Tawafoq Accounting & Auditing will take your hand in a simplified journey for VAT registration & filing in accordance with VAT Laws in UAE.
Tawafoq has a strategic partnership with best and most experienced VAT experts in UAE.
Requisites in VAT Calculation and VAT Accounting System
- Explain the VAT requirements to the Business owners and accounting staff
- Guide the clients on what necessary information / documentations are required for VAT filing.
- Ensure that receivable and payable invoices are in compliance with VAT guidelines/
- Review VAT ratio calculations
- Review filing reports and necessary documents.
- Setting reminders for periodic filing for the clients.
- Follow up with clients to ensure related VAT payments are processed on time to avoid any violations.
- Support the clients in setup of their systems to comply with VAT regulations.
- Provide experts support in case of violations
Managing the VAT transaction process:
- VAT team leader
For shifting the transactions into UAE VAT compliance and to function smoothly and in a timely manner, we will select a responsible person/team from the company to lead / support VAT Implementation project.
- Accounting systems
The present accounting systems will be scrutinized. Proper classification/ grouping with appropriate chart of accounts suitable for VAT regime will be suggested. Necessary guidelines will be given to the accounts team for preparing the first VAT return to the Federal Tax Authority (FTA).
- Invoicing under VAT
The requirements of VAT invoicing under the UAE VAT Law will be implemented. Proper guidance will be given to the concerned staff and proper training to the Accountants and other departments connected to sales.
- Filing of Return VAT Return
The support for preparing and filing of the first VAT return by taking the correct input tax credit against the total VAT liability with guidance on planning/better timing of cash flows.
- Reconciling Violations
Assigned staff and / or VAT experts will lead the correction of violation process (where necessary) to ensure proper compliance with VAT regulations.
- Special VAT requirements
Create Standard Operating Procedures (SOPs) for VAT requirements. Those SOPs will be added up to the clients policies and procedures to ensure long-term solutions and avoid unnecessary violations in future.