Do you really need a VAT consultant in Dubai? A reputed VAT consultancy in Dubai, UAE can help you get your business ready for the VAT. They give their clients the best advice on all aspects of UAE and global VAT and assist you to reduce the cost of VAT and other duties.

Rules and regulations constantly get updated and most of the business owners are not aware of the indirect taxes and often becomes a trap when they file taxes. Therefore, they would be in need of the help of VAT consultants. VAT professionals can simplify the procedures and ensure compliance. They offer a wide array of guiding services right from the pre-assessment to registration and to the collection of funds, including but not limited only to Dubai rather on a national and international level.

Since the VAT laws came into effect, you need to start filing your VAT which is basically collected by the VAT registered business on government’s behalf. Let us see some of the vital reasons why you need to hire a VAT consultant in this article? But before that, it is highly essential to understand the basic terminology of taxation and VAT before getting deep into analyzing the necessities of a VAT consultant.

But what is Taxation and why is it important to hire VAT Consultant in Dubai?

Taxation is an imposition or compulsory levies by which governments finance their expenses by levying taxes on residents and business individuals. They are imposed in almost every nation across the globe, predominantly to enhance revenue for government expenditures.

The emirate of Dubai imposes a 10% municipal tax on boarding revenues and other forms of amusement. Similarly, they impose value-added tax also referred to as VAT which came into effect since Jan 1, 2018, on tax-registered industries at an estimated rate for the taxable reserve of imports or exports at each and every step of the supply chain.

Since it is probably a new concept or ideology for the countrymen, hiring a taxation consultant can be useful when administering with the compliances to be followed for VAT payment or securing a tax residency certificate to avoid double taxation. There are many benefits in hiring VAT consultants because they can

• do proper VAT planning
• provide expertise reviews on VAT
• they know how to prevent disputes and find appropriate resolutions
• Helps the clients with the Non-Statutory clearances
• Take care of the risk management

Why you should hire the best VAT Consultant in Dubai

Although all businesses are not required to register for VAT, however, those businesses that meet the minimum annual turnover has to register with the government for VAT. Some typical reasons for hiring VAT consultant include

Accurate Bookkeeping plays a vital part– A proper accounting system helps to identify the impact of VAT on each transaction. The records must contain information such as the rate and amount of VAT taxable on those merchandises; the rate of the merchandise before adding VAT.

It is increasingly important that you need to maintain proper documentation and the original copies of the invoices you receive from your traders. The VAT experts help you to reclaim any tax you have paid during these transactions.

The VAT consultant in Dubai can keep your data confidential– The VAT professionals maintain the confidentiality of client data, risk minimization strategies and take careful measures to ensure if there is a theft or security breach.

They make use of the specialized software to prepare the VAT registration and to handle the financial documentation. With great experience in the industry, they could verify that the Company’s accounts are maintained as per the provisions of the UAE government.

VAT Exempt and Zero-Rated Goods and Services– Suppliers do not charge tax on a zero-rated or exempt supply. When the business makes goods at the zero rates, it implies that the supplies are still VAT taxable but the rate of VAT is 0%. Finacctech, one of the best VAT Consultants in UAE provides top quality VAT advice that is technically sound, jargon-free, commercially focused, and, value for money.

Most business economists and entrepreneurs are still not clear with the latest VAT exempts. For instance, products such as food, medicine, water, certain services, and clothing are often zero-rated however sales tax are generally added the price of the goods.

Another good example is the tuition fee in approved and accredited schools are zero-rated however other additions or accessories like the school trips, certain events are charged. So, unless you hire the best VAT Consultants in Bur Dubai, you cannot be guided properly or stay compliant.

Record, file and Report VAT for your business- Professional VAT consultants having years of experience have the ability to find VAT recovery opportunities for their client. These people would have certainly worked with numerous businesses and charities, across many different sectors and have the high-end expertise of recording, filing and reporting the VAT for your business.

By appropriate recording and filing, they know how to bring benefits to the services. Most clients are more oriented to reclaim money while registering VAT, apparently, the best tax consultants take pride in ensuring that the clients pay only the minimum amount of tax due without disobeying any laws or triggering damage to their clients’ relationship with UAE government.

Help in VAT Planning – VAT avoidances are illegitimate, you cannot trick without registering and is strictly punishable by the UAE tax authority which will use all the powers at its disposal to prevent evasion that involves undertaking investigations which are intended to produce commercial interference and prosecuting. Most of the times, the business owners often wonder how to plan VAT and where does he stand?

Apparently, these VAT consultants know the range of options how to structure the transaction and ways to create the appropriate tax payment eventually convincing the tax inspector.