A. VAT Consultancy
In an increasingly demanding global environment, managing
tax responsibilities and planning for tax issues is becoming
more complex. With consulting, technology and outsourcing
experience, Swift helps businesses meet the challenges of
multi jurisdictional tax operations, including compliance,
reporting and risk management
for direct and indirect taxes
Our Tax management team takes an integrated and holistic
approach to help tax and accounts departments create value
for their organization
Our Tax experts can perform VAT impact assessment, VAT
training etc. Our knowledge & expertise in the Tax arena helps
our clients in taking advantage of the lower taxes on their
structures through our Tax Planning services. Our team takes
care of VAT, Excise Tax, international taxation, indirect taxes,
guiding about local tax laws, and compliance of tax and VAT
regulations. Currently Federal Tax Authority requires
businesses to file VAT returns and make the payment of tax
due in quarterly intervals. Our Tax experts visit your office on a
periodical basis (weekly/month) to compile the information for
filing the VAT Return. At the end of each VAT return period,
we prepare the VAT return of behalf of your company in
accordance with UAE VAT law in most efficiently and
economical way
Our special VAT consulting services in UAE involves:
• Providing an understanding of the Tax Laws
and Executive Regulations to client companies.
• Understanding your business model and
evaluation of VAT impact on your business.
• Providing inputs for using VAT compliant
software for your company.
• Exclusive VAT bookkeeping assistance.
• Providing training to your staff on VAT.
• Support for VAT registration for your
company as individuals or as tax groups.
• Helping you to prepare and execute all
VAT related communication to your trade partners.
Providing strategic inputs for conducting your business
in the post-VAT age, addressing aspects like pricing,
working capital, marketing & communication etc
We also provide a general VAT sensitization training to
key employees across various departments of the
company that are impacted by VAT. This would involve
engagement of other functions such as sales,
marketing, sales coordination, administration etc. and at
times the senior management of the company as well.
VAT technical services includes
• VAT Registration
• VAT Return Filing
• VAT Refund
• VAT Audit
• VAT Accounting
• VAT Deregistration
We also provide general VAT sensitization training to key
employees across various departments of the company
that are impacted by VAT. This would involve engagement
of other functions such as sales, marketing, sales
coordination, administration etc. and at times the senior
management of the company as well.
B. VAT Tax audit
Our VAT audit services will result in a thorough and critical
examination of the entity's VAT accounting and VAT return
filing. All businesses registered under VAT must be ready for
the VAT audit. VAT audit will verify the liability of VAT through
examining the accounting and bookkeeping records and VAT
return filings which are maintained by the taxpayer.
We have started to see that the Tax Authorities take an
increasing level of interest in carrying out audits and visits on
companies, and many have found that simple systems or
processing errors have led to penalties being applied and
assessments being raised for mistakes that could easily have
been avoided.
VAT Audit Procedure
A VAT audit is essentially the government’s
examination of a company’s taxable entity duty. The
Tax Authority conducts this type of audit to
guarantee that all liabilities are fulfilled and all taxes
due are collected and remitted to the government
within the period specified.
We have designed an approach and methodology
to review for post-implementation compliance so
that these errors and issues can be identified and
fixed. If you have not so far considered a review
following the implementation of VAT, we strongly
advise carrying out such an exercise to check and
validate your compliance.
Documents required for VAT Audit
1. Records of all the supplies and goods
2. Tax invoices of previous years
3. Tax credit notes and alternative documents
4. Tax invoices and the alternative documents issued
5. Records of goods and services that have been disposed off
6. Records of goods and services that have been exported
7. Tax paid
8. Records of the cases where the goods and services were used for matters that are not related to the original objective of the Tax registrant’s company.
9. Records of any corrections made or adjustment made to t
Elements covered during VAT Audit
During a VAT audit, taxable enterprises must comprehend the primary components that go unnoticed by the Tax Authorities. The below-mentioned points consist of items that are examined during an audit
• Evaluation of VAT Returns
• Evaluation of Input Tax
• Evaluation of Output Taxes
• Accounting System & Software
• VAT Audit Services by Bookworks
When you choose Bookworks, you will be joining a diverse list of businesses from various sectors who have greatly benefited from our efficient services. Your information will be completely secure with us and we will help you in every step of the way.
We cover all the subjects related to VAT. We are providing the best VAT services and helping businesses to avoid VAT fines and penalties by guiding them in the right direction. Our VAT services consists of VAT registration, VAT return filing, VAT accounting, VAT audit, VAT refund and VAT Deregistration. We have professional and highly experienced VAT auditors who ensure VAT compliance by providing the best VAT audit services
Penalty of not complying to the tax laws
If someone doesn’t comply with the tax laws and it’s found about during tax audit process, following are the penalties that they can face.
1. For non-maintenance of financial records: AED 10,000/- penalty
2. For submission of incorrect tax returns: AED 5,000/- penalty
3. For failure to conduct business: AED 20,000/-
4. Failure to submit registration application: AED 20,000/- If you want to prevent the above penalties and appear legal and compliant to the Authorities,
you should reach out to Bookworks.