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VAT Health Check Services in UAE - Identify the Errors

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VAT health check in Dubai ensures VAT compliance with FTA laws. VAT in UAE can be a complex subject that impacts all business elements. Different businesses of different sizes and different behavior face complexities when it comes to VAT.

For a business to run smoothly in UAE, you must ensure proper VAT compliance to prevent VAT fines and penalties from FTA.

What is a VAT health check?

It is the duty of the taxpayer to ensure that everything is as per the FTA guidelines. A VAT health check is basically a type of VAT audit to detect any risks and errors in the VAT by studying and evaluating the previously filed VAT returns and VAT refunds.

The VAT health check helps the business to detect any mistakes in the VAT and correct them before getting penalized by the FTA. Bear in mind that it is the responsibility of the business to follow all the guidelines laid by the FTA while handling VAT.

VAT Health Check Services UAE

Alchemist Accounting provides the best VAT Health services in UAE to help businesses identify any errors and correct them in a timely manner. A VAT health check in UAE includes:

• Reviewing accounting records
• Assessing quarterly VAT returns
• Review of VAT invoice formatting
• Analysis of input and output VAT calculation
• Reconciliation of accounting records and VAT return filings
• Identifying technical errors
• Organizing tax and VAT-related documents as per financial year
• Implementing FTA VAT laws
• Ensuring that the goods/services qualify as taxable supply and VAT is calculated properly
• Ascertain that the Sales Order Processing system is generating the right VAT values automatically as per the customer or type of goods/service, country and specified zones with VAT law
• Assisting with the compilation of VAT Audit files with a comprehensive audit trail;
• Preparing VAT Voluntary Disclosures Form 211 to rectify errors in the filed VAT return
• Analysis of the data
• Recognizing threats and issues
• Recognizing opportunities
• Suggesting solutions in areas of risks

Benefits of VAT Health check in UAE

There are many benefits of VAT health checks in the UAE. Your business will avoid all kinds of VAT fines from FTA after conducting a complete VAT health check process. Here are some of the advantages of VAT health checks in the UAE.

• VAT compliance in all actions of the business
• VAT planning
• VAT compliant documentation
• VAT audit files
• Assuring timely VAT submissions
• Assuring accuracy of VAT calculations
• Avoiding VAT penalties and fines

VAT Health Check from Alchemist Accounting

Our tax professionals have considerable experience in a variety of sectors. Alchemist qualified VAT experts will assist you in a number of ways to ensure that your firm complies with all FTA guidelines and VAT rules. Expert Alchemist team will conduct a proper VAT health check and grade your company accordingly. Feel free to contact us to know more.