Bookkeeping is an integral part of accounting and largely focuses on recording day-to-day financial transaction of the business.
With bookkeeping tracks and records all the financial transactions, it becomes the starting point of accounting. No bookkeeping = No accounting.
Preparing general-purpose financial statements can be simple or complex depending on the size of the company. Details like this generally depend on the purpose of the financial statements.
The completed financial statements are then distributed to management, lenders, creditors, and investors, who use them to evaluate the performance, liquidity, and cash flows of a business.
External auditors are necessary for all businesses to remain compliant with the laws of the government of the UAE
Monitor and analyze its own business operations in order to determine how well it conforms to a set of specific criteria
VAT Advisory Services
Based on our in-depth understanding on the impact VAT, topped with the vision of likely VAT design parameters in the GCC, we will identify where and how VAT will have an impact on your business.
Our Tax advisory specialists will assist you in reviewing your current business lines and flag the potential impact of the new VAT legislation. In addition, where possible, we will advise on ways to optimize your VAT position.
VAT Registration and De-Registration
Understanding your VAT registration requirements and liaising with the FTA authorities can become complex and time-consuming, depending on your structure, location of bank account, and operations. There are instances where firms are required to register but can request an exception from registration or restructure the transactions to opt for VAT grouping which will allow the group companies to transact tax-free within the group. We as the best Bookkeeping and accounting company in UAE can help you with this. There are other issues where the effective date of registration/de-registration stated in the application is incorrect leading to penalties from FTA or the documents submitted to FTA being insufficient leading to rejection/ resubmission of the form.
VAT Return Filing & Compliance
It’s imperative that all entities in UAE should have VAT compliance and should follow the rules and regulations which include maintenance of books of accounts, software, and other mandatory procedures. The procedure for VAT return files in UAE comprises of transaction verification, compliance on record keeping, and compliance on VAT return filing in Dubai, UAE.
Transaction verification includes reviewing and verifying VAT-related transactions recorded by the entity during the tax period to ensure that the correct VAT amount is charged on sales as Output tax and that VAT charged by the supplier is correctly claimed/accounted.
Random verification of VAT transactions are done to confirm that the selected transactions fulfill compliances as per the provisions of VAT Laws.
Registered Tax Agency
(Tax Agency Number: 30004980) in accordance with the Federal Law No. (7) of 2017 on Tax Procedures in the UAE which describes the appointment of a Tax Agent, & a Tax Agent’s registration procedure & conditions that must be fulfilled for registering a Tax Agent in the Register.