Review of business impact for VAT is essential to help avoid stiff penalties for non-compliance and late filing, while also helping to improve cashflow and profitability.
VAT is a transaction base tax and affect range of business functions, with wide variations in the rules depending on your business activities and sector. It is important to have specialist advice to ensure you have understood VAT requirements for your business to be compliant and to minimise your tax exposure.
With increasing scrutiny from tax authorities, it’s vital you have the right advice should you want to dispute a VAT assessment or negotiate a settlement with Federal Tax Authority.
We offer specialist services
- VAT Registration:
A start-up, an individual, foreign establishment providing services in UAE or an established business are required to register for VAT as per income and expense thresholds. We advise you on the requirements for VAT registration with Federal Tax Authority and make VAT registration simple for you.
- VAT Impact Assessment:
Chartered House Tax specialists will review your operational, financial and legal transactions to determine VAT impact on your business. We will advise you on the VAT Accounting, record management, VAT Technology changes, policies and procedures and VAT audit file (#FAF) requirements to make you compliant.
- VAT Return filling:
A registrant is required to file VAT return on 28th day following end of tax period. VAT return filling require a 360 degree review of business transaction treatment as per the provisions of the law before you submit information. We offer preparation, review and submission service for your VAT return professionally at affordable price.
- VAT Audit and Review:
Tax documentation is critical for VAT compliance. If your business come under scrutiny, Tax officials will require proof against return period under scrutiny to establish you file your return accurately with complete transactions. We advise you on FAF requirements and also maintain records on your behalf
- Transfer pricing:
Businesses engage in goods imports have various circumstances where transfer prices (under and over invoicing) can impact the value of goods for customs purposes. An alteration to transfer prices results in a change of the custom value of goods so is the VAT accounting. It is important to maintain working paper for the transfer pricing adjustments by the registrant. For any over or under consideration for a supply, VAT implications required to be evaluated. We assess all elements need to be considered in order to assess any VAT implications of these adjustments.
- Due Diligence:
Registrants conduct such checks to ensure that the business is managed effectively, to ensure the integrity of their supply chains, and to ensure that they are not exposed to financial or tax non-compliance risks. We perform checks that allow you to make an informed decision about the transaction by demonstrating potential risks of tax liabilities, tax disputes and wrong stand on the treatment of business routine transactions to factor for unknown tax exposure.
- VAT Support-Retainer Model:
Adoption with VAT is on-going process and business encounter every day some unique transactions which might require special treatment for recording, tax rate and claimability of VAT. We offer flexible solutions to business to engage to seek transactional advise as and when needed.