VAT Returns

VAT Return Filing in Dubai

VAT Return filing in Dubai is obligatory for all taxable businesses. Once applying for VAT registration, the business can get the Tax Registration Number (TRN). The standard tax duration is 3 months (quarterly).

You will be needed to file VAT returns once each 3 months as a minimum. However, in some cases, businesses could also be needed to file VAT returns monthly. VAT Return filing period is mentioned on your VAT certificate. All the companies that are registered beneath VAT should complete the VAT Return filing at intervals in the time frame given by the Federal Tax Authority (FTA).

VAT Return Filing Services in Dubai

Intellect Chartered Accountants is providing quality and timely VAT Return filing services in Dubai on a monthly and quarterly basis. All the VAT returns should be submitted on-line mistreatment of the FTA e-Services portal. If your business fails to file a VAT Return on a timely basis or submits the incorrect VAT Return filing then the business can incur VAT audit and VAT fines from the FTA. The form which is used to submit the VAT Return is known as VAT201.

Scope of  work for VAT Return filing

Our VAT consultants in Intellect Chartered Accountants will assist and support you by submitting VAT Return filing:

• Our VAT professional can visit your company on a monthly or quarterly basis to collect and compile the financial data for filing the VAT Return.
• At the end of every VAT Return period, ICA can prepare the VAT Return as per the rules and laws of the FTA on behalf of your company.
• ICA can make sure that the VAT returns are filed at intervals at the desired time in every tax period.
• ICA can make sure that all the financial operations of your company are VAT compliant and should follow the VAT laws as per FTA.
• ICA can review and verify the VAT-connected transactions to make sure that the right VAT amount is being charged on sales as output tax and therefore the VAT charged by the provider is claimed properly.
• ICA can offer suggestions and opinions as per the most recent VAT trends and updates to make sure compliance to avoid VAT fines from FTA.
• A random review of the books of accounts and document maintenance to make sure VAT compliance.
• Our VAT consultants are sure enough to be obtainable to represent your company just in case of a VAT audit from the FTA representatives. (if required)

Filing of a VAT Return

All the companies in UAE should have complete VAT compliance and follow all the rules and laws of the FTA like on-time VAT registration of your company, making and using a correct VAT invoice, maintenance of books of accounts through correct accounting and bookkeeping, and lots of alternative required procedures.

Our team of tax consultants will offer you support and steering in filing your VAT Return. We’ll assist you in filing your VAT Return by doing the following:

• We can often visit your premises to gather the data and records necessary for filing the tax return. At the end of every tax period, our team can prepare and submit the tax return on your behalf in compliance with the pronouncements of the VAT law applicable within the UAE.
• Our tax consultants would additionally offer you recommendations and steering relating to the payment of liabilities in accordance with the VAT law.
• We might confirm that your Return gets filed at intervals the fundamental measure such that and prescribed by the FTA.
• Correct tax planning is performed for the consumer entity.

What information is to be provided by the taxable entity in the VAT return?

The tax return in the UAE provides data relating to the amount of tax due or refundable for a particular tax amount. The taxable person is needed to produce data regarding the output tax collectible along with the input cover obtainable against the output tax. If an entity’s output tax exceeds its input tax then in that case the entity is vulnerable to paying the exceeding amount as tax to the authority. On the flip aspect, if the entity’s input tax exceeds its output tax then the exceeding amount during in this case is to be refunded to the entity by the authority.

The Form VAT201 contains the subsequent content in relevance to Output and Input tax:

Output tax:

•  Tax liability on standard rated provides (5%) that to emirate wise.
• Tax liability on products or goods purchased from outside the UAE (imports) through customs.
• Tax liability on services rendered from outside the UAE.
• Tax on merchandise purchased outside the UAE on that no tax liability is created whatsoever.
• Tax refunds are made obtainable for persons touring the country.

Input tax:

• Tax levied on standard-rated expenses.
• Tax levied on the standard rated purchase of products or goods.
• Tax levied on products or goods purchased outside the UAE.
• Tax levied on services rendered outside the UAE.

Intellect Chartered Accountants of Accounts is covering all the topics associated with VAT. We are providing the most effective VAT services and serving businesses to avoid VAT fines and penalties by guiding them in the right direction. We are providing the most effective and timely VAT Return filing services to several corporations across UAE.

Let ICA can handle all of your worries associated with VAT. For VAT Return filing services, Contact us!