Tips for VAT Compliance Audit in UAE

Business owners with the minimum annual turnover of 375, 000, need to register under the VAT system designed by the UAE government. Some industries like electronics, smart phones, cars, jewelry, watches, restaurants and entertainment come under VAT. If you own such industries, you are entitled to reclaim VAT you incur on costs. The businesses are now required to report the amount of VAT they have charged from customers and paid to the government. This change in UAE has led businesses to seek professional help, especially when they lack internal resource and in-house capabilities. Maintenance of accounting records and appropriate handling and recording of all invoices, expenditures will be crucial for business owners for accurately and timely VAT filing.
As a business owner, you should hire accounting services that offer easy, quick and time-efficient VAT accounting and auditing services in Dubai, UAE. VAT services For UAE businesses are required to file VAT on time accurately and help run the business efficiently in the UAE. Implementation of VAT makes businesses in UAE accountable to file their VAT returns either monthly or quarterly under the rules made by the Federal Tax Authority and should not make any mistake to avoid penalties. There are several benefits of hiring accounting services when it comes to managing VAT.
Benefits of Outsourcing Accounting Services
1.   Saves Cost – It is one of the cost-effective methods when it comes to the hiring and training of an accounting and bookkeeping staff. This way you can eliminate the cost of providing a salary and avoid maintaining a full-time team. Therefore, you end up saving 30 percent of your business expenses without compromising productivity without hiring any special team.
2.   Variety of Services- Different services- When you hire an accounting firm, you get the benefit of a variety of services like an accounting firm will assist you with balance sheets, introduce you to complicated tax laws like VAT, maintenance of books of accounts and general ledger and deal with financial and legal issues. Accounting firms are compliant with local governing requirements and provide you with better accounting services.
3.   Save time-  Accounting Company comprises of knowledgeable people who help in providing increased efficiency to let you focus on other important areas and utilize resources in a better manner.
4.   Financial process – Accounting services give you quick access to all the necessary financial reports and documents which make the process swift and help the business to deal with other financial issues like dealing with stakeholders and financial institutions.
Implementation of VAT has made businesses choose accountings services specifically In VAT. These services can help you explain the pros and cons of the VAT as well as help you claim back the cost of VAT paid on any purchases for goods or services made through the business. Once you have chosen your new accountant you can enter into an agreement signed by both parties for the confirmation of services.