Top VAT Consultancy Services in the UAE: A Guide for Businesses
The introduction of Value Added Tax (VAT) was a major turning point for businesses in the UAE as they were expected to change and structure things according to the new regime. Hence, to avoid any complications, organizations go for professional help and seek support from VAT consultancy services in UAE. However, choosing the right consultant from among the multitude of firms can be overwhelming.
So, in this blog, we will discuss how to choose the right VAT consultant in Dubai and the factors to look for while outsourcing your tax responsibilities to a VAT consultancy firm.
VAT law in UAE
The Government of United Arab Emirates introduced VAT on 1st January 2018 at a standard rate of 5%. It is an indirect form of tax levied on goods and services at each stage of the supply chain, beginning from production to final distribution. These taxes serve as an additional source of revenue for the government, which is further used in the welfare and development of the nation.
However, to adapt to this newly implemented idea, businesses need direction and guidance from trained and skilled tax professionals who help them comply with the laws in all stages of this evolution and manage their VAT activities seamlessly, thereby avoiding errors and fraud plays.
Need for a VAT consultant in Dubai
To ensure success in VAT-related matters, you need to be aware of the need for VAT consultancy services in the UAE and how it can be beneficial for the companies. Here are some key advantages of seeking help of a VAT Consultant in Dubai –
- Precision – VAT consultants take extra care to ensure the precision of data. They use advanced technology and manual reviews to cross-check the VAT files.
- Advanced knowledge – VAT professionals are equipped with more knowledge about VAT and associated processes. Hence, companies that are beginners can get help in understanding various VAT rates and calculating the amount in order to ensure timely payment of taxes.
- Error-free work – VAT professionals are highly qualified and experienced in their field of work. Hence, they ensure that the VAT return is free from any errors and that your time and money are saved.
- Time-saving – Hiring a well-experienced VAT professional can save you valuable time in examining, assessing, and calculating the risks associated with the company.
- Easy registration and VAT filing – VAT registration is mandatory for businesses that exceed the threshold limit. Hence, for clear guidance on the process of VAT registration as well as VAT filing, they need VAT consultancy services in UAE.
- Proper record maintenance – A VAT professional helps businesses create files and proper maintenance records so that they are fully prepared for VAT audits by the FTA (Federal Tax Authority).
- Reduces the scope of risk – Due to better industry experience, VAT consultants can handle all kinds of risks in business and advise on how to eliminate or reduce the potential risks associated with VAT.
Shuraa Tax Consultants and Accountants offer excellent services to clients across various domains.
Roles and Responsibilities of VAT consultancy services in UAE
The duties of a VAT consultant include the following:-
- Planning and evaluation for efficient finance management
- Compliance and implementation of VAT decrees and regulations
- Development, assistance, and advisory for VAT and VAT-related matters
- Analyzing and identifying the impact of VAT on the organization
- Analyzing the accounting necessities
- Filing and analyzing the VAT returns
- Assistance in claiming VAT refunds
- Accurate VAT submission
- Maintaining proper VAT records
- Calculating VAT liabilities and advise on strategies to minimize VAT payments
Top VAT consultancy services in UAE
There are numerous VAT consultancy service providers in the UAE. However, a few are highly reputed, have industry knowledge, and possess service capability in their field of work. Here are UAE’s some of the top VAT consultancy firms:
- Shuraa Tax Consultants and Accountants
- PwC Middle East
- Grant Thornton UAE
- Harbins
- Emirates Chartered Accountants
- Saif Chartered Accountants (SCA)
- RVG accounting & bookkeeping LLC
- JAXA Chartered Accountants
- MAC & ROSS
- Jitendra Chartered Accountants (JCA)
- Skyline Tax Consultancy
- Dawn consultancy
- Charles &Darwish Associates (CDA)
- Youssry& Co. Auditing & Consultancy
- AMA Audit Tax Advisory
- RSM UAE
- Farahat& Co
- BDO UAE
Factors to consider while seeking VAT consultancy services in UAE
These are the key points to look for in a professional VAT consultant or firm:-
Industry experience – Experience is everything, especially when it comes to financial and tax-related matters. Hence, choosing a firm with significant experience will help you understand particular challenges in your tax arena. Accordingly, they offer correct advice, minimize tax liabilities, and avoid potential risks.
Regulatory knowledge – The VAT laws are constantly changing in the UAE. These changes tend to impact the operations of businesses. However, finding a VAT consultant who stays ahead of the curve and keeps the company updated with the changes will ensure compliance at all times. Therefore, discusss with the consultants the procedure for staying abreast of changes and the time required to alter their services according to new rules.
Comprehensive services – VAT services are not limited to VAT registration or VAT return filing. It also involves proper maintenance of books of accounts, structuring of tax-efficient transactions, management of VAT refunds, and dealing with FTA audits. VAT consultancy services in UAE entail a full range of services that ensure that all the VAT obligations of the business are handled by a team of experts who are very familiar with their financial landscape.
Client references – Critical analysis is important when choosing VAT consultancy services in UAE. Good feedback and references from clients will help you analyze whether the VAT consultancy firm is of value and can deliver smooth tax issues handling to your company. Therefore, shortlist a few companies similar to yours and contact them for more information about the selected consultancy. They will provide details about their quality service and resultant outputs.
Customized services – Every business has explicit needs. Hence, it is the prime responsibility of VAT advisors to take their time understanding the bespoke requirements of your organization and providing customized strategies aligning with your goals. Hence, during consultation, you can assess whether they are hearing you out and providing insights specific to your situation or just providing common solutions.
Technically backed solutions – The world is living in the era of digitalization. As a result, businesses including VAT consultancy firms are in constant need of automation and sophisticated financial management tools. Many advisory firms have adopted advanced software that eases the VAT process, minimizes the chances of human error, and facilitates a faster and more conclusive filing process.
Conclusion
Businesses in the UAE are confronting several challenges in the process of implementing VAT. Shuraa Tax has a team of chartered accountants and tax advisors who possess relevant industry-specific knowledge and proficiency in taxation. They provide the best VAT consultancy services in UAE and ensure compliance with the rules and regulations of the FTA. By accessing the services of Shuraa, you can avail the best possible solutions to fix the VAT structure in your organization, thus facilitating the overall VAT process including VAT registration, VAT record maintenance, VAT return filing, VAT accounting, VAT deregistration, etc.
If you have any other queries regarding VAT or VAT laws in the UAE, feel free to contact the team of Shuraa Tax at www.shuraatax.com
