Tax in Dubai

Income Tax in Dubai 2021

UAE is one of the most attractive and safer destination to live, work and set-up business. One main reason for this is the declaration that the UAE is ‘tax free’. As a result, if you are a UAE resident working and living in the UAE, your UAE earnings are likely to be tax-free.

Dubai income Tax

Individuals in the UAE are not subject to income tax.  Which means that you are a resident living and working in the UAE, then this means your UAE earnings are tax free. But if you are an expat, then there are limitations. For more details, have a look at “Taxation based on your Tax residency” and “Are you a tax resident in Dubai?” sections of this blog.

Major Tax Types in Dubai

Corporate tax – Each Emirate has its own corporate tax rules for firms operating inside its borders, although  taxes are only levied on foreign gas or oil corporations. This is applicable for the branches of international banks operating in the UAE too.

However, all other companies established in the UAE are free from corporate taxes. This rule applies to all UAE jurisdictions (Onshore, Free Zone and Offshore). Therefore, VAT is the only type of taxation that may be encountered.

Excise tax –  Excise taxes are imposed on some items that are known to be harmful to human health or the environment.

Value Added Tax – In 2018, the UAE introduced VAT at a rate of 5%. VAT (Value Added Tax) is a tax applied at each point of sale on the consumption or use of goods and services. And Value Added Tax is a type of indirect tax. Businesses are responsible for collecting and paying back taxes on behalf of the government.

*Most importantly, if a company’s taxable supplies and imports exceed AED 375,000 per year, it must register for VAT.

More details related to VAT:

Are you a Tax Resident in Dubai?

Not everyone who reside in Dubai can enjoy a tax-free income. You may be subject to taxation on your income if you earn it in Dubai but live in another country. This is because most expats pay tax based on where they live.

Taxation based on your Tax Residency

  • If you take a 6-month contract in Dubai and live and work in the emirate for only 6 months, you would most likely be considered an ordinary resident in your home country for tax reasons, and your earnings may be liable to taxation in your home country.
  • If you live overseas and have an investment property in Dubai from which you receive a rental income, you must report this income on your tax return in the country of your tax residency and, if your entire earnings above the nil rate band for income tax, you may be required to pay tax on it.
  • If you move to Dubai for a long period of time, or if you are away of your home country for a long period of time to qualify as a non-resident for tax reasons, then you may be able to earn your salary in Dubai 100% free of income taxation.

Other taxes in UAE

If you transfer property in the UAE, you will be charged a property tax of 4% in the Emirate of Dubai and 2% in the Emirate of Abu Dhabi.

KLOUDAC Accounting Firm Dubai, UAE

KLOUDAC is a recognized accounting firms in Dubai, UAE with 15 years of service experience. We have built connections with over 500 customers. It has also won the certification of Xero Payroll and certification of Xero advisor from the world leading online accounting software – XERO. Moreover, KLOUDAC is a golden champion partner of Xero. 

Accounting and Bookkeeping is more convenient for the SMEs via KLOUDAC since they provide their clients with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software and more.

outsource financial services in dubai

Why should you outsource your Finance Services?

Accounting and bookkeeping are the two major anchors of businesses in Dubai, UAE that support businesses to stay strong and grow gradually by resisting the competitive environment in UAE. Outsourcing your finance services to an accounting firm release you from monitoring your books of accounts time to time, avoiding unnecessary tax payments, and handling accounts manually. Meantime, the expert consultants in the outsourced accounting firm plan and work accordingly to increase the profitability by reducing unnecessary costs and risks. Furthermore, according to UAE VAT law it is mandatory that the companies in UAE to keep proper books of accounting for at least 5 years from the end of the financial year of the company.

06 Reasons for outsourcing a finance department

  1. Enhanced Focus on your Business

Your ultimate goal of maintaining your Business is to see it growing gradually, obtain high profits while making it one of the most outstanding companies in the world. To do that you must maintain and keep track of all your financial records. But many entrepreneurs and even experienced companies failed to do so with the workload that they have to maintain. Therefore, outsourced accounting in UAE is the best solution given for the Businesses.

Outsourced accounting firm maintain and keep track of your bookkeeping and contribute to your financial growth while allowing you to focus on achieving the business’ growth objectives

2. Lowering of overhead expenses

Internally deploying resources for the accounting process results in excessive costs for salaries, benefits, training , payroll taxes, and recruiting. To avoid these expenses, companies can outsource their finance departments to an experienced audit firm in Dubai, UAE

3. Minimum Errors

When your financial department find errors, resolving them may be highly costly and time-consuming. Sometimes it may take weeks and weeks to fix the issues. But by outsourcing, you can have the benefit of getting support from expert and experienced team of professionals to solve them for you. Using their methodologies of solving errors you will be able to fix and continue your work in no time.

4. Risk Management

When you outsource your financial services, the accounting firm to which you outsourced is responsible of handling and managing  the risks of your business. And you no longer have to be concerned about risks such as systems failing at random intervals or employees being unwell just before important deadlines.

5. Accuracy

With the massive competition between businesses in Dubai, UAE it is another competitive task for you to keep track of your books of accounts and other financial work. But once you outsource your finance services,  your books will be more accurate.

With our experience we have come across a lot of bookkeeping mistakes which resulted massive damaging consequences. For example, the authorities will punish or penalize you if you overclaim or underclaim VAT. So, with the aid of a team of outsourced accountants and bookkeepers in the UAE, you may better manage risks by keeping precise financial records.

6. Usage of Modern Technologies

Accounting operations have been transformed by automation of the accounting and bookkeeping processes, which has provided access to real-time data and the capacity to make mass adjustments in financial reports.

KLOUDAC use the latest technologies and tools in maintaining your accounts of bookkeeps and financial records. XERO, ZOHO Books,  Tally ERP, and Quickbooks just few of them.

KLOUDAC Accounting Firm Dubai, UAE

KLOUDAC is a recognized accounting firms in Dubai, UAE with 15 years of service experience. We have built connections with over 500 customers. We have also won the certification of Xero Payroll and certification of Xero advisor from the world leading online accounting software – XERO.

Moreover, KLOUDAC is a golden champion partner of Xero. 

Accounting and Bookkeeping is more convenient for the SMEs via KLOUDAC since they provide their clients a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software and many more.

audit firms in dubai UAE

Audit Firms in Dubai

Audit Services in Dubai

The word “audit” denotes “evaluation” in simple terms. KLOUDAC is one of the outstanding internal and external service providers in Dubai, UAE. Audit, which is conducting the official financial inspection of a company, or its accounts has become an essential task for the benefit and growth of the company.

Auditors contribute significantly to the company’s financing activities by identifying failing areas, improving the corporate governance structure, and increasing productivity.

KLOUDAC is ready to deliver you the benefits such as Identify and eliminate tasks that do not provide value, improve operating efficiency, comply with all applicable laws and regulations, Powerful internal control and business structure through our internal and external audit services in Dubai, UAE.

Audit firms in UAE with Dubai Auditors

Audit firms in Dubai, UAE offer many services where skilled and professional auditors play a major role in assessing the financial value and standing of the company.

External audit services in Dubai are required by all small and large businesses in order to meet government and authority requirements at the right time.

Since Dubai has become a center for businesses of all kinds and sizes and due to the high profits, that could be earned, many clients choose to establish their companies in Dubai, UAE. Therefore, clients from all over the world seek trustworthy audit firms in Dubai, UAE.

However, it is a must for all global and local clients to ensure that they are adhering to government guidelines and laws. Therefore, it is safer to move forward with an audit firm in Dubai, UAE for external auditing.

Why Choose an Audit Firm in Dubai, UAE?

To perform internal and external audit services in Dubai, a team of expert professionals is required to analyze the financial statements and accounts of the client company in compliance with international financial regulatory guidelines.

Audit firms contribute towards audit issues that affect the industry or the economy. The professional auditors in the audit firm take responsibility for removing non-value adding activities and maintaining compliance with laws and regulations.

Companies that successfully solve audit issues, improve the quality of their financial reporting which in turn leads the company to be one of the most outstanding companies in the world.

Major Key Types of Auditing services in Dubai

  • External Audit Services in Dubai  – The inspection of a company’s financial accounts is referred to as an external audit. External audits give an independent and unbiased review of a company’s financial statements’ correctness and compliance. It can provide transparency to the shareholders and top management and also highlight issues that have occurred which may not have been brought to your attention. 
  • Internal Audit Services in Dubai  – Internal auditing is the process of verifying that internal controls created by a company are implemented effectively. Internal auditors in Dubai, UAE identify the implementations of the internal controls to raise the efficiency and performance of a business. The top management of a company creates internal controls and formulates the company’s governance structure.
  • Forensic Audit Services in Dubai – Forensic Audit Services include a thorough examination of records and documents in order to gather and extract evidence that may be utilized in a court of law or legal procedure against a crime or fraud. Generally, forensic auditing refers to inquiries about a business’s internal operation. This could be financial crimes, fraud detections, bribery, and misconduct. 
Outsourcing accounting services in dubai

Outsourcing Accounting Services in Dubai

Accounting and Bookkeeping Services in UAE

Accounting plays a vital role in running a business. Which is responsible for the success and failure of any company.  So, Dubai, being a commercial hub, hosts a huge number of businesses, all of which require bookkeeping and financial transaction tracking.

Accounting outsourcing in Dubai is the best method to keep the books of accounts accurate, up-to-date, and error-free. KLOUDAC helps you out with all your accounting work, making your work easier and leading your company to success.

What is outsourced Accounting Service?

Outsourced Accounting is a service that provides a full accounting department experience to a company, whether it is a large corporation or a small business (SME). The accounting department is responsible for handling day-to-day transactions, payroll management, account receivable, account payable, management of financial reports, and many other services.

Why outsourced Accounting Service?

Outsourcing accounting services in Dubai avails you by providing professional assistance, reducing overhead, flexible staffing, avoiding tax penalties, maintaining accounts up to date, increasing efficiency, lowering turnaround time, and eventually increasing the profit.

Furthermore, you have full access to your books of accounts even when they are outsourced. And we provide financial statements for all the books of accounts.

In no time your company leads to one of the most outstanding companies. Since you are outsourcing your accounts for a skilled and expert accounting firm that consists of highly developed systems, highly skilled staff and consultants, cost-effective accounting services with customizations, and high-quality data presentation and reporting services.

Benefits Business can get when outsourcing

Maintaining all financial and accounting work by obeying the legal documentations of Dubai, UAE to avoiding tax penalties is not an easy task. 

Therefore, many top companies in Dubai go for outsourced Accounting Services for the benefit of their company. Given below is a list of benefits of outsourcing your accounting service:

  • Cost-effective – saves your time and money by avoiding tax penalties
  • Maintains Security & Confidentiality – All your financial data are secured
  • Modern and advanced technologies used – Top technologies with the highest accuracy are used.
  • No added cost or necessity to hire accountants – Accounting firms fulfill all your requirements in no time.
  • Professional service at lower cost – Best service provided for a reasonable price
  • Additional services provided – Close guidance and support.
  • Easiness to contact consultants – Can be easily contacted consultants via hotline or email.
  • Reduce the expense of training and the complexity of training new accountants – Can be free from interviewing, hiring, and training new accountants from time to time.

Providing guidance for optimal productivity – Proper guidance and maintenance are provided throughout the entire period. 

Reliability of Outsourcing

Outsourcing your books of accounts to a skilled accounting firm ensures to monitor all the business components including expenses, sales closed, payroll, and all minor to major investment reports. Moreover, your company can be free from full-time accountants. Furthermore, KLOUDAC being one of the most outstanding accounting firms in Dubai, UAE has been awarded XERO Gold Champion Partner Status by XERO. And KLOUDAC has over 15 years of experience in handling clients and providing them the best service.

Why Choose KLOUDAC?

KLOUDAC, being a trustworthy accounting firm in Dubai, UAE offers Outsourcing Accounting Services for the customers to identify financial indicators, proceed according to the laws in UAE, and make the right decision at the right time. Not only that we also provide step-by-step guidance and support throughout the entire period. Selecting KLOUDAC as an accounting outsourcing service takes the responsibility to avail you of all the accounting services. Out of which some major features are listed below:

  • Confidentiality in Financial Data – Protect your financial records and we maintain password systems, data encryption mechanisms, and software with backup solutions. 
  • Service of Accounts Reconciliation – Ensure accuracy and reconcile the accounts monthly.
  • Consistent Accounting Service – File transactions are maintained on a timely basis. 
  • Account Management Service with a Systematic Approach – Maintaining accounts using modern and high-accuracy technologies. 
  • Timely filing of financial reports in accordance with management standards – Financial reports are submitted time to time according to the requirements of the management.

By selecting KLOUDAC as your bookkeeping partner, you get expert accounting services in the fastest time possible, given the highest confidentiality and security.

Zoho Books Accounting Software Dubai UAE

Zoho Books Accounting Software Dubai

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Accelerate lead closing with Kloudac’s Zoho Accounting Software Services

Get a FREE Consultation Sessions Today!

Staying on top of sales operations is paramount for any B2B company, and Kloudac’s Zoho Accounting Software in UAE enables you to do just that. Being one of the top online accounting software in Dubai, UAE, Zoho provides you with end-to-end accounting, easy collaboration, and integrated platforms. Officially approved by the Federal Tax Authorities (FTA), Zoho is fully compliant accounting software for VAT making it a delight to work with businesses of all sizes and related industries.

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Zoho UAE – Maximize your
accounting services

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Every company often struggles with several complicated and strenuous accounting and bookkeeping processes that can easily be automated or made simpler by using software like Zoho. Since its inception, Zoho has become one of the most popular and widely used accounting and bookkeeping software because of its easy-to-use features.

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For small accounting firms, it is not always a viable option to afford an accountant or a bookkeeper. Zoho makes it easy for such firms to add new users, an otherwise complex and lengthy process. It also makes a client portal available to be used where clients and customers can communicate openly. This one feature alone sets Zoho apart from several other top accounting software that has given this feature a miss.

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Zoho is a comprehensive software that makes your life easy. It handles everything related to sales, Pos, billing, payments, banking, Time tracking, and even VAT integration – a few of the most significant accounting services that are a must for the growth of any SME.

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If you need help with setting up your Zoho Books account, generating business reports, sending and tracking receivables, managing expenses, and receivables, or generating VAT return reports, Zoho provides guided webinars to help you do it all seamlessly.

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That’s now all. Zoho also automates Cashflow payments with timely payment reminders so that every bill is cleared on time without you having to incur overdue fines. While ease of usage and feature-filled functionality is Zoho’s uniqueness, easy accessibility is yet another aspect that makes Zoho such a hit. It is available on both Android and i-OS and Zoho Books app can be easily downloaded to make your work easy.

Managing VAT with Zoho Books UAE

The VAT system was introduced in the UAE in January 2018, and FTA made it mandatory for all VAT-registered businesses to maintain their records and file their VAT returns on time. As important as it is to comply with this mandate, it can be an equally time-consuming and complicated process with the possibility of missing out on providing important details and getting the numbers wrong. However, Zoho Books makes it all easy and efficient. From supporting businesses with creating and sending VAT-compliant invoices, to viewing business reports, generating VAT reports, and much more – Zoho does it all. 

Bringing all these important tax-related files to competition is not always an easy task, especially for small businesses that often struggle with the right amount of manpower. This is where a Zoho expert accounting consultant in Dubai, UAE can help. With expertise in handling complicated and stressful tax-related functions, such firms are just the right choice for you. Highly valuable yet extremely affordable. 

Zoho’s usability extends not only to its features and functionalities but also to its pricing packages. Zoho accounting software is available in three different packages – Standard, Professional, and Premium:

For details regarding the cost of the subscription get in touch with KLOUDAC

Enquire Now
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Kloudac - Your Premium Zoho Consultant in UAE

Staying on top of sales operations is paramount for any B2B company, and Kloudac’s Zoho Accounting Software in UAE enables you to do just that. Being one of the top online accounting software in Dubai, UAE, Zoho provides you with end-to-end accounting, easy collaboration, and integrated platforms. Officially approved by the Federal Tax Authorities (FTA), Zoho is fully compliant accounting software for VAT making it a delight to work with businesses of all sizes and related industries.

Zoho is one of the top online accounting software in Dubai, UAE.

Zoho online accounting software provides you with end-to-end accounting, easy collaboration, and integrated platforms.

Moreover, Zoho Books is a fully compliant accounting software for VAT. It is also one of the accounting packages that are officially approved by the Federal Tax Authorities (FTA).

Zoho Books Online accounting Software

Zoho books is a  software that is built for small businesses and that replaces affording an accountant or bookkeeper for an accounting firm.

With Zoho it is easy to add new users to your organization using few clicks even though adding users is a complex task in general.

Zoho also provides a client portal where the client and customer can communicate efficiently. This feature is lacking in most of the top accounting software. Therefore, Zoho has become one of the tops easily usable accounting software along with this feature.

Not only that, even Cashflow payments can be automated with Zoho. You will receive payments reminders which will help you to pay bills on time and avoid overdues.

Furthermore, you have the accessibility to Zoho via Android, iPhone and also using windows phone.  Zoho books app can be easily downloaded and used to make your work easier.

Not only above-mentioned features, but it also helps you with guided webinars as to how to setup your Zoho Books account, generate business reports, send and track receivables, manage expenses and receivables, generate VAT return reports and many more.

In general, Zoho handles everything related to sales, Pos, billing, payments, banking, Time tracking and even VAT integration which are some of the major accounting services needed for the growth of SMEs.

Zoho Books UAE VAT

Along with the introduction of the VAT system in UAE on January 2018, all the VAT-registered businesses were asked to maintain records and file their VAT returns on time as instructed by the FTA. Zoho as an approved accounting software will make this task easy to handle.

Filing VAT returns are made easier and more convenient via accounting consultants in Dubai, UAE.

Zoho Books provide you all the accounting processes required for businesses. It suits all your accounting necessities for VAT in UAE. It supports you with creating and sending VAT compliant invoices, viewing business reports, to generate VAT reports and many more advance features.

Zoho Pricing

Zoho online accounting software is available in three packages as Standard, Professional, and premium packages.

Standard package starts from $12 per organization / month.

Professional package starts from $24 per organization / month.

Premium package starts from $36 per organization / month.

Zoho Recognized Consultants in UAE

Kloudac is an accounting firm in Dubai, UAE that fulfil their customers’ accounting services using Zoho books. Zoho cloud accounting platform for businesses helps in tracking income and expenses, connects to systems such as CRM, Inventory, and subscription tools.

With the Zoho mobile app it has become even more convenient for the consultants to work effectively with their clients. Kloudac provides all the facilities required for your organization. It provides and keep track of your accounting requirements via accounting software like Zoho books and many more while ensuring your data security.

vat filing services dubai uae

VAT/TAX FILING SERVICES IN DUBAI

VAT Filing in Dubai

Value Added Tax (VAT) is required on the consumption of goods and services.

Tax Filing as known as VAT Filing is a mandatory procedure which should be followed by tax payable organizations in Dubai, UAE. It states how much VAT is to be paid for the FTA(Federal Tax Authority).

All taxable businesses in Dubai are required to file a VAT return. The company will receive a Tax Registration Number (TRN) after applying for VAT registration and completing the VAT registration procedure. Normally, the standard tax duration three months.

VAT Calculation Process

Dubai is one of the countries who charge the lowest VAT rates. Which is of 5%.  

            VAT = Output Tax – Input Tax

Where the output tax is the amount received by a seller as a percentage of the selling price of the product.

And the input tax is the amount charged by a customer as a percentage of the cost of products or services used to create a final product.

            Example: Assume there is a company called X and the Company X purchased raw materials for an amount of AED 100,000.

Therefore,

            Input tax = AED 250,000 x 5%

                            = AED 12,500

Company X sells the goods that were purchased. (Assuming total amount of sales = AED 500,000)

Therefore,

            Output tax = AED 500,000 x 5%

                            = AED 25,000

Total Final payable VAT  = Output Tax – Input Tax

                                        = AED 25,000 – AED 12,500

                                        = AED 12,500

Therefor the Company X has to pay only an amount of AED 12,500 as VAT for the UAE government.

VAT Filing Process in UAE

VAT filing process is completed by registering to the FTA portal and filling the VAT 201 form. VAT Filing services in Dubai are also conducted by VAT Consultants in UAE. This includes the whole process of VAT filing.

For the ease, the VAT filing process in done online. During vat filing process the registrant is required to submit the relevant document such as details of the taxable person, VAT return period, VAT on sales and expenses and many more. This does not include tax invoices.  You can make VAT filing process easier with the help of approved VAT consultants in UAE. You will find more detail under the ‘VAT consultants in UAE’ section of this article.

VAT Filing Date in UAE

All the Tax payable organizations should complete their tax payments before the deadline mentioned in the VAT Certificate. The minimum time period to file VAT returns is three months. But there are instances where the organization is forced to file VAT returns on a monthly basis.

The deadline for filing VAT Returns will be the 28th of the subsequent month following the end of the tax period.

The deadline for quarterly (3 months) VAT returns is the 28th of the subsequent month following the end of the 3 months. Moreover, all VAT-registered organizations must file their VAT returns within the timeframe set by the Federal Tax Authority (FTA).

VAT Consultants in UAE

KLOUDAC is one of the recognized VAT consultants in Dubai.

The Kloudac experts ensure that all your VAT processes are fulfilled on time. They support you with VAT accounting services from registration to deregistration in a timely manner by ensuring the FTA requirements and avoiding any penalties. They do also provide VAT Trainings.

The experts in KLOUDAC will advice each client with all the required information related to VAT Filing and they provide you the best services obeying the Federal Tax Authority(FTA) regulations.

KLOUDAC provides you with all the VAT consultant Services in Dubai by making your work easier and to run your organization smoothly without facing any penalties.

KLOUDAC Accounting Firm Dubai, UAE

KLOUDAC is a recognized accounting firms in Dubai, UAE with 15 years of service experience. We have built connections with over 500 customers. It has also won the certification of Xero Payroll and certification of Xero advisor from the world leading online accounting software – XERO. Moreover, KLOUDAC is a golden champion partner of Xero. 

Accounting and Bookkeeping is more convenient for the SMEs via KLOUDAC since they provide their clients with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software and more.

XERO Accounting Software Dubai

XERO Accounting Software Dubai UAE

XERO Accounting for your business in Dubai, UAE

We have been awarded XERO Gold Champion Partner status by XERO; the world’s leading cloud accounting software for SMEs.

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Xero Dubai – Taking care of all your accounting needs

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In the last few years, the way our workplaces operate has undergone a drastic transformation. With work from home or remote working becoming a widely accepted norm, and businesses across the globe going geographically agnostic, things in the physical workspaces have had to adapt to the changing dynamics.

This has enforced offices to become anytime, anywhere ready in their approach – both in terms of workforce and infrastructure. This changing environment has brought about rising demand for cloud-based software systems that can be accessed seamlessly irrespective of time zones and geographical boundaries.

One such software that has gained immense popularity in the accountancy world is Xero, an accounting platform known for its safety, ease of use, and accessibility. So, if you need to streamline your accounting needs in Dubai, let Xero Dubai handle the requirements while you concentrate on your business. 

XERO

So, what is Xero?

Xero is an extremely useful and cost-effective tool, specially designed for small and medium-sized businesses. It helps companies with manpower constraints to get accounting work done through automation and AI-based inputs. As Xero is a cost-effective solution, it comes in handy for businesses that might not have the economic strength to have a separate accounting department.

It also makes handling accounting rather easy because of its cloud-based nature, which means that organizations can work with accounting professionals from anywhere. Xero implementation gives businesses a lot of freedom and independence to handle their accounting needs without having to spend a bomb.

Benefits of Xero Implementation

Any software is developed to make the workflow easier, and that’s exactly what Xero does.

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Unlimited creation & sending of invoices

It is rather difficult to keep a check of invoices from various platforms. Connecting Xero with your account allows you to categorize and import your latest bank, credit, and PayPal transactions.

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Automates manual tasks

Xero automates several manual tasks like data entry that require long man hours. With Xero, you can work smarter and faster without having to spend time and effort on time-consuming tasks.

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Auto updates, for free

Xero upgrades itself at regular intervals so that you don’t have to worry about keeping the software in sync with the latest accounting trends.

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Xero Implementation – Easy, simple, and effective

As software that has been developed to better streamline accounting work, Xero implementation is just what you expect it to be – easy, simple, and effective.

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Highest level of security

Security is one of the biggest concerns for businesses in today’s time when online threats are becoming more and more common. Xero Software Dubai provides bank-level security to ensure that your important data is safe and secure at all times.

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Collaborate with Xero team Dubai

Xero makes it easy to collaborate with service providers so that your accountants and bookkeepers can view your accounts and provide real-time inputs. It also gives you the option of controlling each team member’s access.

Why collaborate with a Xero Dubai service provider

Accounting is a serious business and small and medium-sized businesses often find themselves struggling to keep their finances in place in the wake of limited manpower. As Dubai makes hefty inroads into the startup and entrepreneurship environment, there are several such small and medium-sized businesses looking for accounting and bookkeeping support, which is what a Xero UAE service provider can deliver.

These are firms that have partnered with Xero and hence have the rights, knowledge, expertise, and extended support to operate the software. Such firms have the right wherewithal to handle accounts of any size and provide assured, safe, and quick services so that you don’t have to worry about your accounts. It is always better to let an expert handle your accounts; this is where all the money lies.

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How it’s works

1

Provide Info

Xero implementation begins with providing the required information and filling up the form. This allows your accounting partner to understand your business and chart out a plan

2

Actual implementation

Implementing the software is the next step which requires a couple of weeks to incorporate your unique business requirements

3

Training

This step is all about finding your feet by using the powerful features that Xero provides. Getting familiar with them so that you can make the most of them

4

Set & support

Your collaborator will provide extended and ongoing support to help you sail through any issues that you might face

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Xero is a cloud-based accounting software which supports accountants and bookkeepers to collaborate with their small business clients via online.

 This accounting software provides number of features like paying bills, claiming expenses, accepting payments, capturing data, reporting and many more. Xero is also one of the fastest growing SaaS companies globally.  

Furthermore, it also gives you accessibility to real-time account information and business tools from your own device. Which enables you to make decisions faster.

Xero for Accountants and Bookkeepers – Xero allows you to Collaborate with the clients, automate the tasks and access client record any time making the work easier and faster.

XERO Data Security

The data that is shared with Xero accounting software will be 100% secured even if your device is lost by any chance. Data security is ensured via the accounting consultants in Kloudac.

Accounting Firms Recognized by Xero in Dubai, UAE

Xero and Kloudac is in partnership since 2017. Kloudac is a fast-growing accounting firm in Dubai that provides Bookkeeping, VAT consultancy, and many more facilities by giving hand to hand support to SMEs.

Xero being one of the top recognized accounting software globally, has given approval and recognition for Kloudac accounting firm in Dubai, UAE.

Kloudac has won the gold champion partnership with Xero.

Certifications

  • Kloudac has won the certification of Xero Payroll which certifies that it has the experience and knowledge of setting up payroll proficiently and running the payroll process smoothly.
  • It has also won the Xero advisor certification which ensures that Kloudac has a solid understanding and realistic knowledge of how to use Xero with clients.
XERO Accounting Software KLOUDAC Dubai
KLOUDAC is a XERO Gold Champion Partner

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VAT Related Services in Dubai, UAE

Value Added Tax (VAT) is an indirect tax which was introduced in 1st of January 2018 at a rate of 5% in Dubai, UAE. And it has an involvement on the individuals and businesses throughout the UAE.

The Federal Tax Authority

Furthermore, The Federal Tax Authority (FTA) manages the administration and collection of income taxes and other fines. It also distributes tax-generated revenues and applying the expense related methodology in the UAE.

VAT Consultancy in Dubai, UAE

The impact of vat will have a significant effect on the productivity of a businesses in Dubai UAE, and there is a risk when the complexity of the transactions increases the taxpayers find it more difficult to fulfill their tax payments on time.

This complication can be overcome by the VAT consultancy services provided by the VAT consultants in Dubai, UAE.

Kloudac in one such recognized Accounting firm in Dubai consisting leading, UAE which provides VAT consultancy for the companies or Organizations.

VAT Registration Services

*Kloudac guides step-by-step on registration process. visit the link Kloudac.

VAT Registration is a procedure where a person registers to the FTA (Federal Tax Authority).

To register with the FTA, a person should satisfy a set of conditions. If the person satisfies those conditions, that person could register to the FTA and then receives a TRN (Tax Registration Number) issued by the FTA in UAE. A person who owns a TRN has the permission to collect and remit tax in UAE.

Moreover, there are 2 types of VAT registrations in UAE. They are Mandatory VAT registration and Voluntary VAT registration.

Mandatory VAT Registration is when a person who make supplies or sales of more than AED 375,000 in the past 12 months should mandatorily do VAT registration (in Dubai, UAE).

Apart from that, Voluntary VAT Registration is when a person makes supplies or sales which exceeds AED 187,500 but less than AED 375,000 for the past 12 months. That person can do voluntary VAT registration in Dubai, UAE (It is optional).

Registration Process for VAT in Dubai, UAE

Registration process for VAT via FTA is an easy task. Since the whole process is done online.

Step 1: Create an account in FTA.

Step 2: Log in to e-services account in FTA.

Step 2: Continue the registration process by submitting the required documents. Some of the required documents are stated below:

  • Details of the bank
  • Company Trade License
  • Certificate of Incorporation
  • Expected turnover in the next 30 days.
  • Documents for the authorization process

Step 3: Finish Registration

VAT Return Filing Services

All the tax registrants should submit details of supplies and purchases to the Federal Tax Authority (FTA) in Dubai, UAE.

VAT Return documenting in the UAE relies upon the expense time frames allocated to your business by FTA upon VAT Registration.

Moreover, registrants’ tax dates are determined by the FTA during the approval stages of VAT registration. The period can be monthly or quarterly as determined by the authority. VAT Return filing process is more convenient since it is an online process. During this process, registrant is required to submit only the most relevant document and does not require to submit tax invoices. But should maintain all the documents related to the business in an organized manner (in order to submit them to FTA if required). 

VAT Accounting

Kloudac is an accounting firm in Dubai, UAE which manages and give solutions for VAT Accountancy issues faced by SMEs.

VAT consultancy is a mandatory for growing organizations. Kloudac assists you to maintain Vat Records and footpath all the details related to VAT payment.

We also assist you regarding unnecessary tax payments and manage all your tax related issues.

Kloudac also furnish you with:

Audit guide Dubai Free Zone

An Important Audit Guide for Companies Dubai Free Zones

Most of the entrepreneurs in Dubai start-up their companies in Dubai free zone to take the advantage of unrivaled benefits such as fast permits, complete foreign ownership, tax benefits, and low-cost incorporation. Investors should, however, take care not to forget the necessary criteria when enjoying the various benefits. Since many free zones have made it mandatory for their approved businesses to file annual reports.

Conducting audit via approved auditors in UAE

Auditing can be conducted via recognized and approved auditors in Dubai, UAE. Kloudac is a highly reputed and recognized accounting firm in Dubai, UAE which helps with internal audit services, external audit services as well as forensic audit services. Companies who fail to provide this requirement on time will have to face difficulties and penalties such as the loss of their trade license.

Free zones in Dubai who consider auditing to be a legitimate obligation

Some of the reputed free zones in Dubai, UAE require auditing as an obligatory function. Some of the free zones are,

Dubai Multi Commodities Centre – DMCC
Dubai Airport Free Zone – DAFZ
Dubai International Financial Centre – DIFC
Jebel Ali Free Zone – JAFZA

The aim of this article is to provide you with information on auditing in Dubai free zones.

Book-keeping in Dubai free zones

The aim of start-up companies is to maximize their profit by evaluating business performances. That is the place where accounting and book-keeping plays a major role for the organization’s success.

Now we will draw our attention to financial record maintenance / book-keeping services in Dubai free zones for the audit purposes.

Companies in the UAE are required to keep financial reports for at least five years. This condition has been specified in several free zones’ implementing regulations. But JAFZA, one of the free zones in Dubai, has stated that the Free Zones companies (FZCO) and Free Zone Establishments (FZE) must maintain financial documents for a minimum of six years.

The books of accounts must be held at the registered office or another venue decided upon by the Board of Directors. And at the time of the audit, authorized auditors in Dubai should have access to the financial statements. Meanwhile companies must also hold books of accounts in accordance with UAE tax rules. Furthermore, companies working in Dubai free zones will request advice from the best audit firms in the region. One such audit firm is Kloudac.

Failure to submit audit reports,

The financial statements of businesses registered in the Free Zones must be audited every year. Failure to comply with the regulation by free zone companies in Dubai can result in severe penalties.

Non-compliance can impact the renewal of a trade license because most free zones require regular audit reports to be submitted at the time of renewal. Furthermore, Companies must employ a certified auditing company.

Kloudac as an approved auditor in Dubai Free Zone

It is a must for the companies to maintain financial records for minimum of five years and get them audited by approved auditors in Dubai, UAE. Since, Companies authorized by and working in Dubai free zones must have their accounts audited on time.

Kloudac is one such authorized auditing firm in Dubai, UAE.

Our internal audit services provide:

  • Setting up Internal strategical and Tactical Audit Function
  • Providing support to existing Internal Audit Function
  • Internal Audit Quality Assurance Reviews

and many more. Whereas external audit services provide:

  • Financial statement Audits
  • Advice on the application accounting policies, accounting, and auditing standards
  • Accounting System and Control reviews

These are some of the auditing services provided by Kloudac. Having 15 years of experience and 500+ customers were handles over the period. Kloudac as a leading audit firm in Dubai, UAE will help you with dealing audit issues in Dubai Free zone.

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Anti money laundering Act UAE , DDL 31st March 2021

Deadline for Registration

You are required to register on goAML system before 31st of March 2021.

Why is it necessary to register on goAML?

To file a Suspicious Transactions Document, it is compulsory to first register on the goAML system.

Failure to Register

To file a Suspicious Transactions Document, it is compulsory to first register on the goAML system. Failure to do so would result in a failure to establish procedures for detecting fraudulent transactions.

Furthermore, under UAE policy, failure to disclose evidence of money laundering or terrorism financing is a criminal offense. Resulting administrative penalties for each offense which includes, but are not limited to, a financial penalty of AED 50,000 and a limit of AED 5,000,000 for each violation.

Instruction from the MOE

MOE (Ministry Of Economy) has provided instructions for the goAML pre-registration and registration processes.

The 04 Main Categories Which the Law is Valid For:

There are 04 main categories that the law of UAE is applicable for Businesses. They are: brokers and real estate agents, dealers of precious metals and gemstones, auditors, and corporate service providers.

How Kloudac Helps You?

Kloudac basically helps you with everything. It assists you with the investigation of fraud which prevents financial loss, compliance and regulatory violations and even criminal activities.

Your company and your business would be secure and protected from regulatory fines levied by UAE policies by avoiding fraud transaction mechanisms.