Accounting in the modern world means keeping abreast of change – change in regulations, business practices and management styles. Often these changes are complex and most business owners don’t have the time to keep up with them.
Our accounting team can ensure that you not only stay fully compliant but that you keep abreast of changes that may impact your business performance.
Our range of services includes:
- Preparing periodic management accounts
- Ensuring all of your statutory external reporting obligations are fulfilled
- Preparing annual financial statements
- Cash flow monitoring and management
- Manage the accounting role for local and parent company reporting
- Development of internal policies and procedures
- Development of Key Performance Indicators and benchmarking tools
The Value added Tax, commonly called VAT in business parlance, is the most common type of consumption tax levied on goods and services. On 1st January 2018, VAT will become an integral part of businesses in the UAE, as already announced by the UAE Ministry of Finance.
While offering limited exceptions to some categories including basic food items, healthcare and education, Value Added Tax will be collected at the rate of 5 % on the goods and services, at each step of the supply chain.
The new VAT system will be implemented across the GCC countries, although possibly on different dates, at different rates.
All entities must prepare for VAT before January 2018. During this time, businesses will have to meet all requirements to fulfill tax obligations.
The process to get ready for VAT can be very complicated and tricky for most of the entities in UAE.
The process will be more complicated for business having supplies to other GCC companies as the VAT has to be claimed from the respective GCC country.
Our VAT assessment consists of various stages which might include the following step by step process.
- Project planning – includes kick-off meeting and resource planning.
- VAT awareness training for the Key management personnel.
- Identify information requirements and build templates.
- Mapping of the transactions and process flow from VAT perspective.
- VAT risk assessment
- Impact assessment of VAT on the business
- VAT IT system assessment
- Sample contract review with customers, suppliers etc.