- VAT registration.
- Reviewing VAT returns.
- VAT implementation Support
- VAT Advisory
- VAT COMPLICANES: REGISTRATION AND RETURN FILING
Once registered under VAT, businesses will be required to file quarterly declarations. VAT returns will need to be filed (quarterly), which update all the taxable transactions that the business has made in that specific period.
Depending on transactions types and values, business may have to pay the VAT surplus to the tax authorities, or will be eligible to make a claim for a refund.
AIMA Management expert can assist you in ongoing VAT compliance as may be required under the law, in addition to VAT return filing.
We can assist in VAT compliance areas such as:
– Completing VAT returns
– Registration for VAT
– Liaising with the tax authorities for VAT related queries and audits
REVIEWING VAT RETURNS
It is important that VAT returns are accurately compiled based on the underlying accounting records and reflect accurately the VAT due to/from the government. Errors in filing VAT returns will attract fines and penalties and loss of reputation.
Our tax team can review the tax computations prior to filing of quarterly VAT returns to ensure that your VAT obligations comply with the law and there are no omissions or errors.
VAT IMPLEMENTATION SUPPORT
VAT is likely to affect nearly every business in one way or the other. VAT is not a tax on business but tax collected and remitted to the government will entail compliance costs.
VAT does have an impact on cash flows. Accounting obligations and VAT costs need to be identified to be addressed correctly. IT systems will also need to be geared to ensure VAT compliance
Our methodology to assist clients in the VAT implementation process is as follows:
Plan and Review
Our team will support you during the implementation stage to take the VAT road map by assisting you
in areas such as:
– Analyzing the impact of VAT on your business
– Advising on managing the VAT transaction process
– Advising on required accounting systems under VAT
– Invoicing under VAT
Managing VAT obligations is an ongoing challenge for businesses. VAT legislation will likely witness many changes over time, and several factors are to be considered as the business diversifies and expands. It is vital that you have a supportive partner who holds your hand and can guide your business in all VAT related matters.
Businesses will need practical support to ensure the decisions made are not hindered by complex VAT issues.
Our specialists can provide client focused advisory services on local and GCC VAT related matters. Our dedicated VAT team can provide a range of VAT services. We can review the current tax position of your business and provide relevant VAT advice and planning on a range of VAT related issues, as well as all aspects of the compliance required for VAT. In conjunction with other offices, we can implement multi-jurisdictional reviews or cross border strategies