Vat in UAE
VAT (value added tax) in some countries is also known as GST (goods and service tax) which is a form of consumption tax that is collected on an increment basis. Business owners may find it intimidating to pay VAT as it involves paying a fraction of your production cost as a whole. This form of tax is generally implemented using various methods like calculation, screening, registration, return filing and other complex procedures which can be cumbersome for an ordinary citizen or businessman to perform on a day to day basis. However, there are companies which dedicate themselves to assist business owners through the process of VAT implementation and VAT registration. Companies which provide vat consultancy services study your business thoroughly and make you understand the importance of VAT and how it impacts your business. A Vat consultant can help with cash recovery by reviewing indirect tax liabilities, ensuring you are paying the right amount and recovering the overpaid VAT and claiming retrospective tax refunds. Vat consultants can also help small businesses that may benefit from cash accounting and flat rate schemes by examining their business and helping them to make an informed choice. Vat consultants can provide their clients with transaction support and act on behalf of your business in tax disputes reviewing documentation for tribunal appeals.
VAT consultants familiarize clients with local tax and VAT regulations by conducting training sessions, seminars and increase the awareness about implementation and how it affects your business. This paves a way for clients to reduce expenditure and avoid unwanted tax payment. VAT consultants have a wide base of operations as they are in contact with professional firms such as financial accountants, lawyers, auditors and charted accountants who work hand in hand with the clients. VAT consultants help you reduce the risk of penalties by reviewing your VAT register and generating a detailed report which highlights the important areas for savings. The Lawyers assist clients through the legal procedures involved in registration. They also ensure that clients pay taxes without breaking laws. Auditors conduct a thorough inspection of your records to find any loopholes in the register. Evading VAT is illegal however avoiding it is legal but is frowned upon by tax authorities. They will resort to stringent auditing process to prevent this avoidance. VAT consultants possess great technical excellence, presentation skills and pay attention to minute detail. They come up with the best plans to evade this stringent auditing. They also ensure that clients do not exceed the tax paid by their competitors.
Vat consultants also provide customer support by addressing your queries and help you cave into a solution for any complicated problems. They provide services to a wide range of clients, who own non-profit organizations, housing organizations, property organizations, financial companies, business providers, service providers, foreign exchange companies and other similar organizations. VAT consultants provide 24-hour customer support by addressing client’s queries through various online forums. VAT consultants help business owners revamp their business strategy, operating systems and financial structures to adapt to the VAT system. VAT consultants suggest several successive ways to optimize your expenditure by making you focus on the items which are relieved from taxation. VAT advisors draw different plans to assist companies in avoiding excess expenditure and optimizing running costs. They also help you prepare documents required for VAT registration in UAE. Value-added tax is applicable for goods, consumable products, hotel services, public services etc. However, it is not applicable for basic healthcare services, social services, educational institutions, basic medical equipment, certain hospital equipment, jewellery investments and basic food products. Some popular locations to get in touch with companies which provide VAT consultancy services in the UAE are BMI building Bur Dubai, Al Quasis plaza, Abu Hail road, Liwa heights, Latifa towers, Baniyas road and Barsha heights.