VAT Accounting UAE | VAT Accounting Services | Alankit Management Consultancy


Value Added Tax (VAT) is an indirect tax levied on goods and services. In order to replace Sales Tax, VAT is generally used to reclaim the VAT they have paid while trading goods and services. The VAT came into effect in the UAE, a part of GCC countries on Januray1, 2018. Organizations in the UAE eligible for VAT were anticipated to implement the new law at the earliest. The member nations of GCC like Kuwait, Oman, Qatar, Bahrain, and KSA were also expected to implement the VAT system simultaneously and signed an agreement recognized as Unified VAT Agreement (UVAT). The current proposed rate of VAT is 5 %, nevertheless, this rate may vary with the revision in law. It is a must for business owners to get their businesses registered if their turnover amount exceeds AED 375,000. VAT provides a new source of income to the UAE that is continued to be utilized to deliver high-quality services. It is implemented by the Federal Tax Authority (FTA) to support law in the UAE. Businessmen in UAE are recommended to maintain their business records to accommodate VAT. Alankit Management Consultancy offers reliable VAT Accounting services for start-ups and established companies of all sizes across UAE.


VAT Accounting Procedures in UAE


VAT Accounting in UAE requires numerous procedures within a business. For instance, VAT registered business needs to organize separate ledgers for sales, taxable export sales, zero-rated export sales, etc. The need for VAT accounting arises because VAT is a transaction tax and it demands separate ledgers to be prepared based on taxes. Below mentioned are the reasons why VAT comes in light:

  • General ledger
  • VAT recordkeeping and reporting
  • Tax coding of transactions
  • Master data of Inventory
  • Sales and purchase systems of accounting records

VAT registered businesses are always advised to reorganize their business records to serve as an updated source of financial information of a business. When there is a lack of control on VAT accounting services like identifying, recording, categorizing, & communicating financial information, it may affect the VAT return filing & financial statements of a company. The unorganized & inaccurate information about VAT accounting can lead to heavy penalties. The standard rate of VAT charged on goods & services is 5 %. Goods and services include food & beverage, electronic gadgets, construction, entertainment facilities, apparel, automobiles, etc. There are categorized goods & services where VAT is levied at a 0% rate. Items covered under zero rate VAT are international transportation of goods & services, residential properties, specific healthcare & education services, charitable buildings, the supply of specific transport, etc. The government has laid exemption on certain goods and services that include bare land, financial services, local passenger transportation, etc. Alankit offers an exclusive variety of services related to VAT accounting and ensures that the procedures meet VAT audit and other tax requirements of a company.

Benefits of VAT Accounting


VAT Accounting offers benefits that appeal to customers to get VAT registered & enjoy the benefits of VAT Accounting. The ability of VAT accounting cannot be overlooked because it provides the company with access to important documents associated with tax filing at a single place that makes the tax return filing process easier for the company. It allows the authorized people to keep a track of all the VAT records and ensure all the tax-related documents are verified & submitted. Since the VAT data will be all organized & recorded, the chances of tax auditing can be lowered for the company.

VAT Accounting Tips


There are no set rules or tips for VAT accounting, nevertheless, a certain system of keeping the VAT accounting go smooth can work best. For example, Alankit follows a systemized way of keeping records that in an event of an inspection, businesses can track any information they want from invoices to receipts & everything essential. Important documents like copy of submitted VAT returns, VAT registration certificates, etc. should be categorized and kept in separate files. Small businesses with fewer tax transactions can maintain their tax records in a spreadsheet. Safe and secure accounting software should be used for protection against any destruction or accidental data loss. Creating a record of sales also gives a better picture of VAT accounting managed efficiently.

Why Alankit ?



There are multiple reasons that you may want to know while choosing our services:

  • The skilled team at Alankit works quite hard to make the most of their interaction with customers to continually evolve and better the service procedures. It strives to make things easy and convenient for ensuring the best possible client experience.
  • From keeping updated & latest regulations to applying the correct VAT Accounting treatment to each transaction, Alankit makes the process simple, easy and convenient with a customer-centric approach.
  • Alankit excels at providing professional Tax Advisory Services, accustomed to the specific needs of a business to cater to apt solutions.
  • As an expert-driven solution trusted, Alankit has carved its name in the industry for linking its services systematically with budgets, and business processes.

For any queries or information required related to our services or company, please feel free to get in touch with us at any point of time. Fill in the form below and one of our executives will contact you at the earliest possible. (Within 24 hours)

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The Privacy Policy covers how the personal information collected from the clients who register for the services and use payment gateway services will be handled, as well as the treatment of the consumer information that we acquire in the course of our business. This Policy is specific to Alankit.ae and does not apply to any other websites or Internet services that are part of or to be part of the Alankit Network.

We at Alankit are committed to protect our customers’ personal information and/or sensitive personal data and strive to maintain the privacy of your personal information. Alankit only collects the necessary personally, identifiable information in order to respond to the requests received from the clients for our customized products and services. Personally identifiable information includes, but is not limited to, first and last name, physical address, e-mail address, phone number, and any other information that itself identifies or when tied to the above information, may identify you as a specific individual.

All credit/debit cards details and personally identifiable information will NOT be stored, sold, shared, rented or leased to any third parties. The User agrees that the debit/credit card details provided by him/ her must be correct and accurate and that the User shall not use a debit/ credit card, that is not lawfully owned by him/ her or the use of which is not authorized by the lawful owner thereof.

Alankit reserves the right to amend or modify this Privacy Policy at any time, as and when the need arises. We request you to visit our website www.alankit.ae periodically for contemporary information and changes. Modifications will be effective from the date they are posted on the website.

If you believe that the company has not adhered to this privacy statement, please contact us by email at info@alankit.com, and we will use commercially reasonable efforts to promptly determine and remedy the problem, if any.

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Once the user has accepted the terms & conditions, he/she may be entitled to register and avail the services offered by the Company. The Payment Gateway service is provided to you in order to facilitate access to the services and pay the fee online.

We accept payments online using Visa and Master Card Credit/Debit Card in AED (or any other currency). Any dispute or claim arising out of or in connection with this website shall be governed and construed in accordance with the laws of UAE.

The Company will maintain the confidentiality of each transaction and will not collect or otherwise deal in commercially sensitive information, except to the extent necessary for the Services.

In no event will Alankit, be liable for any damages whatsoever arising out of the use, inability to use, or the results of use of this site, any websites linked to this site, or the materials or information contained at any or all such sites, whether based on warranty, contract, tort or any other legal theory and whether or not advised of the possibility of such damages.

Alankit reserves the right, at our sole discretion, to change, modify, add or remove portions of these Terms of Use, at any time without any prior written notice to you. It is Your responsibility to review these Terms of Use periodically for updates / changes. Your continued use of the Website following the posting of changes will mean that you accept and agree to the revisions.

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Refund Policy for Online Payment

In case the service facility is not delivered/provided as committed at the time of Payment acceptance, you may ask for a refund of the payment made. The request for refund is to be submitted along with the reasons, the same will be forwarded for review of the Management. The management will take an appropriate decision after looking into your request.

The person will not be entitled for any refund if the service request is already accepted and documentation is in process. Please note that there will be a nominal deduction of 10% on the payment made, payable towards the administration fee.

Cash refunds are not available. The refund will be processed automatically and will be credited back to the original credit/debit card or bank account from which the payment is made.

The Refund Policy will only be applicable for the online payments made, it will not include any other transactions.

All refund requests are to be submitted to alankitglobal@alankit.com. The request will be processed in 4-5 working days and the refund ( if applicable) will be made in 30 days time period.

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