VAT (Value Added Tax) is an indirect tax placed on the consumption of goods and services. The introduction of vat would have a significant influence on the operation of transactions, making it harder for taxpayers to satisfy their tax obligations.
To keep up with global developments, VAT legislation are dynamic and always changing. Globalization necessitates global and local adaptation to current patterns. Building value for you is the first step in developing a long-term connection.
KLOUDAC offers number of VAT consultancy packages for you. Starting off with VAT Registration and up until VAT Transaction Advisory which guides your business to success.
Packages include:
Package 1: VAT Registration
Package 2: VAT Return Filing Services
Package 3: VAT Consultancy
Package 4: VAT Deregistration
Package 5: VAT Training for Staff
Package 6: VAT Transaction Advisory
Package 1: VAT Registration
A firm that is registered under the VAT legislation is recognized by the government as a provider of goods and services and is entitled to collect VAT from consumers and submit it to the government. Only VAT-registered enterprises will be permitted to carry out the following activities:
- Value-added tax (VAT) should be applied to taxable products and services.
- Input Tax Credits can be claimed for VAT paid on purchases, which will be deducted from the VAT liability on sales.
- VAT is a tax that must be paid to the government.
- VAT returns must be filed on a regular basis.
With the help of VAT registration professionals, registering for VAT becomes a simple. KLOUDAC has a team of experts that have assisted a number of firms in implementing VAT.
Package 2: VAT Return Filing Services
VAT registered enterprises or ‘taxable individuals’ must file a ‘VAT return’ to the Federal Tax Authority at the end of each tax period (FTA). The value of supply and purchases made by a taxable person during the tax period is detailed in a VAT return, which also reveals the taxable person’s VAT liability.
The taxpayer must fill out and submit the ‘VAT 201’ VAT Return form in order to complete the VAT Return filing. The Form VAT 201 is divided into seven components, as listed below:
- Taxable Person Details
- VAT Return Period
- VAT on sales and all other outputs
- VAT on expenses and all other inputs
- Net VAT Due
- Additional reporting requirements
- Declaration and Authorized Signatory
Package 3: VAT Consultancy
Business consulting services connect you with an experienced business consultant who can assist you with your company’s requirements. Security, finance, operations, human resources, legal, future planning, and a variety of other areas are among the topics that the consultant may assist with. A consultant can be hired both internally and externally. There are numerous benefits of business consultancy. Such as increasing profitability, operational improvements, and safe side.
Package 4: VAT Deregistration
If the application is not submitted in a timely manner, VAT deregistration might be costly to your organization. The VAT deregistration process should be done properly and with the help of a professional.
Tax deregistration can be applied if the following conditions are met:
- If the value of taxable supplies made during a 12-month period is less than the voluntary registration level in the next 30-days
- If it no longer produces taxable goods
Package 5: VAT Training for Staff
The training sessions describe how to handle the risks associated with VAT errors. Following that, meetings are held to show the administration how these risks might be eliminated using various ways.
The proper execution of the VAT journey requires employee training and the establishment of rules and processes. These are tailored to the needs of the businesses and executed concurrently to guarantee that trained staff fully comprehend the revised policies and processes in order to ensure complete implementation.
Package 6: VAT Transaction Advisory
Vat transaction advising services are designed to help your company through unique sector transactions. Companies with complicated transactions, goods, and branches may find this to be more relevant. KLOUDAC has a group of experts to guide your through this journey.
KLOUDAC Accounting Firm Dubai, UAE
KLOUDAC is a recognized accounting firm 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.