VAT Accounting Services
VAT Accounting Services Dubai| Accounting & Bookkeeping Solutions, UAE
At the end of each tax period, VAT registered businesses or the ‘taxable people’ must submit a ‘VAT return’ to Federal Tax Authority (FTA). A VAT return summarizes the value of the supplies and purchases a taxable person has made during the tax period, and shows the taxable person’s VAT liability. Any company registered under VAT Law shall maintain its book of records for a minimum period of 5 years.
As the VAT will be one of the major commercial taxes, it is essential to hire accounting firms for VAT in the UAE for efficient management of VAT.
Since the value-added tax is a new commercial tax in Dubai, people are not aware of it. Right from the registration to the filing of returns, a person needs to be updated about all the VAT rules. We are a highly recommended value-added tax consultant in Dubai. Our professional team of experienced chartered accountants and financial advisors is adept in VAT management. With a skilful team, we are equipped to provide consultancy to small enterprises, individuals, and bigger corporates.
When there are hundreds and thousands of transactions in your firm, tax management is not an easy task. Each and every record of the transaction with applicable taxes, tax payment, and other details are mandatory for the firm. Since the sellers and buyers of goods and services do not have complete knowledge of handling taxes, a professional consultant is required to communicate with the tax authorities.
VAT Accounting in UAE
VAT accounting is a process related to the VAT section of a business concern. It is important for every taxable person to maintain a book of records under UAE Tax Law, and it requires detailed documentation. Proper documentation helps to identify the consumption tax that needs to be paid on time. It reduces the tax burden. The maintenance of VAT records is mandatory in the UAE. Providing the best VAT consultancy services in Dubai and UAE, CDA provides all the essential activities that you need to be managed with regard to VAT accounting including VAT data, review of tax reports, tax calculation and filing, VAT documentation, etc in a very seamless way.
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Different Types of VAT
Input VAT
- The Input VAT is charged on goods when purchased or on services when offered. If you are a registered buyer with the FTA, the VAT amount will be deducted from your settlement.
Output VAT
- The output VAT is charged on the sale of goods and services delivered. It is calculated directly.
