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- 838 Andy Street, Madison, NJ
- info@tms-csp.com
- +971 54 790 0407
- Monday to Friday: 9am to 6pm
- Burlington Tower, 18th Floor, Office No 17, Business Bay Dubai - UAE
- Support +971 54 790 0407
VAT & Bookkeeping
VAT & Bookkeeping Service
Outsourcing your VAT & Bookkeeping is instrumental to the success of your company, it would take a long time to get used to what the VAT regime will bring with it, and we can take that task for you.
Recording of a company’s financial transactions of businesses and individuals, is one of the most important factors that make a business run, our services will assist in annual renewals and auditing of the companies. Maintaining proper accounts for at least five years is now a legal requirement, we want to ensure our clients handle the financial records to successful auditing and submission.
- Registration, implementation & compliance for VAT
- Amendments and filing the VAT return
- Staff VAT training
- Maintained bookkeeping
- Monthly / Quarterly & Yearly reviews
- Financial statements
Accounting & Bookkeeping Service Dubai
Accounting deals with the recording of a company’s financial transactions of businesses and individuals. Accounting is one of the most important factors that make a business run, and it is essential for you to know why accounting is the lifeblood of any business. If this part of a company is not orderly, it should be expected that the business is not running as efficiently as it should.
Bookkeeping, on the other hand, is all about recording a company’s economic activities. The entries are summarized periodically. It was called “bookkeeping” because before computers were born, these were recorded in actual books. But now, transactions are recorded electronically.
We are Certified professional chartered Accountants provides Bookkeeping and Accounting services in Dubai and one of the prominent accounting service provider in Dubai, UAE. We cover every aspect of accountancy and aspire to understand your business needs for accounting and bookkeeping services in Dubai, UAE and long-term goals so we can tailor a package that would meet all your requirements. We are amongst most renowned consultancies for accounting outsourcing companies in UAE consisting a team of finest auditors and Business consultants that keeps reliable & up to date data of financial statements helping you to coordinate well with laws. Our wide variety of services includes VAT consultancy, accounting and bookkeeping, internal auditing, accounting outsourcing, CFO Services, Business Setup, Business Plan, Due Diligence, Feasibility Study and formulating tax strategies that can help reduce your tax liability and improve your revenue.
VAT & Bookkeeping
Value Added Tax or VAT is a form of indirect tax imposed on the use or consumption of goods and services at each point of sale. The cost is ultimately borne by the end-consumer. Businesses and organizations collect the VAT on behalf of the government. With the introduction of VAT in UAE on 1 January 2018, consumers are expected to pay 5 percent for the product or service they use. By availing the right VAT services in Dubai, UAE, you can easily manage the VAT aspects of your business. Being registered under the UAE VAT law stipulates that your business is recognized by the government. Consulting a VAT service provider in UAE eases all your VAT-related processes, thereby making your business abide by the Emirati VAT laws and regulations. Our company is one of the leading VAT service providers in Dubai and UAE, which offers exclusive VAT services including VAT registration, VAT deregistration, VAT return filing, VAT accounting services, and more.
When are Businesses Required to File VAT Return?
The standard tax period for VAT return is:
- Quarterly for businesses with an annual turnover below AED150 million
- Monthly for businesses with an annual turnover of AED150 million or more.
- The FTA may, at its discretion, allocate a different tax period for a certain type of business
Impact of VAT on your business:
In an ideal scenario VAT shall be only a pass-through liability of the business wherein the company collects the VAT from its customers, takes the credit of the VAT it has already paid and pays the balance to the government. However, if sales process and purchase process is not designed with required controls there may be a scenario wherein there is loss in the margin of business due to VAT.
Furthermore, this will certainly increase the pricing of the products to the end customer hence the whole business model needs to be carefully reassessed basis the introduction of VAT.
The impact of VAT can be felt across several business functions. As most of us might think, VAT implementation is not just an accounting task, but also a business strategy implications for CEO’s as the outcomes will be across pricing, IT systems, supply chain, processes, policies and contracts, and even HR.
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