VAT Return Filing Made Easy in the UAE
Did you know VAT return filing is a mandatory requirement for taxable businesses in Dubai? However, navigating the tax world doesn’t have to be stressful. Let’s break it down together with Now Consultant!
Ever Wondered Why Return Filing is Crucial?
Return filing is not just about ticking boxes, it’s a matter of financial health check of your business. VAT return filing ensures
Compliance Confidence
Want to stay in the good books of the FTA? Let us file returns accurately and on time.
Financial
Clarity
Getting a crystal-clear view of your business's financial standing is just one click away. How? we provide transparent reporting.
No Hefty Fines & Penalties
Stay steer clear of unwelcome fines and penalties that can sneak up on you – with accurate filing.
No Disruptions to Operations
Filing on time means no disruptions to your daily operations. You can run the business as smoothly as possible.
Strategic Decision-Making
Accurate financial data from VAT returns is like having a GPS for your business decisions – navigate wisely!
How Do We Make Return Filing Less of a Chore and
More of a Success?
When you choose Now Consultants in UAE for return filing, you can expect nothing but:
Hassle-Free Submissions
Smooth and hassle-free filing process, making compliance a breeze.
Timely Updates
Need timely updates? Let us help you stay informed about the status of your VAT return filing.
Tailored Approach
We craft tailored strategies for your unique business needs, ensuring accuracy.
Qualified Professionals
Now you can stay ahead in the VAT game as we have a team of qualified professionals who guide you through the process.
Building Credibility
With our accurate filings, you can enhance your business's credibility with stakeholders and investors.
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 offense 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. Two types of penalties 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 is 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.
Scope of VAT Return Filing – Say Goodbye to All the Worries!
At Now Consultant, we have a qualified and skilled team of VAT experts who go the extra mile to achieve your financial goals.
Monthly or Quarterly Visits
We are not just like your typical visitors; but we are more like your financial ally, as we schedule monthly or quarterly visits to gather all the necessary financial details for VAT filing in the UAE.
We are Compliance Enthusiasts
What sets us apart? We are your compliance enthusiasts! We ensure your company's financial moves are aligned with UAE’s VAT laws and FTA regulations. We are more like your guardian angel who takes care of your financial well-being.
Up to Date with Latest VAT Trends
Hold on, there is more. We hate living in the past. That’s why, we are always in search of the latest VAT trends and updates. We do not just file returns, but we are also your go-to gurus when giving suggestions and opinions.
Accounts and Documents Review
We make sure that our team reviews your accounts and documents to keep that compliance crown firmly in place. So, in case the FTA decides to knock on your financial door, our VAT superheroes swoop in and represent your company.
Why Choose Our VAT Return Experts in the UAE?
● We have VAT Wizards that know all
● Our specialty? Stress-free VAT return filing
● Client-centric approach – Our clients are our stars!
● Proactive partners – we anticipate, not react
● We practice confidentiality – your secrets are safe!
● Transparent and clear – give crystal clear reports
● Tailored approach – one size never fits all.
● Our mantra? Only your success
What information should be mentioned in tax return documents?
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 the 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.
Benefits of Hiring VAT Return Filing Services in the UAE
Okay, it’s time to break down the magic of VAT returns in UAE that totally transform the way your business thrives.
- Quick revenue generation – like a breeze
- Smooth business dealings every step of the way
- Your business shines bright
- Easy management, no tax drama
- Attract investors – who doesn’t love a well-managed VAT system?
- Cost and time-saving
How to Deal with VAT Return Filing?
The 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 the UAE
Tax liability on services rendered from outside the UAE and received within the country.
Non-taxable products Purchased from Outside the UAE
Tax on products purchased outside the UAE on which no tax liability is created whatsoever.
Tourist Refunds
Tax refunds are 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 Output 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.
See What Makes Our Clients Happy?
Frequently Asked Questions
How to file VAT returns in UAE?
Here’s a simple guide to help you out:
- Access the FTA online portal: For VAT filing in UAE, you need to access Form VAT201 on the FTA online portal. Simply log in with your username/email address and password to get started
- Provide 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.
- 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.
Can I file my VAT return myself?
Yes, you can file your VAT return yourself or through a registered tax agent like Now Consultant.
What sets your VAT return apart from others?
We combine local expertise with a global perspective, providing clear communication, personalized solutions, and dedicated client support. We go beyond compliance, focusing on your business’s long-term financial growth.
How do you stay updated with changes in VAT regulations?
We keep a close eye on the latest trends! Our team regularly monitors updates in UAE tax regulations, ensuring that our consultancy services are always aligned with the latest requirements.
What happens during the VAT audit? How your team can assist?
A VAT audit can be a daunting task, but we’ve got your back. We assist in preparing all necessary documents, guide you through the process, and ensure your business is audit-ready.
How can I get started?
Reach out to us through our contact page, and our team will guide you through the process. Let’s start a conversation about how we can make VAT work for your business in the UAE.
Why do I even need VAT consultancy?
VAT consultancy ensures your business stays compliant with regulations, optimizes financial strategies, and navigates the complexities of the tax landscape for sustained growth.
Is VAT monthly or quarterly in UAE?
VAT is filed monthly in the UAE, not quarterly.
