to contact us for a one-hour consultation, where our experts will address your VAT-related queries and provide solutions tailored to your business needs.