Be Ready For VAT/FTA Audit in UAE by 2020

VAT Audit -FTA Audit UAE

VAT/FTA Audit in UAE

 

An FTA/ VAT audit occurs when the FTA finds potential errors in your tax return. Usually, the
FTA schedules audits for tax returns that were filed in the last five years it may vary for business dealing with real estates etc. For substantial errors, the FTA might go further back.

Several factors can trigger an FTA audit. If you take several deductions, claim losses for
multiple years in a row, or report high income levels, these are all risk factors for an FTA
audit. If you’re chosen for an FTA audit, you’ll be notified in writing. There are two types
of FTA audits—correspondence and field audits.

A correspondence audit—the more common kind—is when the FTA sends you a letter
describing the possible errors in your tax return. You can reply with documentation to
support your position. Field audits are when you meet an FTA examiner at your place of
business, accountant’s office, or local FTA office. The examiner will look through your
financial records and books to see if they match up with the tax return and comply with
tax laws.

The chance of being selected for an FTA audit is extremely low  for most
types of businesses. However, if you are selected, you should have your accountant,
tax professional, or business attorney present during the audit.

Tax Audit Procedure

The FTA will usually inform the taxable person in the question of tax audit 5 business days in advance. However, in certain exceptional cases like suspected tax evasion, or if there is a reason to believe that notifying would hinder the conduct of the audit, no notice of tax audit will be given.

Tax Audit will be conducted at the taxable person’s place of businesses or in some cases at FTA’s office. If the audit takes place at the taxable person’s place of business, it will usually be during the FTA’s normal business hours.

The businesses which are subject to an audit (including their tax agent, or legal representative), must facilitate and provide the required assistance to the tax auditor to carry out the audit in a smoother manner. The following are some of the actions that the taxpayer should ensure on the receiving the tax audit notice.

  • 1. Relevant premises are accessible;
  • 2. Tax records such as books of accounts, Tax invoices etc. are accessible for examination
  • 3. Relevant staff are present (for example the person responsible for compiling the tax return
  • 4. Original copies of documents or invoices

In the event of failure to provide the required records or assistance in conducting the tax audit, applicable penalties may be levied on the taxpayer.

On completion of the audit, the FTA will communicate the results of the audit to the taxable person. If the conclusion of the audit leads to the determination of any of the following cases, then tax assessment will be issued.

  • Failing to apply for registration within the timeframe specified by the VAT Law.
  • Failing to submit a Tax return within the timeframe specified by the VAT Law.
  • Failing to settle the payable tax stated as such on the Vax return that was submitted within the time limit specified by the Tax Law.
  • Submitting an incorrect VAT return.
  • The Registrant failing to account for Tax on behalf of another person when he is obligated to do so under the Tax Law
  • The shortfall in VAT payable as a result of a tax evasion

Also, there could also be administrative penalties levied on the taxpayers if the findings lead to those instances specified in the law

 

We provide all professional services including :

Auditing

Accounting

VAT/TAX Consulting

Business Setup Services

6 Reasons You Should Hire Us As Your Tax Consulting Firm

TAX-VAT Consultants UAE

Reasons To Hire Us As Your Tax Consulting Firm

Tax regimes present different complexities which vary from one country to another. There are so many changes that take effect yearly in various countries and it is therefore important to hire the services of a tax consulting firm to assist in matters to do with tax compliance in Singapore. The expert advice they offer your company is valuable especially if your company conducts business overseas with Singapore being one of the countries where your business is based. There are some quarters that might not deem this as important but below are some six reasons that should convince anyone to hire our firm for their taxation consulting.

1. Qualified Tax Professionals

Our tax consulting firm has put in place a team of qualified tax professionals who are excellent at their work to offer taxation consulting services to your company. These professionals have a rich experience that they have gathered over the years of working with other bigger companies as well as multinational companies on tax related issues. We hire only the best professionals to ensure that our clients get the best tax consulting services that will help them remain tax compliant in pursuit of their company objectives and aims. These professionals will assist your company in carrying out tax planning tasks to enable you remain compliant throughout which reduces chances of being fined or having trouble with the Singaporean authorities. Our professional tax consultants will also work on developing a working relationship with your company which will enhance service delivery and ensure the work-relationship lasts for the longest time. We will ensure that your business or company complies with all the tax laws through this unique approach of solving all your tax related problems and issues.

2. Service-oriented Services

When hiring a tax consulting firm of your choice, it is mandatory to ensure that the firm you choose offers service-oriented services for you to experience maximum benefits from their services. Our firm is famed for being focused on service delivery and if you were to hire our consultancy services then you will stand to experience and benefit from our service delivery that is second to none. We will access all the business accounts, levels, needs and goals and come up with a working tax plan to ensure that your business/company remains tax compliant all the time. Our professional staff take it upon themselves your business’ tax related issues and work as their own and this ensures that you get first class kind of services in as far as tax consulting services are concerned. Our team leaders are individuals of high integrity and are well trained in leadership management which enables them to lead their respective team well to ensure that all our clients receive the best services in the end. If you hire our tax consultation services, you will be guaranteed of getting more value for your money in matters related to tax.

3. Updating with Valuable Information

As tax regimes of various countries keep on changing at different times, our firm takes it upon itself the important task of updating your business/company with all the important information. This is especially regarding to tax laws that are constantly changing with the changing trends in business. We are committed to keeping our clients well aware and updated on every change in the laws to ensure that they take the appropriate steps to enable them remain tax compliant amidst the various tax law changes. Our firm will labor to use any form of communication to bring all our clients up to speed on the recent happenings in the field of tax. This information is important as it helps businesses to learn more about the various tax laws that govern certain countries. This then helps them evaluate whether they can setup their businesses there as well as the best practices they ought to observe in order to alleviate their tax burden.

4. Maximizing Your Profitability

As the key business goal of any business is to make profits then tax planning ought to become part of your company’s business strategy. Our firm will help you in your tax planning and make it part of your business strategy as it will help your business experience maximum profitability while limiting the chances of being exposed to tax liability. We will assist your business in the structuring process of its transactions and venture thereby enabling it to enjoy some of the tax savings it will make where possible.

5. Good Understanding of Our Customers’ Needs

One of the great benefits of hiring a good tax consulting firm like ours is the fact that we understand the field of taxes better than anyone else and thus we will be at a better position to offer sound tax advice. We understand all the tax needs and demands of every business and this expertise and knowledge will enable us to not only offer tax solutions to the common businesses but also to those with unique needs. We will be in a better position to advice on the areas that optimum tax benefits are received here in Singapore as well as the investment and tax incentives offered to all types of businesses/companies. We will also advice on all the tax deductions available to all the various types of companies in UAE.

6. Testimonials

Another important reason as to why you ought to hire us as your tax consulting firm is the testimonials we get from our customers both present and past. All our clients are well satisfied with our excellent tax consultation services and the testimonials we receive are enough reason to convince you to hire our services. We have exuded a higher level of professionalism and a deep knowledge on matters to do with tax that have seen our clients benefit a lot in their businesses. We pride ourselves in offering the best tax strategies and tax preparations that have led to our high customer satisfaction levels. Our past and present customers will readily refer you to our consulting firms as our record speaks for itself. Alya Auditors Chartered Accountants(FTA Approved Tax Consultants Dubai, UAE) has a Team of Certified Tax Agents Capable of Developing a Smart Strategy to help your business grow with all the necessary legal help.Apart from VAT/TAX Consultancy we also provide professional services for the businesses including Auditing,Accounting,Business Setup/Company Setup etc.

6 Things To Be Noted Before Outsourcing Your Payroll

-Payroll-Services-UAE

Mistakes To Avoid When Outsourcing Your Payroll

Without a doubt, small businesses do spend a considerable amount of resources in order to ensure that their core operations would run smoothly. Though, aside from that, special attention must also be given to peripheral business functions, such as employment law, workplace safety, employee benefit administration, and so on. Even a minuscule mistake in the human resource department could lead to the downfall of the company. To ensure that, extra care should be given and simple attention to the details could often help in avoiding discrepancies when it comes to tax deposits and withdrawals. Below are some of the most common mistakes that should be avoided when outsourcing your payroll.

#1: Setup Errors

Believe it or not, even when you carefully calculate your employees’ wages or you always say to it that you get payroll right in time of each period, if the payroll operation isn’t set up carefully, there’s a possibility that you wouldn’t get the results you’re aiming for. For one, before anything else, it’s important to register your business and ensure that you’ve set your state, federal, and local tax withholding correctly. Also, it’s essential that you’ll make it a point to classify your employees accordingly. Not following this could have a negative result in your business. You’ll be in big trouble with the FTA, especially if you withhold the wrong amount from your employees for local and state income taxes, social security, and Medicare. Furthermore, when it comes to outsourcing, obviously, you don’t want to incorrectly classify an employee as an independent contractor or vice versa, because this could really give your business a bad name.

#2: Forgetting to Record the Payments

Try to imagine this: there comes a time that one of your employees requested for a payday advance and you’re in a hurry. So, in order to answer his request, you quickly wrote a check and handed it to him. Likewise, during the holiday season, you’ve made a plan of giving away gift checks instead of their year-end bonuses. The question is, would you record these expenses in the payroll processing system? Most of the time, a small business finds it hard to balance the books because they often neglect to record a payment or two, thinking it’s insignificant. Keep in mind, no matter how small the amount is, it’s important to record them because it could affect the system.

#3: Failing to Make Tax Deposits on Time or Correctly

The moment you’ve set up withholding correctly, as well as being able to take the right amount from both your business and your employees, it’s important to be familiar with what you’re going to do with the money you’ve collected. It’s crucial to know when and how often you should deposit your tax payments. Aside from that, know what forms you’re going to use and if it’s possible to deposit the funds electronically, or you could only do it the old-fashioned way. There are a lot of rules in regard to this, and most of the time, they could be a little confusing. One thing is for sure though, failing to do this properly would affect you negatively.

#4: Doing a Payroll Late

Most of the time, we can’t avoid doing an abrupt payroll calculation, especially when we’re quite busy. By doing so, there’s a huge risk that you’re paying someone too much or too little and this could throw off your books and damage your employee’s morale, even though you didn’t mean it. Likewise, it’s never ideal to do payroll late, or expect your employees complaining about how unprofessional you are. Once this happens, you’re going to lose your employees’ trust and it’s almost impossible to get that back. Also, failing to do the payroll on time could mean late tax deposits, resulting in FTA penalties.

#5: Neglecting to Update State Employment Rates

Your state employment rates change over time. If you got a new rate from your state agency and you didn’t even change your payroll system, like how it’s supposed to be, this would result to a filing that’s misconstrued. The result? You’ll need to shoulder a penalty.

#6: Failing to Protect Yourself from Payroll Mistakes

Fortunately, there’s an easy way to refrain from committing those payroll mistakes. By outsourcing your payroll services to a professional employer organization, you could ensure that your payroll would always be on its positive condition. Outsourcing your payroll would help you save a considerable amount of time, that you’d usually spend working on with your payroll. This includes the hours you spent working and worrying if you even did your payroll correctly. Additionally, outsourcing your payroll to a professional is considered to be cheaper as compared to hiring an HR person. Best of all, you don’t even need to worry about losing an employee to another company or any kind of troubles related to mismanagement. Why Us? Our payroll processing services aim at efficient employee payroll management so as to reduce administrative burden and curtail extraneous financial costs. This helps you streamline your business growth and improve your company’s performance by concentrating on core risk areas in business with increased flexibility to respond to requirements. We at Alya Auditors,have our team of experts to help entrepreneurs set up their payroll function in Dubai and the rest of the UAE. Should you decide to open a business here, do contact us, we’d be glad to help.

10 Reasons For Why You Should Hire An Accounting Service Provider

accounting companies in Dubai UAE

Accounting Firms Provides Certain Positives For The Business Owners

Business accountants are there to provide business owners to help on ways to use their assets to get the best out of them. The financial status of any business should be left to a professional who is skilled and knowledgeable to provide a complete guide to the process and they provide valuable counsel on major information for any business to be aware of. Business owners are usually professionals in their business operations industry, but then, they are rarely accountants or legal experts. Accountants have experience providing valuable information that will actually shed light on ways of managing and saving money to enable your success to flourish. Herein are some reasons to hire an Accounting Service Provider/ Accounting Firm; Business Assets Any professional accountant will keep an eye first to your business and become familiar with it, and then the accountant will professionally handle all your business assets including the total ledger balance as well as all its debts, credits, any profits that may be generated into the business and losses accrued at a certain period of time. These professionals are in a position to provide advice on ways of keeping monetary resources as they have some particular insight into the business’s financial position. Tax Assessments These professionals are ever updated and they are usually equipped with the approximate tax law knowledge for businesses. They are there to provide verification compliance services that will thereby ward off all troubles that you might be encountering in taxation. They as well know the many tax breaks as they happen to help you get the best claim value reward that might be available. Technical Financial Systems These professionals are skilled and always updated on means of applying latest technical aspects for accounting problems like for instance with the software that helps in coming up with quick statements and business reports and also not forgetting access to crucial business financial information. This can greatly help business owners in many business areas as a business owner will be led to some of the most organized systems of accounting. Business Planning A professional firm providing these services can act as a business advisor and they are capable of providing business reviews to provide important business information for major financial reports that your business can actually rely upon when making other crucial business decisions. These professionals can provide a helping hand with appraising future projects viability with forecasts of gains and losses. The expertise of an expert accountant can be such instrumental in preparing different business plans and proposals that will enhance the growth of a business. They often have experience in business organizations that are similar to what you run. This provides such a worthwhile business experience advice for the kind of business you may be running. For instance, these professionals are capable of providing useful suggestions right from evaluation calculations as they will likewise set some income targets that are grounded upon a specific financial situation and also other business targets. Networking and Referrals Accountants normally receive respect in the business community. Because of this, they can provide such valuable networking contacts that will enable organic business growth. They actually have similar customers that can be greatly utilized as important or rather relevant contacts that can be a point of reference by different clients. They are people who can also provide selling networks, buying as well as with potential partnerships in business and any other venture that might turn profitable. These are actually some of the just few benefits that as a business owner you can receive by hiring a professional accountant for the business you own. Many people actually think that accountants are there just to crunch numbers, but then, they are capable of providing essential and worthwhile business and tax advice that can be important to the business you run and its future success. These service providers actually have enough understanding of enterprise financial statements and taxes and they are there to help business owners make the right possible business decisions. As a business owner, you need not to worry about any accounting tasks like for instance payroll processing, bookkeeping services and also tax preparations as these professionals are there to carry out these tasks for you in the accurate manner possible. Other advantages of hiring these experts are; Time-Saving Actually, juggling all hats all by yourself and at once can create great messes that will, in turn, lead you to suffer losses. With this, it will be such important considering leaving the most time consuming and basic accounting tasks to a person who is well versed with it. With these professionals, you are assured to not only save time but also maintain accuracy. The accountants will keep track of all your daily financial data entry that includes daily sales, purchases, payroll data, bill payments, tax payments, and many other business tasks. Cost-effective solution Actually, many business owners do believe that hiring an accountant to help in providing accounting services is such a cost thing. This is not the case as outsourcing these services is an important thing to shave off all business cost overheads. Revenue generation To other business owners, they normally hire these professionals and place the cost of paying them as an added expense to the business. In reality, if they can try to figure out the number of hours they might spend in carrying out similar tasks, they could have used them carry out other productive activities and also try to make up better business decisions. Such business owners should understand that the opportunity cost that can be lost can be utilized in carrying out some basic activities rather than spending all this time to perform activities that are unproductive. Expert analysis With such expert knowledge of these service providers, as a business owner, you are assured to have a better and clear picture of the business financial position. This will in future help in minimizing all noncollectable receivables and cost overruns. Make your business come out successful by considering these professionals. For all Accounting & Auditing related services in UAE contact : Alya Auditors (Chartered Accountants)

# 1 Professional Accounting & Audit Firms in UAE Dubai

Professional Approved Auditors & Accountants

Why Should You Opt For Professional Accounting Firms in Dubai ?

Professional accounting team can help you to improve your business by providing various types of services. Also if you want to start your new business professional accountant can help you a lot. Every new business needs a setup plan and foundation. A professional accountant can help you to do that. You may have any type of business in Anywhere. If you need a consultant to make any type of financial decisions you should opt for professional accounting services. There are many companies worldwide who provide professional accounting services. You can choose the best services for all of them. Because they are professional in their work. To successfully operate a small business you need at least some sense for running a business. A professional Accountant has enough experience in this field. If you are facing any types of financial trouble then you can surely choose professional accounting service. This service will help you to gain many benefits for your business.

Professional Accountants keeps your business in track

By hiring professional accounting services you can keep your business on track. A professional accountant will help you in bookkeeping, track all business payments and development in the financial department. The service of bookkeeping is most important in any business. It will keep track of your sales and daily expenses. A professional accounting service also reduces the possibility of serious mistakes in your business.

Professional Accountants helps you to make financial decisions

For serious financial decisions, you need to take help from a professional accountant. If you are new in the business world, professional accounting service will help you to make a good business plan. They have enough experience and they are able to give better business investment plans. By the help of a professional accountant, you can build a financially stable business.

Professional Accountants helps you to take the best step to improve

A professional accounting service can improve your business activities in the field and helps to grow up your brand. There are many professional accountants who provide great services to grow up your business. Also, by the help of a professional accountant, you can avoid financial risks. A professional accounting service from a good company helps to one step improve your business.

Professional Accountants helps to increase focus on your business

Hiring an experienced professional accountant will helps you to focus on your business. Because you know the administration work is doing by a professional accountant. A specific business of any country, the administration is a vital part of any business. So, when you know that the work is doing perfectly by professionals you will be mentally free.

Professional Accountants helps help you to keep your business in line with all Tax Obligations

Having an accountant will help you to free from any type of tax related queries. The skills of an accountant from a professional accounting service will help you to keep your business in line with any type of Tax obligations.

Bookkeeping

There is almost every professional accountant offers some various range of bookkeeping services. Bookkeeping includes the collection of emails and does posting them, cataloging creditors, to writing cheques for any reason, check and answer emails in current time, fixing important appointments and much more. This services will help you to get some free time from your business.

Experience

One of the best things of professional accountants have that is, they are experienced. Only an experienced accountant can help you to grow your business without any type of troubles. The only reason for this because they have enough experience level in this field. They know when they have to go and when to stop.

Reputation

There are many companies available in every country who provides professional accounting service. You should check out the company’s profile and website for the review of previous customers that will help you to choose the best accountant. Always check your requirements before hiring an accountant. These are some of the main reasons to choose a professional Accounting Services. A professional accountant can do more than you think. By the help of their strategic advice, you can boost your revenue. Also, by the help of a professional accountant, you can grow your business with more confidence. Here we mentioned why you need a professional accountant for your business. They are really the most important part of any type of small or big companies. We Alya Almarzooqi Auditing (Alya Auditors), Head Quartered in Dubai:
  • Is a leading Professional Auditing Firm in Dubai, UAE
  • Is an approved accounting ,Auditing,VAT/TAX & Business Setup Firm  in Dubai
  • Will ensure the in dependency on the service
  • Provides International Standard on Quality of Service
  • Ensure delivery of Service on time
  • Is listed with all major free zones in the UAE.
   

Accounting Services in Dubai ,UAE

Accountants in Dubai
How to Choose an Accounting Service in UAE,Dubai Accounting is the recording of financial transactions along with storing, sorting, retrieving, summarizing, and presenting the results in various reports and analyses. Accounting is also a field of study and profession dedicated to carrying out those tasks. One part of accounting focuses on presenting the financial information in the form of general-purpose financial statements (balance sheet, income statement, etc.) that are distributed to people outside of the company. These external reports must be prepared in accordance with generally accepted accounting principles often referred to as GAAP or US GAAP. Another part of accounting focuses on providing a company’s management with the information needed to keep the business financially healthy. Although some of the information comes from recorded transactions, many of the analyses and reports include estimated and projected amounts based on various assumptions. Generally, this information is not distributed to people outside of the company’s management. A few examples of this information are budgets, standards for controlling operations, and estimating selling prices when quoting prices for new work. Whether you are running a small or large business, it is really important that you choose the right accounting firm to meet your accounting needs. Choosing the right one would save a lot of time and also save your company many legal problems. Your company is interested in choosing a tax accounting company that has existed for some time and has a large customer base. Finance is one of the most important aspects of your business and you should make sure it is managed by a competent and experienced person. Here is how you can choose an accounting service in UAE for your needs: The note is important Whether you hire an individual accountant or the services of an accounting firm, be sure to hire someone who is qualified to handle your finances. If you are signing up for a firm, check the qualifications of the lawyers who work there. Not all attorneys can offer tax accounting services and need training and special qualifications to deal with tax matters. The more qualified and experienced a lawyer in the field, the better it will be for you and your company. Search relevant experience Whether you hire an individual accountant or the services of an accounting firm, be sure to hire someone who is qualified to handle your finances. If you are signing up for a firm, check the qualifications of the lawyers who work there. Not all attorneys can offer tax accounting services and need training and special qualifications to deal with tax matters. The more qualified and experienced a lawyer in the field, the better it will be for you and your company. Search relevant experience Whether you file your tax return or your company’s accounting, you will need someone who has already done so. You probably do not want to have your first client, especially at a time when your business is growing and auditing. It is preferable that the company you have hired has already worked with similar companies in sectors similar to yours. This would allow them to better understand your business. If you have companies larger than yours, it’s a good thing because you can stay in the same company even when your business is growing. Search references Talking with business partners is a great way to find a good accounting service. Word of mouth is the best way to find great candidates, no matter what happens. You can also ask friends or family members who run a business. The benefit of hiring accounting services Every company wants accounting services. The owner of a company will use the associated internal accounting service or send the accounting work to a specialized company to benefit from the most efficient accounting services. The preference of many entrepreneurs to obtain their accounting work in a specialized firm as a result of the outsourcing of accounting work has several advantages. Internal accounting service in a company usually costs more than hiring specialized firms. If you have an internal accounting department associated with nursing, then you must pay a monthly salary to your staff and, in addition, you will have to create policies for workers, such as pension plans, pension plans. etc. In addition, you must be obligated to manage your staff and verify their performance from time to time.

The benefit of hiring accounting Firm in Dubai 

Save time:
You want to devote every minute to the vital work of developing your products and services to increase your profits. Having an accounting firm will make it easy for you to verify that you have completed your forms, meet important deadlines and provide a financial recommendation that will help you focus on what you do best. Save money:  Filling out forms incorrectly or not understanding the new legislation can result in a fine, which will affect your income. However, not only that, accountants can help you minimize your account by taking advantage of the legal benefits that the regional unit receives from your business. Helping you grow: The associated counter will act as a valuable sound panel. He or she knows it even higher. The objective contribution of someone who is aware of your business, however, does not have the emotional connection that simply has it, it is valuable. By helping you create solid judgments, they will help you grow your business. Accountants can even help you detect and solve problems before they become a serious additional burden on your finances. Eliminate the worry: Countless companies notice that their finances are discouraging. After all, it is very likely that you have never stumbled upon all the work and language of the commercial accounts before. The complexity of the task at hand, as well as the importance of deadlines, will encourage many of us to emphasize this. Middle-class citizens will alleviate this burden and provide the necessary support.