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VAT services from My Business Consulting DMCC.

VAT Registration Deadlines News

Are You Stressing Over VAT Compliances? Take a Deep Breath and Make a Way for Some Good News

Lately, a lot of our clients have been worried about VAT registration, complying with the new regulations and ensuring that the impacts of VAT do not deliver damaging blows to their business. A lot of ripples have been created in the market following the announcement for VAT registration by the UAE government. While some companies were quick to comply, others are yet to register.

We now know that companies should register as soon as possible in order to be compliant, and the registrations should complete by 31st December, 2017. If you have not registered your company for VAT yet, register and obtain the TRN (Taxpayer Registration Number) before the end of the year. If you are falling behind and are already late for registration, then make sure that you do it as soon as possible to reduce the risks of penalties. Talk to our tax specialists for assistance on registering for VAT.

New Companies Do NOT Need to Register Now

The good news for new companies is that they are not required to complete their VAT registration immediately. But they will eventually be required to register. So here is important and helpful information for new companies related to VAT registration:

  1. Maintain monthly records of the finances of your company
  2. Keep a month-wise record of all invoices
  3. Track sales to know when you reach a target that will require you to register
  4. You can voluntarily complete VAT registration if your new company achieves sales of AED 185,000 for the financial year.
  5. If the sales for the financial year cross 375,000 then VAT registration becomes necessary.
  6. New companies are not allowed to charge VAT in their invoices or collect VAT from the customers till the time they complete their VAT registration.

Startups must ensure that they keep their accounting and all financial information up-to-date so that they know when the company hits the AED 375,000 mark for sales which serves as your cue for VAT registration.

At My Business Consulting DMCC, we endeavor to make VAT registration a smooth process. This is why we will keep you updated on all updates regarding this matter.

Our Tax Specialists have deep knowledge of taxes implied in the country and they can assist you with helpful advice to prepare your company for tax compliance.

CONTACT US +971 58 811 9981 or [email protected]