VAT filing in UAE allows the business to sign up their services with the Government, thereby making it possible for them to receive taxes on their products and services to a maximum of 5% from their customers. It is a lengthy and paid process and requires various procedural steps to be followed, such as payments during each iteration of the supply chain. This makes it important for businesses to acquire detailed information about VAT as it has to be fully legal and authentic to avoid any business mishaps or risks.
AEY Accounting LLC helps you to attain and maintain the VAT filing status throughout your company’s lifespan. The businesses, while filed with VAT, are bound to record certain processes and procedures to ensure 100% compliance. At AEY, our experts are adept at providing complete guidance to our customers in terms of formal processes of VAT. We are also experts in compiling VAT records for our clients to help them maintain their status.
What Does UAE VAT Return Comprise Of?
To know more about UAE VAT returns, we need to focus on how VAT is classified. It has two categories:
- Output tax: tax being paid to the government by business
- Input tax: tax paid by the business to its suppliers
- VAT liability: the difference between the input and output tax
To achieve a stable position as a business in UAE, it is essential to file the business with VAT.
AEY will help you to:
- Maintain complete records of supplies and imports of goods and services
- Maintain tax invoices for credits received and issued
- Record disposed off services and goods
- Record all purchases and investments
- Record all exports of goods and services
- Record all adjustment entries for accounts
- Record any sending on custom taxes and duties
- Record all bookings for imports of services
Besides, AEY will also assist you in generating authentic documents to prove your credibility at the Federal Tax Authority. These documents include:
- Balance sheet
- Asset records
- Salary sheets
- Profit loss accounts
- Inventory records
- Supply statements
Don’t spare time in handling these complex accounts and assurance operations. AEY Accounting LLC is here to provide fully professional and legal assistance to you for VAT filing in UAE.