Value Added Tax Services

The requirement for VAT registration in UAE is depended on the income generated from your business. The VAT registration processes in UAE involve:

• Register for VAT
• Charge VAT on the invoices issued to the clienteles
• Announce the VAT to the Federal tax authorities through a VAT filing

A business can opt for any of the two types of VAT registration in UAE:

1. Mandatory Registration

It is mandatory that a business must register for VAT:

• If the total value of its taxable supplies and imports exceeds the required registration threshold over the previous 12 months
• If the business expects that the total value of its taxable supplies and imports will exceed the obligatory registration threshold in the next 30 days.

The threshold for mandatory registration of a business is AED 375,000. But this threshold is not applicable to foreign organizations.

2. Voluntary Registration

A company may opt for Voluntary Registration:

• If it does not meet the mandatory registration criteria,
• If the total value of its taxable supplies and imports or taxable expenses in the preceding 12 months surpasses the voluntary registration threshold,
• If the business foresees that the total value of its taxable supplies and imports or taxable expenses will exceed the voluntary registration threshold in the next 30 days.

The threshold for voluntary registration of a company is AED 187,500.

A taxable person is responsible to submit a VAT return in UAE in the format given by the FTA, within 28 days from the end of each tax period.

Our Tax professionals can support you in the following areas:

• At the end of each VAT return period, we prepare the VAT return on behalf of your company in accordance with the provisions of UAE VAT law.
• We ensure that the VAT returns are filed within the specified time in each tax period.
• Proper guidance for the payment of Minimal Tax Liability as per the provisions of the UAE VAT Law will be advised.
• Optimal Tax Planning for the company will be done.
• We will be available to represent you in front of the relevant authority on behalf of you as and when required.

VAT Returns are to be filed through the online portal of the FTA. Our vat experts will help you fill out the VAT return form with all the relevant information within the due date set by the authority.

The VAT return discloses the Tax amount due (or refundable as the case may be) for a Tax Period.

VAT is a complex tax affecting every aspect of your business in the UAE and the worldwide market. As a self-assessing tax, it is the responsibility of the taxpayer to ensure they are accounting for the right amount of tax and at the right time.

FTA carry out VAT inspections or audits at varying intervals. In case FTA finds out a Tax Violation then the penalties will be incurred on the organization and may also lead to shutting down the business entirely and the cancellation of the Trade license.

The main purpose of a VAT Health Check is to ensure that as a business your handling of VAT is in line with current FTA VAT laws and regulations.

The VAT health check enables a business to identify any mistakes in the VAT and make corrections of them before getting a penalty from FTA.

Save your businesses from getting fines and penalties. Corplans Global will help your businesses to grow by always being on track and making the right decisions.

VAT health check includes the following:

• Assess your in-house accounting records; documentation; VAT records etc.
• Review of your filed returns to identify any grey areas wherein you are perpetually making errors.
• Check if the returned figures as per VAT documents match with the financial records
• Analyze if you are making use of the VAT laws in getting proper credits or refunds for your business and if the same are claimed in the returns
• Identify areas wherein you can plan for a proper VAT planning
• Review of maintenance of accounts and records and audit trail for your VAT files
• Identifying areas of concern or opportunities, Confirm that all your VAT returns are filed correctly and properly in relation to your business income and allowable expenses
• Confirm that all your documents are incompatible with the FTA requirements and if all of them are replaced or renewed whenever it is due.

VAT accounting is a process related to the VAT section of a business concern. It is important for every taxable person to maintain a book of records under UAE Tax Law, and it requires detailed documentation. Proper documentation helps to identify the consumption tax that needs to be paid on time. It reduces the tax burden. The maintenance of VAT records is mandatory in the UAE. Providing the best VAT consultancy services in Dubai and UAE, Corplans Global  provides all the essential activities that you need to be managed with regard to VAT accounting including VAT data, review of tax reports, tax calculation and filing, VAT documentation, etc in a very seamless way.

Our tax consultancy services in UAE include tax preparation, tax analysis, submission of tax returns and tax payments.

Corplans Global bring added value to your business through: –

• Evaluating the pros and cons of your business structure
• Helping you to select the suitable VAT schemes – voluntary or compulsory
• Increasing profitability and decreasing costs using efficient strategies
• Minimizing your tax updating with latest tax policies
• Proper Bookkeeping training that saves your time and cost
• Developing performance evaluation based on metrics to determine the market trend