The professional accounting consultants can best help you in managing your business accounts. They hold a great number of knowledge on different subject matters. It is their professionalism that makes them expert in this field. You can seek advice from in different areas which ranges from accountancy, bookkeeping, auditing, vat consultancy and much more.
The services of financial accounting Fujairah can be helpful for you both large businesses and small business’s needs. They all hold great expertise and can prepare financial reports, statements and much more. They help in interpreting, analyzing and evaluating the financial statements well for different statutory and regulatory authorities.
A company can also get in touch with these professional accountants for audits. They perform different audits in different fields as compliance issues, IT, operational and even financial audits. On the other hand, when it comes to Vat registration UAE, you must understand that the VAT was implemented in UAE in the year 2018.
Registration of VAT on time
It was implemented by the FTA (Federal tax authority) and they opened their portal for allowing different business for online registration. All the businesses don’t have to register for the VAT. The businesses in UAE whose turnover has exceeded the AED of 375,000 in the category of mandatory registration, the AED of 187,500 of voluntary registration are only eligible for VAT registration.
The VAT registration in UAE is important because if you will fail in registering for it on time, you can be imposed with a hefty VAT penalty. If you are running a business in Dubai and you fail to register for the VAT then Vat penalty Dubai will be imposed on you and it will not all be less than Dh500.
Never submit wrong information
The charges for the penalty imposed depend on the notification lateness too. The errors on claims and returns can also create a situation where you have to pay the VAT penalty. You can be charged for submission of false information too. Thus, you must always be in touch with a good financial accountant who can guide you throughout this process.
These consultants can assist in all the paperwork and ensure no errors are made during the Vat return filing UAE too. Ignorance is ok but if done with the VAT, you can face serious issues. The VAT must be dealt with carefully and when you are running a business in Dubai, you need to be extra careful.
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Professional for VAT registration
It is because the VAT penalties can harm businesses in many ways and can also be a black mark for your business reputation. You can also hire VAT consultants that can keep on guiding you on every path for best results. One must hire these professionals as they hold good understanding and knowledge of VAT proceedings.
They are aware of the right procedure for VAT registration in UAE. This is the reason many of the companies hire an expert or seek their advice for compliance with VAT laws in Dubai. No matter, wherever you reside, if the tax laws are imposed on you, you have to file the tax within time limit else you will be burdened with heavy penalties.
The different number of VAT penalties is released in Dubai so that the companies or business that tries to violate tax laws must be taught a good lesson. As you know, the minimum amount imposed in the form of a penalty for tax violation is Dh500 and this can be triple in number if you are found violating the tax laws.
Some of the penalties imposed on business related to VAT
- If you will not register for VAT within the deadline, you can be imposed with a penalty of Dh20, 000.
- If you forget or intentionally fail to do deregistration of VAT within a specified time limit then you will be charged with Dh10, 000.
- If you fail to keep your tax records as per the tax procedure then you will be charged with AED 10,000 as a penalty.
- If you intentionally disclose the business with errors during tax assessment, tax return the fixed penalty will be imposed as AED 3,000 on the very first time and if you are found with the same mistake next time then AED 5,000.
Thus, you need to be very particular while registering for VAT, filing returns and much more. Thus, hire a professional financial accountant that can assist you better.