VAT Accounting

According to the requirement of the Federal Tax Authority (FTA), VAT Accounting and reporting has to be implemented. Standard Auditing being the registered auditing firm with qualified tax agents and VAT accountants can help with correct documentation of Value Added Taxes.

As Value Added Tax (VAT) in the UAE came into effect in January 2018, VAT Accounting needs to be executed as per the VAT Decree-Law. But with Standard Auditing, you need not have to be troubled at all. We make sure to set all things in place to compute VAT Accounting/Bookkeeping.

Standard Auditing helps companies to handle the VAT with all necessary and additional processes. VAT has to be taken frivolously as the penalties can turn heavy if your businesses are not functioning as per the tax laws.

VAT Record Keeping

Every business needs to know about the VAT Accounting/Bookkeeping process and the elements associated with it. So, implementing the processes means that they should be responsible for elements like VAT returns and refunds.

According to Value Added Tax laws, it is indispensable for every taxable person to hold books of accounting.  Few other additional information might also be required by The Federal Tax Authority (FTA) and that include

  • Annual accounts details
  • General ledgers
  • Purchase day books
  • Invoices issued
  • Invoices received
  • Credit notes
  • Debit notes
  • VAT Ledgers
  • Records of all supplies and imports

Our processes involved in VAT Accounting are as follows:

  1. Providing assistance in VAT invoice preparation
  2. Preparing tax calculation after installation of software
  3. Managing account books
  4. Charging product VAT at the correct rate
  5. Providing assistance in calculating net tax amount payable to the government
  6. Calculate on-purchase VAT deductibles
  7. Calculating input and output VAT as export from GCC countries and the rest of countries
  8. Document maintenance with reference to VAT process
  9. Calculating VAT refund claims
  10. Filing VAT returns along with Authorities v
  11. Advising owners on VAT registration, VAT law compliance, VAT return filing, etc

Under the VAT law in the UAE, the account records and books should be maintained at least for five years.

VAT Accounting Services in the UAE

When a taxable person fails to keep the required records properly, a penalty of AED 10,000 has to be paid. Upon continuous failure, the amount will increase to up to AED 50,000.

Standard Auditing is offering the services of VAT Accounting to the companies operating in the UAE. Want to put away your stress about VAT? Standard Auditing will take care of VAT Accounting/Bookkeeping to prevent your business from penalties. Contact us for more!

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