Things to know about VAT and Vat consultants

Things to know about VAT and Vat consultants

A few years ago, the UAE government applied a 5% tax on goods & services, which is called a value-added tax (VAT). The vat policy is introduced by Gulf Cooperation Council (GCC) countries that are dependent on oil production. The biggest reason to introduce vat for goods & services is to overcome oil crises. Another purpose of applying vat on companies is to reduce the dependency on oil for the government.

Reasons to hire VAT agent in Dubai:

VAT consultants have extensive knowledge and experience in dealing with VAT matters. They can handle your multiple tasks from vat registration to file vat returns. They have an insight into entire vat procedures, so they better understand how to make things easier for you.

What services VAT consultant provide to clients:

Various services vat consultant offer to their clients like:

  • Vat consultant control and issue vat compliance
  • They help to reduce VAT liabilities.
  • VAT consultant helps to identify business risks and bring a better solution for you.
  • File VAT returns and makes payments.
  • VAT consultants organize your data efficiently and make sure to record it accurately.
  • They help in maintaining Accounting transactions. 

Responsibilities of VAT consultants:

The responsibilities of VAT consultants depend on the situation. However, here are some key responsibilities of VAT agents.

  • They are responsible to maintain the books of accounting and prepare financial statements. 
  • They are responsible to look after the vat registration process.
  • They are responsible to file vat returns
  • Make sure to VAT comply with UAE vat laws.

Advantages of working with vat consultants:

Most organizations are not aware of the VAT laws and rules and don’t know how to calculate VAT accurately. Therefore, working with a professional VAT consultant is a good option.

Bring accuracy: 

The benefit of hiring VAT consultants is they bring accuracy in VAT calculations. They put effort to manage your tax matters and make sure to file VAT returns accurately.

Experience of Industry: 

VAT consultants have years of experience in various industries, so they know how to avoid making mistakes during the registration process and other VAT-related activities.

Helps to reduce risks: 

The best thing about VAT consultants is they have worked with various industries, which makes them capable to reduce risks that are involved in the business.

See here the benefits of hiring auditing services in Dubai.