VAT compliance involves more than registering a business and submitting periodic returns. Businesses need to assess their VAT obligations, maintain appropriate records, apply the correct VAT treatment to transactions, reconcile tax records and meet FTA filing and payment deadlines.
GAAP Associates provides VAT services to help businesses manage their VAT obligations accurately and maintain proper documentation. Our support covers VAT registration, return filing, deregistration, VAT reviews, consultancy, refund assistance and FTA audit support.
Businesses operating in the UAE may need to register for VAT based on their taxable supplies and imports. UAE-resident businesses must generally register when the value exceeds the mandatory threshold of AED 375,000 over the previous 12 months or is expected to exceed it within the next 30 days. Eligible businesses can voluntarily register when taxable supplies, imports or taxable expenses exceed AED 187,500 under the applicable rules.
GAAP assists businesses with assessing registration requirements, preparing supporting documents and completing the VAT registration process through the FTA's EmaraTax platform.
VAT-registered businesses are required to submit VAT returns and settle the related VAT liability within the prescribed deadline. The FTA states that VAT returns and payments are generally due within 28 days from the end of the relevant tax period.
Our VAT return filing support includes:
Businesses that cease taxable activities or no longer meet the applicable VAT registration requirements may need to apply for VAT deregistration with the FTA.
GAAP can assist with reviewing the eligibility for deregistration, preparing the required documentation, submitting the application and supporting the final VAT return process. The FTA requires the final VAT return and any payable tax to be settled within 28 days from the effective date of deregistration.
A VAT health check helps identify potential errors before they develop into compliance issues. GAAP Associates reviews selected VAT records and transactions to identify gaps in areas such as:
This review can help businesses identify areas that require correction and strengthen their VAT compliance processes.
Accurate treatment of input and output VAT is essential when preparing VAT returns. GAAP reviews relevant transactions and accounting records to help businesses correctly account for VAT collected on sales and eligible VAT incurred on business expenses.
Where applicable, we also help businesses identify documentation or transaction-level issues that may affect the recovery of input VAT.
Businesses may have recoverable VAT balances depending on their transactions and circumstances. GAAP can assist with reviewing VAT refund eligibility, reconciling the relevant records and preparing supporting documentation for submission to the FTA.
Errors discovered after a VAT return has been submitted may require corrective action depending on the nature and value of the error.
GAAP can review identified discrepancies, assess the appropriate correction process, and assist with preparing the relevant documentation and submissions to the FTA.
An FTA VAT audit may require businesses to provide financial records, VAT returns, invoices, contracts and other supporting documents.
GAAP can support businesses with:
VAT obligations can apply to businesses operating across different structures, including mainland and free zone entities. The correct VAT treatment depends on the nature of the business, transactions, customers, suppliers and movement of goods or services.
GAAP helps businesses assess their VAT position based on their specific activities and maintain appropriate compliance procedures.
VAT exemptions and zero-rated items are important factors of the VAT system in the United Arab Emirates.
These rules bring about reductions in specific tax burdens, particularly in the case of exports and basic services.
1. Understand Your Business
We review your business activities, transactions and existing VAT position.
2. Assess VAT Requirements
We identify applicable registration, filing and compliance requirements.
3. Review Financial Records
Relevant sales, purchases, VAT records and supporting documents are reviewed.
4. Prepare VAT Documentation
We prepare the required VAT returns, applications or supporting documents.
5. Submit to the FTA
The relevant application or return is submitted through the appropriate FTA channel.
6. Ongoing Compliance Support
We continue to support your business with VAT reviews, filings and advisory requirements.
Maintaining compliance with VAT legislation is crucial while operating a business in Dubai. The idea of registering for VAT, submitting returns, and making sure compliance is met with a sense of stress. Still, consider having a reliable partner like GAAP Associates that has years of expertise in handling the complex rules of VAT services in Dubai.
By using GAAP Associates' VAT service in Dubai, you can relax knowing that your company complies with the most recent tax regulations. We ensure that everything is submitted accurately and on schedule so you can concentrate on expanding your company while we take care of the technicalities. Allow us to reduce the burden of VAT so you may focus on what counts.
