Do you know the criteria for registering for VAT?
A business must register for VAT if its taxable supplies and imports or taxable expenses exceeds AED 375,000 during last 12 months (Mandatory Registration).
It is optional for businesses whose taxable supplies and imports or taxable expenses exceed AED 187,500 but do not exceed AED 375,000 during last 12 months (Voluntary Registration).
All businesses have to carefully record their business income, costs, assets, liabilities and associated VAT charges irrespective of the size of the operations.
Registered businesses and traders will charge VAT at the prevailing rate on all of their sale of goods and services (output tax) and incur VAT on goods/services that they buy from suppliers (input tax). The difference between these sums is considered as refundable tax or VAT payable to the government.
VAT reporting is done on a regular basis through filing of VAT returns monthly, quarterly, annually or for any other period that has been confirmed by FTA in VAT registration certificate of the business.
How Spectrum can help you?
Spectrum Auditing and Accounting is an end-to-end accounting and audit services company and is a registered Tax Agent from Federal Tax Agency, UAE, based in Dubai. We offer VAT Agency& Audit services in Dubai, Abu Dhabi, Sharjah, Ras Al Khaimah, Fujairah, Ajman, Umm Al Quwain covering the whole of UAE. We provide a comprehensive portfolio of services in everything related to Value Added Tax (VAT) from Tax Advisory Services, VAT Implementation Services,VAT Return Filing, VAT Compliance Review, TAX Consultancy Services and Tax Agent Services apart from Tax Audit Service.
Apart from the mandatory Value Added Tax (VAT), we also specialize in a spectrum of services which includes Accounting, Auditing, Economic Substance Regulations (ESR), Mergers and Acquisitions (M&A), Company Formation and Liquidation, Country by Country Reporting (CbCR), Business Advisory Services and other business services. Our magnitude of experience, competence and reputation makes us a distinctive world-class accounting service provider.
Call us today on Tel: +971 4 269 9329 |