Parsh VAT Accounting Assistance

Get it right the first time

Value Added Tax (VAT) is an indirect tax that is charged on certain goods and services in UAE. It is calculated on the value of the goods and services. VAT accounting requires accurate recording, analysis and professional documentation. Hence, outsourcing VAT accounting services to a professional and experienced consultant is essential for VAT management. Parsh is a well-known name in the field of VAT services and tax consultation. We cater to the diverse needs of businesses. Our team will help you record and maintain all VAT activities as per the UAE VAT law.

VAT Accounting in UAE

Every business in UAE is required to maintain a book of records and proper documentation regarding the consumption tax to be paid. With hundreds of transactions taking place in a business, it becomes difficult to maintain a record of every transaction with applicable taxes and often business owners do know have complete knowledge of managing taxes. Hence, it is always better to take help from professional tax consultants like Parsh who can efficiently do all the tax management for your business and provide a complete range of VAT-related services. Here is why you should hire a professional VAT accounting service.

  • It is mandatory as per the law.
  • It ensures easy tax return filing by arranging all the required documents at one place
  • It helps in estimating total tax liability
  • It ensures that all the documents are submitted
  • It helps in reducing future tax audits
  • It creates awareness about the new schemes and benefits offered by the government
  • Accurate VAT accounting and filing help in the nation’s economic growth
  • It reduces any chance of penalties.

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Types of VAT

A VAT is categorized into two types.
Input VAT - It is charged on goods purchased or services offered. For FTA-registered buyers, the VAT amount is deducted from the settlement.
Output VAT - It is charged on the goods sold and services delivered. It is calculated directly.

Important Documents Required for VAT Accounting

The following documents are required for proper VAT accounting/

  • Account of all imports and supplies of goods and services.
  • All tax invoices and documents of goods and services received and issued
  • All tax credit notes
  • Accounts of goods and services purchased without deducting input tax
  • Account of exported goods and services
  • Account of corrections made in tax invoices
  • Tax after the corrections made
  • Details of annual account
  • General Ledgers
  • VAT ledgers and purchase daybooks
  • Credit and Debit notes
Why Us?

It is always advisable to hire a tax consultant instead of relying on data available online. At Parsh, our team will guide you on every step and will share dos and don’ts of paying tax returns. We give the best service so that you never have to pay any penalty. (A penalty of AED 10,000 is imposed if a business fails to record transactions properly). For more details, contact us today.

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