Value Added Tax (or VAT) is going to be a reality in UAE by January 2018. Many businesses are yet to be prepared to welcome this change – but that’s where we come in.
At My Business Consulting DMCC, we want to make this initial switch as stress-free as possible amidst the acceleration towards this new phase of economic change, as well as maintaining our support to you for years to come. Below, we’ve detailed how businesses can ease the adaptation and implementation process with a few, simple steps – because we’ve always got your best interests at heart.
1. Receiving Advisory Services
It’s important to note that not all businesses and/or services are subjected to VAT. After identifying the scope and coverage, based on the turnover notified by Government, the concerned businesses must understand VAT and its impact on business. If you are unsure how to proceed, My Business Consulting DMCC can advise if you have any doubts.
2. Restructure Accounts or Outsource Bookkeeping Services Professionals
It’s time to get prepared. If VAT applies to your business, and you are without an accounting team, now is the time to hire professional book keeping services to maintain accounts – something which we can assist with if required. For existing accounts, it calls for a restructuring to the software to accommodate VAT transactions. All commercial activities and transactions, in and out, should be recorded timely and accurately from 2018, as they serve as the main source for your tax return filing and claiming credit. Existing and ongoing contracts are to be amended to comply with VAT regulations.
3. Registering with Federal Tax Authority
Once you have ascertained whether or not your business is subject to VAT, if you are, registration with the Tax Authorities is obligatory. Registration must be completed online, three months before implementation of VAT. Once you are registered, you can enjoy the benefits of refund of VAT credit!
4. Educate workforce
Knowledge is power. It will be practically worthless to do all above, unless your employees are educated, and fully trained on VAT protocol. Imparting proper knowledge on VAT to Accounts and Finance, HR, Sales, and Operations staff should be a priority before experiencing VAT in business. Training sessions with professional Tax Consultants will help to eliminate all worries of your employees, and enable them to exercise the tax implications with confidence.
5.Submission of returns
As with most documentation, businesses can file VAT returns with the Government on a quarterly basis, which can be done online by e-filing. The new guidelines can be a lot to get your head around to begin with, but we’re here to ease that initial change, and continue our support to you and your business for years to come.
You can use the services from My Business Consulting DMCC to get all your procedures completed professionally, and to get expert guidance. Be it advisory services, book keeping services, assistance on registration and filing – whatever your administrative need, My Business Consulting DMCC can help.
Get ahead now, and call a member of the team to ensure that come January 2018, you are completely prepared!
