VAT Audit

VAT Audit Service

The practice, besides carrying out VAT Audits, also helps clients in proper filling of VAT Returns and advising on the compliances required under various VAT Regulations. We also assist the clients in making proper presentation before the Tax Authorities and provide advisor services

VAT- Advisory Services

The Firm has a full division for VAT Advisory services headed by a Partner and assisted by Directors and Manages and staff. Full range of advisory services backed on years of experience of handling complex cases and situation is on offer to large and mid-sized clients.

Saif Auditing & Accountants has been facilitating many businesses in their business needs of various tax obligations for many years.

VAT Audit

The Firm provides full VAT audit services to large and mid-size clients headed by a Partner a Director VAT, Managers, and Staff.

VAT compliance

The VAT division of the Firm on a selective basis offers compliance advisory on a regular basis.

VAT Assessments

The Firm represents the clients for presentations to Tax Authorities as required by the clients.

With the recent introduction of Value Added Tax (VAT) in the UAE, our team of qualified chartered accountants has been focused on clarifying and explaining our clients’ VAT obligations in the simplest way possible and then implementing and executing reliable procedures to ensure their VAT compliance

This strategy has enabled our clients to concentrate on their core business without being distracted by the imposition of this new tax on goods and services in the UAE.

The range of VAT-related services that the Sovereign can offer is as follows:

VAT Accounting

Whatever the size and scale of your company, accurate accounting, and financial reporting are essential to underpin your corporate activities. These matters can be time-consuming and challenging to execute smoothly, particularly as you continue to grow and adopt complex business models. Having experienced in Corporate Accounting and Financial Reporting, we make sure to deliver valuable services, simply to our customers’ expectations.

Saif Auditing & Accountants is renowned for employing the latest mechanisms that comprise a wide range of accounting services.

VAT Registration

The VAT law sets out mandatory and voluntary VAT registration thresholds. It is essential to determine which activities of the business are considered to be taxable supplies for VAT registration purposes. In some instances, it may be beneficial for certain businesses – typically start-ups with no sales and very high expenses – to register for VAT on a voluntary basis so that they can recover their input tax early. It is also important to ensure that a company gets registered for VAT within the specified deadline to avoid penalties for late registration.

The VAT registration process requires a number of documents to be submitted to the Federal Tax Authority (FTA). Uploading insufficient or incorrect documents can delay the approval process significantly.

VAT Implementation

Saif Auditing & Accountants will undertake a forensic review of every business area likely to be impacted by the VAT regulations to ensure that the operations and processes are fully in compliance. The format of documents and wording on contracts may have to be revised, and some businesses may need to re-evaluate current pricing strategies to accommodate the impact of VAT.

VAT Returns

VAT returns must be filed on a monthly or quarterly basis, depending upon the size of the business. There are specific deadlines for these returns and incremental penalties are applicable for default. These filings involve a declaration of standard-rated supplies, zero-rated supplies, exempt supplies, reverse charge transactions, imports, and relevant taxes.