VAT Accounting in the UAE
Advisers for VAT Accounting & VAT return filing
In the UAE, a charge levied on certain provisions of goods and services is called VAT (Value Added Tax). VAT is calculated and grouped on the value of services or goods that is created each time there is a sales or purchase transaction. The seller charges VAT on the buyer, and the government is offered the VAT by the buyer.
Companies should preserve a definite record of the VAT that you have charged and the VAT that you paid on the purchases. This select addition is termed as the VAT account. To complete your VAT return you must utilize the figures in your VAT account.
Although the VAT account does not contain many rules about itself, it should contain the following data:
- Your total sales for the VAT
- Your expenses for the total VAT
- The levied VAT
- The recovered VAT
- Your business uses the VAT Flat Rate Scheme – the flat rate percentage and turnover. It applies to the VAT on any purchases (acquisitions) or dispatches (sales).
VAT Accounting Procedures
VAT is a transaction tax and hence it influences numerous processes within your business. Subsequently, the need for VAT accounting measures and controls arises, these are:
- Master data of suppliers and customers to the business, knowledge of their place of establishment
- Tax codes
- Sales and purchase schemes
- General ledger
- VAT reporting
When you find weak ownership, supervision, or perceptibility relating to any the above factors then your VAT returns might get influenced.
Our teams at Aon VAT Consultants have substantial expertise in completing VAT accounting procedure examinations. The assessments ensure that companies fulfil their VAT compliance requirements according to the regulations in the UAE. Correspondingly, we help you meet all standards required by VAT legislations and senior accounting officers. Meet our Aon teams to study in detail about your firms’ VAT tax and accounting.
Our accurate review of VAT accounting measures delivers added value by finding if there is an efficient method to control the VAT functions within your business. We also ensure that the processes and controls meet VAT audit and if relevant other requirements.
We are here to support you with all your VAT accounting needs.
Aon offers accounting services alongside VAT consultancy in the UAE. Our team with you to complete your company’s bookkeeping process and VAT requirements. Additionally, we advise you about estimation, business plans and examination of challenging threats.
Apart from our certified accountants, we have the skills, knowledge and charisma to handle all your accounting and VAT requirements. Being your trusted VAT planner and financial consultant, we are ready to confront any financial challenges that you may experience. Aon adapts its accounting support to the correct needs of each clients, to back the smooth operation of all your companies.