Walton Consultants Limited is able to offer a wide range of services through its partners’ network in the UAE including but not limited to accounting services and consultancies on preparation and filing of VAT reports in the UAE if needed.
Together with our partners, we assist and provide consultancies on due interpretation of the UAE VAT requirements for preparation and filling of VAT returns or applying to the UAE Federal Tax Authority for exception from mandatory VAT registration if applicable. In addition, we might provide you with proper understanding of statutory requirements as well as keep you updated in the context of the UAE VAT changes on:
- VAT implementation rules and provisions;
- VAT registration;
- VAT returns preparation and filing;
- Bookkeeping and annual financial statements preparation;
- Obtaining up-to date information about VAT rules and changes
Threshold for VAT registration depends on mandatory or voluntary character of registration.
Mandatory registration threshold is AED 375,000:
- Taxable supplies in the previous 12 months (backward looking test); or
- Taxable supplies of the next 30 days alone (forward looking test).
It includes zero-rated supplies, but excludes exempt supplies and non-business activities when calculating ‘taxable supplies’.
Voluntary registration threshold is at least AED 187,500.
Taxable supplies will be charged at standard rate (5 %) or zero rate (0 %) if applicable.
Quarterly return to be filed within 28 days from the end of the respective quarter.
Accounting records keeping:
- The Taxable person has to keep books of accounts either in electronic form or written form;
- Accounting records & commercial books should be maintained and kept up to 5 years;
- Company Records shall include but not be limited to: Annual accounts, general ledger, purchase day book, invoices issued, invoices received, credit notes, debit notes, VAT Ledger/VAT account, etc.
Please contact us for more details.
