Why hire a tax professional for your VAT needs

VAT registration falls under 2 categories, these include mandatory registration when the total turnover of a company exceeds AED 375,000 and voluntary registration when the turnover of a company exceeds AED 187,500 but is below AED 375,000. Having a tax professional on board will help you evaluate your turnover accurately and guide you with the next steps of the VAT process.

Why get the help of a VAT consul:

The FTA has set up a simple online portal to set up an account, provide all required information and pay VAT. The e-service gateway is built and structured in a way to enable an easy and seamless process. Though this gateway simplifies the procedure, the set-up of an account and providing all required information accurately can be a hassle especially when you start off. Having someone knowledgeable handle everything from start to finish will take the load off you.

To successfully comply to the VAT requirements and file a return, there must be VAT assessments, risk estimations and other complex procedures carried out. These steps can be lengthy and tedious. Having an expert take over will save you a lot of time write to these steps.

Since businesses in the UAE have not tackled a lot of taxes and the VAT is relatively new, VAT consultants provide professional guidance to help businesses cope without letting their core operations get affected.

Tax Professionals know the in and outs of taxes. Even before the introduction of VAT they were the most acquainted and prepared for it anticipating an introduction. Thus you can go about your business stress-free when you have professionals take over and ensure all the requirements are met and taken care of by the VAT consultant representing you.

An expert can help you spot and avoid risks that are associated with VAT. Their expertise allows them to tackle all forms of possible risks you can deal with as a company in the UAE.

Local VAT specialists in the UAE who are well-versed in the local tax legislation will ensure that your company follows all rules and regulations laid down by the FTA. This will allow you to carry on with your functioning without putting your business at the risk of non-compliance consequences. They will also be alert and act quickly to realign your organization to any changes in the rules and regulations that come into effect without affecting operations.

When you have a professional who is knowledgeable about all the facets of VAT taking care of it and promptly acting on any latest changes or updates, the time and energy it saves you will allow you to work on doing exactly what you started off to do. You will do your business and grow it, while not having to worry about your taxes and probable penalties.

Filing VAT returns is not a piece of cake. You need to have records of all VAT transactions you have charged and paid and submit these on exact dates as required to. These include declarations of standard-rated items, zero-rated items, exempt items, imports, reversal charge activities and so on. In order to be able to submit all this information accurately and on time, there need to be efficient systems in place to record and maintain these. A VAT specialist or team would do this for you.

When the input VAT exceeds the output VAT, you can claim the difference as a refund from the FTA. In order to claim this, you must produce accurate calculations and supporting documentation. Thus, if you have experts who meticulously handle VAT data for you, you can maximize the refund you obtain without having to worry about losing out on it due to gaps in dealing with VAT data.