Methodology in line with the newly imposed 2018 VAT:
- Review and assessment. The implementation of the VAT in 2018 is foreseen to impact many businesses in the UAE. This will entail changes in a company's basic operations as well as affect its existing financial makeup. Prior to company registration, we will make a detailed study of the impact of the application of VAT on the financial position of the company, including cash flows. We will then prepare reports on this effect as well as make recommendations on mitigation if it exists.
- Establishment of tax policy. Changes are required to ensure adherence to mandates, this includes changes in the company policy in relation to tax. Thus, the establishment of a suitable tax policy is fundamental for the company to be in accordance with the nature of its activity and accounting policy.
- Company registration. Once assessment and establishment of tax policy is done, we will register the company in the network of the value added tax with the Tax Authority.
- Training company accountants. To fully enforce and educate company accountants in terms of compliance and taxation, we will provide training to company accountants regarding the procedures of tax restrictions and the definition of tax accounts.
- Monitoring records and documents. We will visit the company periodically for the purpose of auditing all records and accounting documents related to the value added tax. This allows us to monitor and audit records and documents as well as address and correct any issue to maintain/improve the accounting process in the company.
- Verification of VAT accounts. We will verify that VAT accounts are reconciled with invoices and documents before submitting the tax return to the tax authority. We will ensure that all documents are complete and all information declared are precise.
- Submission of tax returns. We will then submit tax returns to the authority. We will likewise discuss tax returns with the auditors of the tax authority while they are auditing the company.
- Follow-up of tax refund and other concerns. We will be doing follow-up of tax refund in the event of the company's balances with the tax authority. This will likewise include follow-up of all matters concerning the company with the Tax Authority.
- Provide tax advice throughout the year. We will be providing tax advice throughout the year as well as provide any other services related to the value added tax.