Welcome to Parsh Accounting and Bookkeeping Services
Accounting and bookkeeping and other financial services such as Financial Health Reports, VAT Services and etcetera, play a vital role in every industry in recording financial transactions, payroll, taxes, invoices, and other relevant financial data. These services are essential for the success of a company because it makes it easier to keep track of income and expenses, ensure legal compliance, and give investors, management, and the government access to quantitative financial data that can be used to make qualified business decisions.
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Our Principles
Our Company’s Ethos is Based on Three Fundamental Principles
Time Efficiency:Time is money, and we at Parsh truly believe in this. Our competent team at Parsh.ae are determined to provide expert services in the most efficient and timely manner possible.
Guided Consultation: We at Parsh.ae are enthusiastic about consulting your business with the best decisions and guiding you to success.
Expert Advice:Parsh.ae is led by a group of leaders in the field with decades of experience. We will ensure our clients benefit from this expertise and experience.
We help You Focus on Your Business
The two main factors influencing whether an organization chooses to outsource accounting services for business processes are an administrative burden and finance personnel costs. Outsourcing these services reduces the firm's administrative burden and will lead to increased flexibility to meet changing business needs and enhanced company focus, with the assurance of service continuity.
AccountingAccounting is the accurate recording and summarizing of financial records. However maintaining these records is a mammoth task and requires an expert and efficient team, who understand the complexities of the process.
BookkeepingBokkeeping is the regular recording and organizing of all financial transactions, operations and other aspects of a company or organization. Accurate Bookkeeping is pertinent for meticulous accounting of the company or organization.
Training & ConsultancyLack of knowledge leads to a considerable loss. Only business is not sufficient to survive in the market, but knowledgeable and active employees are also needed. Every company must possess knowledge about VAT and other taxes to take business higher.
Start Up servicesThe UAE warmly embraces new startups and offers ample opportunities for business growth. With its convenient and growing reputation, the country has become a popular destination for entrepreneurs seeking to establish or expand their ventures.
Back Office SupportHandling day-to-day operations is key to the success of a business, and it is as important as payment of and filing of taxes. The back office, comprised of administrative and support personnel, plays a crucial role in keeping the company running smoothly, even though they may not interact directly with clients.
Financial Health ReportFinancial health reporting through the analysis of the financial statements discloses a company’s financial information and performance over a particular period. At Parsh, our experts are determined to maintain precise and accurate financial records for you.
VAT RegistrationBusinesses in UAE, that provides taxable supplies, are compulsorily required to register for VAT if their annual turnover in the last 12 months is more than AED 375,000 or expected to increase in the next 30 days.
VAT AmendmentThe VAT system implemented in Dubai is still new and many business owners need qualified and professional tax advisors to support their businesses. We at Parsh offer VAT amendment services with our team of highly qualified tax consultants. Our expert advice and services will ease your VAT journey.
VAT FilingThe VAT return filing period is specified on the VAT certificate and registered businesses are required to file VAT returns within the time given by FTA. In case a business fails to file a VAT return on time, a penalty of AED 1000 is imposed by FTA.
VAT DeregistrationDeregistration allows a business to withdraw from the liability to pay taxes. VAT deregistration in UAE is as important as VAT registration. In certain cases, a business might need to cancel its VAT registration which means that it cancels its VAT enrolment.
VAT AccountingVAT accounting requires accurate recording, analysis and professional documentation. Hence, outsourcing VAT accounting services to a professional and experienced consultant is essential for VAT management.
Corporate TaxThe Ministry of Finance in UAE recently introduced Corporate Tax in January 2022. The new tax will come into effect from 1st June 2023 all over the country for all businesses except the exempted category. Corporate tax is a direct tax imposed on the net profit of businesses.
VAT ReconsiderationAre you wrongly charged with penalties? Do you want to apply for VAT reconsideration? If the answer to these questions is yes, we at Parsh can help you file a reconsideration request.
VAT AuditIn UAE, the government conducts a VAT audit to verify whether a business is following VAT laws or not. FTA checks VAT returns and VAT refunds submitted by a taxpayer through a VAT audit.
“The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.”
- Robert T Kitosaki
Do You Know?
- Standard Rate of VAT in UAE is 5%.
- Taxable supplies can be standard rate, Zero rate or exempted
- Threshold limit for voluntary registered is AED 187500. It means that if taxable supplies in past 12 month or in next 30 days is AED 187500 or more, voluntary registration can be done.
- If taxable supplies in previous 12 months or next 30 days is AED 375000 or more, it is mandatory to register for VAT in UAE.
- If a business is registered for VAT, it is mandatory to file VAT return as on due dates given by Federal tax Authority.
- Minimum penalty for first default in filing vat return is AED 1000 and AED 2000 thereafter.
- Penalty for non payment of VAT is 2% and increase till the payment is done.
- Penalty for non filing of VAT return is different from Penalty for Non Payment of VAT.
- Registrant can apply for Tax de registration, if the value of taxable supplies during past 12 months was less than mandatory threshold.
- Registrant can apply for Tax de registration only upon completion of 12 months from the date of registration.
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971 568511542
Info@parsh.ae
Office No. 2101-05, Floor 21, Binary Tower, Marasi Drive, Business Bay, Dubai, UAE
Lead by a Chartered Accountant, we are a brand where you deal directly with experts.
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