New vat laws will apply from january’18 as declared by fnc in uae.
Al-najm having a professional team of accounting member we will fulfill your business needs and help you in vat accounting& all accounting servicesour company’s team consists of a full-charge bookkeeper, an accounting software specialist, and an accounting manager or controller etc who can support you in accounting services ,book keeping services, internal audit, business analysis& many more
we have one stop solution to all your accounting problem.
What are the vat related responsibilities of businesses?
all businesses in the uae will need to record their financial transactions and ensure that their financial records are accurate and up to date. Businesses that meet the minimum annual turnover demand (as evidenced by their financial records) will be required to register for vat. Businesses that do not think that they should be vat registered should maintain their financial records in any event, in case we need to establish whether they should be registered.
Vat-registered businesses generally:
• must charge vat on taxable goodsservices they supply;
• may reclaim any vat they’ve paid on business-related goods or services;
• keep a range of business records which will allow the government to check that they have got things right
if you’re a vat-registered business you must report the amount of vat you’ve charged and the amount of vat you’ve paid to the government on a regular basis. It will be a formal submission and it is likely that the reporting will be made online.
If you have charged more vat than you have paid, you have to pay the difference to the government. If you’ve paid more vat than you’ve charged, you can reclaim the difference.
Our qualified professional will be glad to support you and your business and provide solution to your accounting problems & all your query about vat accounting
PO Box 34517, Dubai, , United Arab EmiratesView Mobile No.