The Kingdom of Saudi Arabia and the United Arab Emirates started applying Value Added Tax from January 1, 2018, at the rate of 5 percent, while every other GCC countries are expected to follow the similar rule in the future.
As Value Added Tax is the new thing in the region, it is essential for a business organization to understand and follow these new regulations to avoid any penalties related to VAT which could go up to AED 50,000.
Here are five tips that business owners should follow to avoid financial penalties that might be imposed due to improper record keeping or violations errors:
Register for VAT
Every firm offering taxable services or goods with yearly revenue of AED 367,000 or more is required to register itself VAT. However, firms with yearly revenue of 200,000 also have the option of registering themselves with VAT.
Keep track of every transaction
To all the firms and businesses that reach the minimum turnover limit, this law requires them to register and keep track of their financial transactions, i.e. business income, costs and other VAT charges while making sure everything is up to date.
Every business works as a government agent for the collection of tax, by collecting VAT from their clients in exchange for their products and services.
File VAT return
A firm requires filing monthly VAT returns if its annual turnover is over 150 million AED. Firms below this level require filing VAT returns quarterly.
Hire an expert consultancy services
You can also get in touch with an expert consultancy service if you want to avoid VAT penalty without any issues. If you are looking for a reliable VAT consultancy service, then Alkhadim LLC is the ideal place for you. Their team of UAE VAT experts will solve all of your queries in minutes.
Here is how Alkhadim LLC will help you avoid VAT penalties:
At Alkhadim LLC, you can get your hands on several different services that are prepared to meet your specific requirements. From the beginning of VAT implementation in UAE back in 2018, our team of experts has guided several well-known names in the industry to avoid tax-related issues and avoid VAT penalties effortlessly.
1. Professional VAT consultation:
Alkhadim LLC is made from a team of an industry veteran. They not just have a better understanding of the VAT concept but also have the skills to provide adequate VAT consultation faculties for any business. With the help of their expert VAT assistance, you can easily comply with the VAT regulations.
2. VAT registration support:
If you are planning to start your business in UAE and are not familiar with the concepts of VAT registration and VAT penalties in Dubai, then you can get all the guidance with Alkhadim LLC. Their expert team can guide you through the entire VAT registration process, and offer adequate training to your accounting staff.
3. VAT returns filing facility:
As per the latest tax regulations the filing of the VAT returns has also become compulsory. If you make in delays or errors in filing VAT tax, then you will be subjected to pre-scribed penalty according to UAE’s VAT regulation infringement. Alkhadim LLC can help you file your VAT returns properly to avoid such penalties.
4. Legal assistance:
Even if you are subjected to VAT regulation infringement, you can still avail the help of Alkhadim LLC. Alkhadim LCC is also equipped with a team of legal experts who can assist you in managing all the tax-related issues precisely.
Here is a list of some exceptional facilities that you can get from Alkhadim LLC:
Aside from all the facilities mentioned above regarding VAT, Alkhadim LLC also provides several outstanding features that make it stand out from the rest of the VAT consultants in UAE. If you avail their services you will get to enjoy all of these benefits:
You get in touch with VAT related help from Alkhadim LLC’s expert team at any given point of the day as their services are available 24×7. Just dial their helpline number and you can get instant help.
Amazing discounts and exceptional packages:
Every time you avail such professional VAT consultant service you save tons of money. All of the facilities offered by the Alkhadim LLC are less than the industry charges. So in the end you save a lot by availing expert VAT consultancy services by Alkhadim LLC.
Your one way stop for all your requirements:
Besides VAT-related guidance, there are plenty of other facilities that you can get from the Alkhadim LLC. Some of these services are Tax advisory, accounting, bookkeeping, auditing and help with company formation.
With these all of your worries are going to be solved in a flash. So, if you are experiencing any issues with your VAT tax then connect with Alkhadim LLC right now.