Vat Advisory & Compliance Support
However, wherever you lack, We got you!
Managing VAT laws and regulations would pose an ongoing challenge for businesses. Additional VAT factors can come into the picture with changes in business scenarios such as the introduction of new services, the addition of new transactions to your business, or improvements to your supply chain structure. Both situations will require guidance and support from a business perspective, considering the VAT impact as well.
MS provides client-focused advisory services on matters related to VAT. Our dedicated team of VAT experts will provide a variety of services like health check review, relevant VAT advice and will assist you on a variety of issues, including all aspects of VAT compliance.
Furthermore, the new changes in the tax systems have increased the need to maintain a proper record of financial matters to pay tax on time. Yet it is not unusual for companies to be unfamiliar with VAT laws and regulations. It is also necessary to keep updated with the UAE VAT regulations to ensure the success of the businesses. Hence, hiring a meticulous VAT advisory service is essential to take care of these responsibilities.
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Benefits That Our Clients Get
Mitigation Of Risks
Businesses have to go through a lot to keep offering their business lawfully. Often it could be complicated for businesses to obey or follow the UAE VAT rules and regulations. This happens due to lack of knowledge or expertise in VAT that leads to a lot of confusions or mistakes, making way to a potential risk of penalties.
Our team is here to guide you through the VAT procedures and will keep your business compliant with the VAT rules and regulations of UAE.
Hiring our VAT advisory service experts in the UAE helps to reduce the time needed to evaluate, analyze, and measure the risks associated with the revenues and taxes of an organization. Our VAT specialists are equipped with the necessary expertise to assist on time.
Some Of The Common Errors
1. Lack of proper interpretation of VAT legislation
Many businesses have failed to correctly understand VAT regulations relating to the deduction of input tax. This has contributed to errors such as:
- Input VAT being claimed against exempt supplies
- Input VAT being claimed on entertainment and non-business expenses
- Incorrect recovery input VAT on capital assets
- Deduction of import VAT paid on behalf of other businesses
2. Late Registration Leading To Penalties
Though registration of VAT was made compulsory for businesses exceeding the threshold, it can be challenging to comply with all the VAT regulations as it could be complex to understand without the right knowledge and support. The inability to overcome VAT legislation has slowed the process of registering VAT for many businesses. Those businesses that were missed or failed to complete their VAT registration on time had to pay penalties.
3. VAT On Non-Compliant Invoices
There may be instances where an invoice contains an error, for example:
- If tax is incorrectly charged (For ex: tax was charged but no tax was due on the supply); or
- The wrong amount of tax was charged
Failure by an entity to issue a Tax Invoice or an alternative document when making a supply leads to significant penalties being issued.
4. Irregular Filing of VAT Returns
Companies are expected to file VAT returns by the date set by the Federal Tax Authority, which is a minimum of 28 days after the end of the reporting quarter to prepare and file VAT return. Many businesses either failed to file the tax returns entirely or they filed it extremely late.
Have a Look At Our Extended Services
- Identifying areas of risk through compliance health checks.
- Negotiating with FTA in disputes to reduce liabilities and agree on payment terms.
- Assisting with inspections, registrations & address reporting requirements.
- Review of internal controls and procedures, including review of documentation.
- Clarification drafting (for FTA) – Seeking the correct VAT impact for the proposed transactions.
- Retainership Services – On-going advisory, updates, assistance in compliance etc.
- Conducting training for in-house personnel to be abreast with the VAT updates.
MS has got an amazingly incredible team of experts who work on VAT at MS. We are very sure that our expert VAT team will help you to consider the full impact of VAT through all stages of your business. From considering a new activity, through to acquisitions, to overseas expansion and disposal of part of the business, we will guide you through planning robustly, minimize your exposure and optimize your cash flow position. Be it anything; our specialists are here to help you to understand and manage your entire VAT obligations for each type of deal.
If you are in search of Solid understanding of VAT Laws, Reliable experience in financial consultations and Industry-specific approach – You are at the right place!
‘’We build a bespoke service for our clients. Whether they want to advance an idea, a capability, or the world at large, MS is with you every step of the way.”
Founder & CEO, MS