All Companies including Free Zone Companies(Pending final decision) that have an annual revenue of AED375,000 or more have to register for VAT as early as Q4 2017. But relax, its not hard. VAT is simply a tax that the consumer pays and not business. Business' only collect it for the government therefore its more administration work for you which can take away valuable time you would rather spend on growing your business.
The Federal Tax Authority is set up to ensure all companies register and report VAT according to the law. Please see our Q&A section for any questions you may have.
We can help you with the following services with an indicative price range.
Initial tax assessment - from aed499
This is a meeting to inform you of how your business transactions will be impacted by VAT and what steps you need to take to move forward. This meeting requires you to fill out a short questionnaire detailing your business. We obliviously respect confidentiality. The outcome of this meeting will decide how and if you want to pursue anything further.
Tailored tax assessment - From AED3000
This would be the natural step after the first meeting to determine which of your transactions are impacted by VAT and by how much. This can include allocating your costs to supplies that are exempt from VAT, how to handle import and export from GCC countries as well as Non Member countries. An important part of this stage is also reviewing current contracts. We can also pursue this process with your staff for training purposes going forward while we remain at your disposal through the initial process for hand holding.
Tax return - From AED1000/month
The quarterly tax return is calculated and documented with supporting attachments for you to be able to pay or request a refund from the government. We will even fill out the form for you so all you need to do is log in online pay.
Invoices - From AED450
Following the new tax law invoices need to follow a standard with specific rules on what information to provide on your invoice. We can do this once and even update your system/templates.
What we also offer
Backtracking of financial reporting in software that supports requirements for new tax law.
Monthly bookkeeping of all bill invoices
Year end reporting
Prepare annual budget based on historical outcome and follow up variances
Prepare cash flow reports
Part time CFO role