VAT Health Check
“If you don’t make time for your wellness, you will be forced to make time for your illness” – Whoever said it, said it right!
Overall VAT readiness and compliance – Your need. We recognize!
VAT is a complex tax affecting every aspect of your business in the UAE and the worldwide market – calls for close attention.
VAT is a transaction-based indirect tax which is levied at each step of the supply chain. End consumers generally bear the VAT cost while registered businesses collect and account for the tax, in a way acting as a tax collector on behalf of the Federal Tax Authority. Hence, businesses are responsible for declaring their tax correctly through a VAT return and pay it in a timely manner.
As a self-assessing tax, it is the responsibility of the taxpayer to ensure they are accounting for the right amount of tax and at the right time.
A tax audit is when the FTA decides to examine your tax return a bit more closely and verify your revenue and expenditures. The FTA carries out tax audits at varying intervals, and in case any errors are identified, the business is liable to pay the outstanding tax, penalties retroactively, and interest wherever applicable.
Under ever-changing market and business circumstances, staying up front in dealing with business regulations, and the thorough knowledge of UAE VAT Law and Accounting aspects in that regard, we say a proper preparation in advance can wipe out the risk factor in the VAT Returns you file and the tax audit the authority rightfully initiates.
Your VAT Registration is not a hassle any more!
What is VAT Health Check?
VAT health check is a form of preventive tax control and a comprehensive review of the organization’s overall VAT readiness and compliance procedures. MSATC tailors our professional VAT health-check services to find any VAT related issues before the FTA does and thereby assists our clients in mitigating associated tax risks.
What do we do?
1. Understanding The Client & Their Specific Methodology
2. Hold Discussions, When Required
3. Deciding On The Scope Of Work
4. Gathering & Analysis of Data
5. VAT Review & Verifications
6. Best Use Of VAT & Relevant VAT Schemes
When do you need a VAT Health Check?
When you want to clearly understand the correctness of your tax filings and all potential tax risks before the official tax inspection so that you can be well prepared for the tax inspection to minimize tax penalties.
You find some mistakes of tax filings and want an independent review to detect all other errors if any.
When you feel that there may be undetected tax risks somewhere due to typical characteristics of your business, or you do not have enough confidence in tax filings of previous periods
When proper compliance with the legislation and ensuring to make the best use of VAT law and existing VAT Schemes are things, you look forward to.
Our VAT Health Check services promise you an outcome of indicating and quantifying possible risks, recommendations to mitigate the tax risks, and framing that real and good picture towards the tax authority with respect to your VAT compliance status. Because we’re concerned about your business! And we know: Getting it right can save you money, getting it wrong can be very costly!
We build a bespoke service for our clients. Whether they want to advance an idea, a capability, or the world at large, MSATC is with you every step of the way.