- Understand the business model:
Top Intel Management Consultants VAT Experts visit you in person and coordinate with other senior financial executives to figure out the current business model for designing a suitable UAE VAT Regulation for your business. Ensure the accuracy of the accounting and financial statements submitted to VAT Experts for a cost-effective VAT system.
2. Registration for VAT:
To comply with the law of the land with respect to VAT (UAE VAT Law), we advise regarding the procedural formalities and the date by which registration has to be made, considering whether the company got any exemption in this respect or not.
3. Analyzing the impact of VAT on your business:
In order to have a better clarity and appraisal for the management and to streamline the operations of the company by complying with UAE VAT requirements, we study the impact on business on working capital, costing and profitability.
4. Managing the VAT transaction process:
a) VAT team leader:
For implementation of UAE VAT compliance in current financial transaction and to function accurately, Top Intel Management Consultants will choose an authorized person/team from the respective company to be the lead of the VAT implementation project.
b) Accounting systems under VAT
Top Intel Management Consultants will scrutinize your on-going accounting system. We will suggest an appropriate accounting chart which is suitable for VAT regime. Accounts team must take necessary actions to prepare and file the first VAT return to the FTA – Federal Tax Authority.
c) Invoicing under VAT
After implementation of VAT, proper invoicing of every dime spent/earned by the company should be done. Top Intel Management Consultants gives professional VAT invoicing training to the IT persons and to the accounting department.
d) IT Migration
By incorporating UAE VAT within the company, changes in administration, accounting, billing procedures has to be done. Top Intel Management Consultants guides you with essential accounting information to the IT team to update accounting software under UAE VAT Regulation.
e) Filing of Return VAT Return
Top Intel Management Consultants supports for the preparation and filing of the VAT return with the exact input tax credit, against the total VAT liability.