DUBAI-34.96°C
ONE USD: 3.673 AED
04:39:10
DUBAI-34.96°C
ONE USD: 3.673 AED
4:39 AM

Blogs

VAT Consultancy Services in Dubai

VAT Consultancy Services in Dubai

Published On:
May 26, 2022

Governments impose certain taxes on their residents and citizens to generate revenue. The collection of taxes helps boost a country's economy as this money is used to build better infrastructure and provide timely public services. UAE, which was once considered to be a tax-free zone, changed that status in January 2018, when they introduced the Value Added Tax. All businesses that carry out the purchase and sale of goods and services should register for VAT. The rate for the VAT is kept at 5%, which is considered rather low.

With the implementation of this new tax came a lot of bookkeeping and auditing on the part of companies. To carry out the correct calculations, registration, and filing of the taxation is not an easy job. Business owners find it rather troublesome and often make mistakes that may result in penalties. VAT consultation companies exist in UAE to solve this very problem for the companies. They can hire the services of VAT consultants who are well-trained professionals and keep themselves abreast of the recent policy changes and new laws. The tax return and filing process are made much easier by acquiring professional VAT services. The significance and advantages of hiring VAT consultancy services in UAE are discussed below.

VAT Consultancy Services in Dubai

Expertise and Experience

Your company can avail of VAT consultancy services for their expertise, knowledge, and skills. Vat consultants keep their knowledge related to UAE laws regarding VAT registration and rate up to date. Providing efficient financial services is a part of their job, and they can do it more efficiently than anyone else. Vat consultancy providers are well aware of the procedures, documentation required, and online registration process and have a set system to carry out all these activities. They also have years of experience in taxation services, so they are well equipped to carry out the necessary planning execution to file your company's Value Added Tax.

Cost-Effective and Time Saving

Bookkeeping, account management, and record maintenance are lengthy and complicated processes. IF you plan to do it in-house, it will take a lot of time and effort from you. Professional VAT consultants can take this job off of your hand, and you can focus more on ways to grow and expand your business.

Similarly, suppose you hire an accountant at your company for this job where they are responsible for the financial management and VAT registration. In that case, you will be paying them a monthly salary. Not just that, you will have to supervise and monitor their performance. VAT services providers will ease the tax filing process and substantially reduce your cost.

Maintenance of Financial Records

Recordkeeping is an essential part of the VAT consultant's job. Regular maintenance of financial records allows the professionals to be ready to conduct audits for taxation purposes at any time. They are prepared to carry out internal and external audits much quicker and more efficiently.

Competent Vat services providers can foresee how the VAT will affect the business, and they keep the owners updated about that. They can help managers make better financial decisions and come up with better VAT strategies.

Risk Reduction

VAT consultancy companies have systems in place to carry out the VAT calculations. These systems are efficient and tried and tested over time. The risk of wrong calculations is reduced when you hire VAT consultants. However, if you do the VAT estimation yourself when you are properly trained to do it, you may make a lot of errors. FTA can impose penalties and fines if the tax is not filed correctly and on time. Avoid these fines by hiring professionals for VAT returns.

Conclusion

Filing VAT returns is a job for the professionals who have expert knowledge of all the tax regulations in the UAE. It is advisable to hire the services of professional VAT consultancy firms that will handle all our company taxation needs. At Freezoner, you will not only get the best VAT consultancy services, but we also offer Company formation and Visa services.

Share

BLOGS YOU MIGHT LIKE iN SAME CATEGORY

How to Start a Business In Dubai

Wondering how to start a Business in Dubai!  Worry no more, we at Freezoner will tackle all the details of this crucial journey from start to finish. Let’s first state some facts before delving into this topic. Dubai is the number one destination for all ambitious investors who wish to kickstart their investment journey in […]

Details
The Complete Guide to the UAE Green Visa

  Before embarking on the details of the UAE Green visa, one cannot overlook the high potential of the ecosystem in the UAE that encourages professionals and investors to explore new opportunities in a supportive environment. UAE never fails to launch new rules that empower both residents and expats.   Thus, the UAE residency dream […]

Details
Profitable Business In Dubai In 2023

Profitable Business In Dubai In 2023    Dubai is the land of constant opportunities! But what makes it a point of attraction is that the UAE government makes it easier for investors to build their businesses faster than any other Arab country.  Not only that UAE opens doors for you to invest in a healthy […]

Details
7 Best Small Business Ideas in Dubai with Low Investment

Deciding on taking a big leap like opening your business is a take-it-or-break-it-deal, especially if you’re searching for a small business idea with low investment to start with. But what makes you confident in taking this step is that one of the safe investment-friendly cities to start your business in is admittedly Dubai. Besides, UAE […]

Details
How to Open a Restaurant in Dubai?

Wondering how to open a restaurant business in Dubai as a resident or expat?  We will tackle all you need to know to start your restaurant business in Dubai but firstly let’s ask why choose Dubai! As a cosmopolitan city as it is, Dubai is your number one destination to start your business, especially in […]

Details
Dubai Business Associates

Discover the Dubai Business Associates Program: Propel your entrepreneurial journey, forge connections, and unlock success in Dubai's dynamic business landscape.

Details
Key Steps Business Setup in Dubai

If you're considering establishing a new company or transferring your existing business to Dubai, you're making the right decision. Dubai, one of the most famous and densely populated emirates in the United Arab Emirates, has transformed into one of the world's most technologically advanced, exceptionally built, and popular business hubs as part of its journey toward becoming a smart city. This has made Dubai a global magnet for business events, corporate conferences, and meetings, attracting hundreds of entrepreneurs around the world who establish new businesses in Dubai every year. 

Details
Dubai Golden Visa Requirements: What You Need to Know

The Dubai Golden Visa has recently updated its rules and laws, granting scholars, geniuses, and talented individuals in various fields the opportunity to obtain it. As part of this initiative, programmers now have an excellent chance to secure a golden residence visa in the UAE.

Details
How to Get a Golden Visa Dubai: Ultimate Guide

Ever since the UAE government launched the Golden Residency system in 2019, ambitious young people and investors from all over the world have been dreaming of obtaining the Golden Visa Dubai. The UAE has grown to become a leading commercial hub, connecting the East and the West, and the demand for the Golden Visa is increasing every day.

Details
All Requirements To Create a Corporate Bank Account in The UAE

the United Arab Emirates has the most international and local banks in the vicinity of the Gulf Cooperation Council countries, as a result of its economic and tourism centrality in the region, as well as large capital investments from all over the world.

Details
Invest in the UAE and join the global millionaire club in 2023

Dubai tops the Arab list of the wealthiest cities, with a large number of millionaires reaching 68,400, including about 206 billionaires whose wealth exceeds $100 million and about 15 billionaires. Abu Dhabi comes second in the Arab ranking with 24,200 millionaires, making the UAE capital a focus of attention for many global investors.

Details
Top 5 Industries for Freelancers in the UAE

This year's National Freelance Week will take place from April 17 to 23, 2023. This week brings together freelancers, freelance businesses, and company owners to exchange ideas, ask and answer questions, and feel a part of a wider community.

Details
1 2 3
Freezoner is the UAE’s award-winning Business setup consultancy company that helps investors establish their business in the most cost-effective & efficient way

Home
Blog
Contact Us
Events
Services

(+971) 4 244 2279

Drag a button, link, or anything else into the icon box to place it below the text. Lorem ipsum dolor sit amet elit.

info@freezoner.net

Drag a button, link, or anything else into the icon box to place it below the text. Lorem ipsum dolor sit amet elit.

Office 2001, 20th Floor, Tower B, Business Central Towers “BCT”, Sheikh Zayed Road, Media City, Dubai 191412

Drag a button, link, or anything else into the icon box to place it below the text. Lorem ipsum dolor sit amet elit.

envelopebookphone-handsetmap-markerearthmagnifierarrow-right