Parsh.ae | Accounting, Bookkeeping, VAT, Finance

Reason to hire a VAT Consultant in Dubai

Have you ever maintain your books of accounts such as purchases, spending, and payments on your own? If you have, then you would know how challenging it is to manage Books of accounts and staying updated with taxes. As you know government update their tax rate time to time, but the important part is that it is sometimes difficult to keep yourself updated with all the Tax regulation. Especially, when you act as core management.

How to File VAT Return in UAE

A VAT return sums up the value of the supplies and purchases a taxable person has made during the tax period and shows the taxable person’s VAT liability.

After each tax period, businesses enlisted under the VAT or, the ‘taxable persons’ have to submit a ‘VAT return’ to Federal Tax Authority (FTA).

How to Register for VAT in UAE

VAT Registration is mandatory tax registration that companies are required to register their business that is implicated in trading goods and services in UAE. A business is obligated to register for VAT if the taxable supplies and imports exceed the mandatory registration threshold of AED 375,000. Moreover, a business may choose to register for VAT voluntarily where the total value of its taxable supplies and imports (or taxable expenses) is more than the voluntary registration threshold of AED 187,500.