Efficient VAT Return Filing Service in UAE
Effortless VAT Returns in The UAE with Now Consultant!
Running a business in Dubai? Then you’ve likely encountered the need for VAT return filing, a mandatory requirement for all taxable businesses. Don’t worry though, we’ve got you covered!
After applying for VAT registration, you’ll receive a Tax Registration Number (TRN), enabling you to file your VAT returns. Typically, VAT returns must be filed every three months, but some businesses may need to file them monthly. The VAT return filing period is outlined on your VAT certificate, so keep an eye out!
It’s important to complete your VAT returns in UAE within the timeframe set by the Federal Tax Authority (FTA). To avoid any penalties or late fees, make sure to file your VAT returns and related payments within 28 days from the end of your tax period.
Approach us with almost zero hesitation for any kind of VAT return filing service in UAE!
Scope of Service:
At Now Consultant, our team of VAT experts is here to assist you every step of the way (they even go an extra mile to keep your business running).
- On a monthly or quarterly basis, our VAT expert will visit your company to collect and compile all necessary financial information for VAT filing in UAE. We’ll then prepare and file the VAT return as per the rules and regulations of the Federal Tax Authority (FTA) on behalf of your company.
- At Now Consultant, we take compliance seriously. We’ll ensure that all financial operations of your company follow VAT laws and regulations as per the FTA. We’ll review and verify all VAT related transactions to ensure that the correct VAT amount is charged on sales as output tax, and that the VAT charged by suppliers is claimed correctly.
- Our team is always up-to-date with the latest VAT trends and updates, and we’ll provide you with suggestions and opinions to ensure compliance and avoid VAT fines from the FTA.
- To maintain VAT compliance, we’ll perform a random review of your books of accounts and documents. And in the unlikely event of a VAT audit by the FTA representatives, our VAT experts will be available to represent your company if required.
Trust Now Consultant to ensure that your VAT return filing is accurate, timely, and in full compliance with UAE VAT regulations.
Following two tables summarize the types of output and input taxes that need to be reported in Form VAT201 for VAT return filing purposes.
Table 1: Output Tax in Form VAT201
Type of Output Tax | Description |
Standard Rated Supplies | Tax liability on goods and services sold within the UAE with a standard VAT rate of 5%. |
Imports | Tax liability on goods purchased from outside the UAE and brought into the country through customs. |
Services from Outside UAE | Tax liability on services rendered from outside the UAE and received within the country. |
Non-Taxable Products Purchased from Outside UAE | Tax on products purchased outside the UAE on which no tax liability is created whatsoever. |
Tourist Refunds | Tax refunds made available to tourists who have purchased goods in the UAE and are eligible for a tax refund. |
Table 2: Input Tax in Form VAT201
Type of Input Tax | Description |
Standard Rated Expenses | Tax levied on expenses incurred for running a business within the UAE with a standard VAT rate of 5%. |
Standard Rated Purchase of Goods | Tax levied on purchases of goods within the UAE with a standard VAT rate of 5%. |
Goods from Outside UAE | Tax levied on goods purchased from outside the UAE and brought into the country through customs. |
Services from Outside UAE | Tax levied on services rendered from outside the UAE and received within the country.
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How To File VAT Returns In UAE?
Hey there! Are you a taxable person in the Abu Dhabi or Dubai looking to file your VAT return? Don’t worry, we’ve got you covered! Here’s a simple guide to help you out:
Access the FTA Online Portal
For VAT filing in UAE, you need to access the Form VAT201 on the FTA online portal. Simply log in with your username/email address and password to get started. Follow the on-screen instructions to complete your desired transaction or service.
Provide the Required Information
The VAT return requires you to provide information about the amount of tax due or refundable for a specific tax period. You'll need to report the output tax payable and input tax available against it. If your output tax is more than your input tax, you'll have to pay the difference to the authority. But if your input tax exceeds your output tax, the authority will refund the difference to you.
Get Professional Assistance
Filing VAT Returns in UAE can be a daunting task, especially if you're not familiar with the process. That's where our team of tax professionals comes in! We, at Now Expert Tax Consultant, will assist you in completing the entire form and filing the return by the FTA's specified date
Don’t let VAT return filing in dubai stress you out! Contact our experienced tax consultancy team today at Contact Us for a consultation meeting. Now Consultant will make sure your returns are filed accurately and on time.
Importance Of Filing VAT Returns
In the UAE, it’s mandatory for every taxable person to submit their VAT return to the Federal Tax Authority (FTA) at the end of each tax period. According to Article 64 of the Executive Regulations of the VAT Decree-Law, the FTA should receive the VAT Return no later than the 28th day following the end of the tax period.
The standard tax period for filing the VAT returns in Dubai is a three-month period that ends on a date determined by the Authority.
It’s crucial for every taxable person who has registered for UAE VAT to file their VAT returns in a timely manner. Late filing or non-filing of VAT returns can result in serious consequences. Therefore, it’s essential for businesses to seek the help of the best tax agents in UAE to ensure compliance with VAT regulations
What Information Must be Mentioned in Tax Return Document?
To ensure compliance with the UAE VAT Law, it’s important to include all the necessary details in your VAT return. Our registered tax agents in Dubai recommend providing the following information:
- Your full name, mailing address, and Tax Registration Number (TRN).
- The tax period for which you’re filing the return
- The date on which you’re submitting the return.
- The total value of taxable supplies you made during the tax period, as well as the amount of output tax you charged and a breakdown by emirate.
- The total value of taxable supplies that were subject to zero rates during the tax period.
- The total value of exempt supplies you made during the tax period.
- The total value of any supplies that fall under Clauses (1) and (3) of Article (48) of the Decree-Law (Reverse Charge).
- The total value of expenses you incurred for which you seek to recover input tax, and the amount of recoverable tax.
- The overall value of due tax and recoverable tax for the tax period.
- The amount of payable tax for the tax period.
Providing this information will help ensure that your VAT return is complete and accurate, which can help you avoid serious consequences for non-filing or late-filing. Our tax agents are here to help you navigate the process and ensure compliance with the VAT Law.
VAT Penalties
Don’t get caught in the crosshairs of the Federal Tax Authority (FTA) by failing to comply with the UAE VAT return filing requirements. The consequences are not just a slap on the wrist, but rather heavy penalties that can add up quickly. Here are the major administrative penalties related to VAT return filing that you need to know:
1. Failure to File UAE VAT Return Timely
If you miss the deadline for filing your VAT return, the FTA will impose a penalty of AED 1,000. And if you repeat the offence within 24 months, the penalty will be even steeper at AED 2,000. So, make sure you file your VAT return on time to avoid unnecessary financial strain.
2. Penalties for Incorrect VAT Return Filing
If a tax registrant makes an error in their VAT return, they could face penalties in the UAE. There are two types of penalties that may apply: 1. A fixed penalty of AED 3,000 for the first mistake and AED 5,000 for the second mistake. 2. A penalty based on a percentage of the unpaid amount owed to the FTA resulting from the error.
3. Non-Disclosure of Errors in VAT Return
If a taxable person fails to voluntarily disclose errors in their tax return, 1. He /She may be subject to a fixed penalty of AED 3,000 for the first occurrence and AED 5,000 for the second. 2. Additionally, he/she may face a penalty of 50% of the unpaid amount owed to the Authority due to the error, resulting in a tax benefit for the person or taxpayer.
Frequently Asked Questions
Yes, you can file your VAT return yourself or through a registered tax agent like Now Consultant.
You can submit VAT returns to a company through the FTA’s online portal or by using an authorized software.
Yes, you can submit your VAT return manually, but it’s recommended to use the FTA’s online portal or an authorized software to avoid errors.
VAT is filed monthly in the UAE, and the deadline for submission is the 28th of the following month.
VAT is filed monthly in the UAE, not quarterly.
Don’t risk hefty penalties and fines for non-compliance with UAE VAT laws!
Trust Now Consultant for VAT return filing service in UAE and avoid the fear of facing legal consequences.
With our unique and personalized service, you can benefit from our extensive knowledge and experience to ensure maximum profit for your business.
Contact us now for the only solution you need!
