VAT (Value Added Tax) is a charge imposed on certain provisions of goods and services in the UAE. VAT is calculated and charged on the value of services or goods that has been supplied under each sales or purchase transaction.

 

VAT Accounting Procedures.

VAT is a transaction tax and hence it influences numerous processes within your business. Subsequently, the need for VAT accounting measures and controls arises, these are:

• Master data of suppliers and customers to the business, knowledge of their place of establishment. Inventory masters Tax coding of transactions Sales and purchase schemes of accounting entries General ledger VAT recording and reporting

 

If there is a lack of ownership, control, or perceptibility covering any of these areas then this may influence the VAT return submission and the financial statements. Where the information are not provided accurately you might be subject to hefty fines and penalties.

 

At AXON, VAT Consultants have substantial experience in undertaking VAT accounting procedure reviews to ensure that companies meet their VAT compliance needs as outlined in UAE. Similarly, other VAT legislation and accounting standards which must also be met. Our accurate review of VAT accounting – measures & delivers Value Addition by finding efficient method to control the VAT functions within your business where ever possible. We also ensure that the processes and controls meet VAT audit and other applicable requirements. We are here to support you with all your VAT accounting needs.

 

We also offer accounting services alongside VAT consultancy in the UAE. We partner with you to complete your company’s bookkeeping process and VAT requirements. Additionally, we advise you about valuation, business planning and analysis of possible non-compliances. Apart from our certified accountants, we have the skills, knowledge experience and personality to handle all your accounting and VAT requirements. Being your trusted VAT planner and financial consultant, we are ready to confront any financial challenges that you may experience. We adapt our services to the precise needs of individual companies, to support the proper operation and compliance.