VAT Registration consultants
VAT stands for value added tax which is levied on products and services. The VAT will apply to the UAE beginning January 1, 2018. The only exempted items will be: basic food items, healthcare, and education. While the VAT will be nominal (only 5%), its effect on commerce in the UAE will be huge because it will mean substantial changes to business processes and procedures, as well as compliance with certain government mandated legal requirements.
The process of registering for VAT in any country is complex, let alone the UAE. VAT registration consultants streamline this process by working with businesses until the registration process is complete. They advise management teams as to which documents are relevant for VAT registration. They also work with businesses until they obtain their trade licenses, proof of business set up, banking details, and signatory papers. They work with management to assist their businesses in preparing documents allowing them to obtain business authorizations like POA, and MOA. They assist management in drafting declarations which summarize relevant business activities. They also help their clients file income earned for the previous 12 consecutive months and provide an expected number. VAT registration consultants are financial experts who assist management in calculation of the value of imports and exports. Finally, they work with management to assist them in business planning to enable them to work better with GCC officials and clients.
VAT registration consultants are proficient in the areas of audit and accounting. They offer their clients a wide range of related services in many fields including: legal accounting, auditing, consulting, expert witness, dispute support, case management, fraud examination, forensic accounting, etc…Because all businesses with annual income exceeding Dh 375,000 are required to submit their VAT registration online within 30 days of being asked to register, they need help from VAT registration consultant experts, because many businesses are clueless in this process.
Additionally, the Authority Federal Tax Authority (AFTA) requires all businesses in the UAE to record their financial transactions in updated and completed financial ledgers to avoid heavy penalties. Since the VAT registration process is involved and complex, individuals who operate their own businesses are required to submit the applicant’s request letter with a signature, the applicant’s resident permit, and a copy of the applicant’s passport.