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The Unfortunate Truth about VAT consulting

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On 1 January 2018, the United Arab Emirates introduced a new form of indirect tax called Value Added Tax. While VAT is a common tax globally, it is relatively new for GCC (Gulf Cooperation Council) member countries. VAT is a tax on the use of services and goods at each point of scale. The introduction of VAT marks a visible shift in fiscal thinking in a region where tax has been a relative unknown phenomenon for a lot of businesses.

Unfortunate Truth about VAT consulting Dubai, UAE

With the implementation of VAT in GCC countries, it becomes imperative for all businesses to maintain their accounting records including appropriate recording of all the outflows, invoices etc. Being a transactional tax, VAT requires a very different perspective. Therefore, it is extremely important that VAT return filing is approached in a systematic way so that the business owners have the assurance that everything that needs to be done has been identified and no important areas has been missed out. To ensure VAT return filing without errors, proper continuance of accounting records is a prerequisite. At this point, outsourcing accounting services is better for the businesses which are not equipped with adequate resources to support VAT implementation.

Why VAT consulting?

With the introduction of VAT in GCC member countries, adhering to VAT standards has become an extremely crucial part of the businesses. Outsourcing accounting services makes this process easier for the organizations. All you have to do is consult a brilliant VAT consultant. A VAT consultant can help your business to meet the required VAT standards as well offer inclusive solutions to ensure the smooth functioning of business. A competitive VAT consultant helps organizations in improving operational efficiency, business standards and VAT compliance. VAT consultants can help you in dealing with a wide array of VAT compliance issues, identifying risk, minimizing VAT liabilities, data recording, identifying prospective tax planning opportunities among others.

Having adequate knowledge and information of VAT is imperative as it helps businesses comply with the rules in a legal manner. The enforcement provisions take the form of offences, if anyone commits an act which falls under offence for VAT. At this juncture, VAT consultants play an important role. They educate, inform and advice people about ow they can comply with VAT implementation.

Why is it important to select trusted VAT consultancy?

It is important for business to comply with the regulations and rules of VAT consulting in UAE or else the business will suffer. While there is a plethora of options available when it comes to VAT consultancies, it is important for organizations to find the most trusted and best VAT consultancy. Something as trivial as not mentioning proper name in the invoice can create problems for companies to claim input tax. Everything needs to be clear and comprehensive. If you file returns with improper information, then your business may end up facing some serious ramifications in the form of penalties and fines. The VAT consultancy services make it possible for people to register and pay VAT without any mistakes.

To escape the repercussions associated with VAT in UAE, those eligible to pay the tax can avail the services of VAT consultancies in UAE. The experienced VAT consultants can help you in solving all your VAT problems. An efficient VAT consultant can not only help you in assessing VAT applicability but can also help you with other aspects such as VAT registration and obtaining the ‘tax registration number’, evaluation of the working capital requirement and payment cycle with regards to the VAT regime, VAT liability computation and filing of returns etc. Considering the practicalities and technicalities of VAT return filing, it is best to outsource accounting to the best VAT consultancy service provider.