Value Added Tax (VAT) is essential for businesses operating in the United Arab Emirates. VAT registration is mandatory for businesses meeting specific turnover thresholds. Registering for VAT ensures compliance with legal requirements, is able to claim input VAT, helps in reducing overall tax liability, helps in competing with other entities in the market and ultimately builds customer trust.
Spectrum provides various VAT-related services such as VAT registration, Amendment, return filing, refund and deregistration.
Spectrum will assist your business in registering under UAE VAT and make sure that your Entity is registered on time.
There are specific circumstances for amending your tax registration. We will guide you in amending your registration by giving relevant information to the Federal Tax Authority on time in order to avoid compliance issues.
VAT return filing
Filing your VAT returns in the UAE is crucial because of legal requirements. Filing VAT returns on time helps avoid penalties, ensures financial transparency, enhances a business’s reputation, allows input tax recovery, simplifies auditing and facilitates international trade.
Applying for VAT refund is essential to recover input tax, reduce costs, manage cashflows, stay competitive in the market, maintain financial transparency and contribute to economic growth. Spectrum will help your businesses in getting your VAT refund claim in your FTA account.
Spectrum will help you monitor your turnover and assist you in deregistering your business from VAT when your turnover falls below the specific threshold limits. Timely deregistration will save your business in avoiding huge amounts of penalties.
VAT Compliance check
Spectrum also provides VAT compliance check-up to make sure that on overall basis your company is in compliance with the requirements of the UAE VAT law, so that even if Federal Tax Authority (FTA) visits for VAT audit of you books of accounts and records, you are confident that you are compliance with the VAT law requirements and do not have any issues during the audit process.
It is always important to remember that, cost of compliance is generally better than the cost of non-compliance.
Why Spectrum Auditing?
Being a pioneer in the field of auditing, accounting, taxation and advisory services, we ensure we keep track of all the changes that are taking place in the UAE with respect to the changes in laws, rules, regulations and keep our clients informed as well as sharing the same information through our blog section or social media handles regularly. Spectrum Auditing will guide you with the laws and regulations of UAE, be it the Value Added Tax (VAT), Economic Substance Regulations (ESR), Corporate Tax (CT), Transfer Pricing (TP), Ultimate Beneficiary Owner (UBO), Anti Money Laundering (AML), etc after reviewing your business.