Accounting and Bookkeeping Services in Dubai

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Contact us at the AMCA office nearest to you or submit a business inquiry online.

The VAT in the UAE was implemented on 01 January 2018 which made its mandatory for every taxable person to have and to maintain their books of accounts under the VAT Law for at least five years. It orders the individuals to have their groundwork for the VAT Registration and Accounting.

The preparation for the VAT Registration and Accounting needs time since it requires tons of documents to be sent. Part of this, all the records ought to be appropriately kept and documented by the organization for the investigation and checking done by the administration. To ensure the accuracy of the VAT Accounting, the organization must complete, sort out, and apply all the procedure and controls before the VAT regime.

The Federal Tax Authority can actually ask for additional documents such as, annual accounts details, general ledgers, purchase day books, invoices issued, invoices received, credit notes, debit notes, VAT ledgers, records of all supplies and imports, etc.

All the taxable businesses must apply for the TAX accounting and must not neglect completing all the necessary documents since there is a VAT penalty and fines for those who will not comply with this law. You would not be glad and happy to know how much it will cost in the event that you decline in complying to this law. A penalty of 10,000 will be imposed to an individual who will fail to keep required records, books, and documents. Another 50.000 will be taken away from your pocket if you do the same negligence in the second time around.

List of record to maintain for VAT Accounting

The following records ought to be appropriately kept by the taxable person, as per the VAT Decree Law:

  • Supplies and Imports of Goods and Services
  • Tax Invoices and alternative documents correlated to receiving goods or services
  • Tax Credit Notes and alternative documents received
  • Tax Invoices and alternative documents issued
  • ax Credit Notes and alternative documents issued
  • Record of goods and services that have been disposed of or used for matters not related to business, showing taxes paid for the same
  • Record of goods and services purchased and for which the input tax was not deducted
  • Record of exported goods and services
  • Record of adjustments or corrections made to accounts or Tax Invoices
  • Record of any Taxable Supplies made or received
  • A Tax Record that incorporates the accompanying information:
    • Tax due on Taxable Supplies
    • Tax due after the error correction or adjustment
    • Input tax recoverable on inward supplies or imports
    • Input tax recoverable after a correction of errors or adjustments

AMCA: We are here to serve you!

We are very glad to inform you that we offer a variety of VAT Accounting and Bookkeeping services such as Accounting, Bookkeeping, Accounting Review, Backlog Accounting and Accounting Supervision.

Accounting

It is the way toward recording the financial transactions in a business. Part of the process are summing up, breaking down, and detailing the transactions to check agencies, regulator, and tax collection entities.

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Bookkeeping

It is the systematic recording and sorting out of financial transactions in an organization. It is the recording the financial transactions and data relating to a business on a day-to-day basis.

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Accounting Review

It is an inside and out survey of the records to guarantee the reconciliations are within industry standards and that no hidden items are present to cause inadvertent losses to one’s firm.

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Backlog Accounting

It is a build-up of work that needs to be completed. It might, for instance, alludes to an organization's business request holding on to be filled or a pile of budgetary desk work, such as loan applications, that needs to be processed.

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Accounting Supervision

It gives protection against the negative results of book's inability to consent to the coupling guidelines. It incorporates the turn of events, adjustments, and executions of an organization's graph of records, improvement of an organization's bookkeeping strategy, check of bookkeeping books, assistance in preparation or preparation of reporting documents.

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