With new VAT laws that were implemented on 1st January 2018, businesses in Dubai were required to register for VAT. Businesses that exceed the registration threshold of AED 375,000 fall under the clause to register for VAT. There is the voluntary registration threshold of AED 187,500 for businesses to voluntarily register under the clause of voluntary registration.
If business expenses exceed the voluntary threshold, businesses in Dubai can register voluntarily. This opportunity is offered by the Government to enable new businesses, startups and independent companies establishing their presence in Dubai to register voluntarily.
Businesses will be required to keep track of all their expenses, taxable supplies and imports and VAT records. The Federal Tax Authority will need to review business activities and transactions. The documentation required by the authority for the time period stated should be up to date with the newest data and information.
“Sarah Ferguson states, “Not all businesses, particularly startups and new businesses have the expertise or knowledge of VAT services in the UAE. You may require the experience of an expert consultant.”
“Tax companies in Dubai ensure that the quality of VAT compliance and financial reporting are optimum.”
Sarah Ferguson continues, “We provide comprehensive VAT services so that businesses have more time to focus on their company growth and leave the financial reporting tasks to us.”
Sarah Ferguson is a Chartered Certified Accountant with over 15 years of experience serving a diverse range of businesses which include sole traders, start-ups and limited companies. Sarah provides a number of services including VAT, tax returns, annual accounts and payroll. She ensures her tax consultancy firm meets the needs of her clients ensuring value for money and customer satisfaction. For more information, visit https://www.taxconsultancy.ae