Accounting, VAT and TAX

Small business owners struggle to effectively administer their own internal outsource accountant services and grapple with managing the books. When setting up a comprehensive accounting department it is important for you to ensure the following five areas are covered: payroll services, tax deductions, incentives and credits, corporate taxes, and financial statements.

If you run a business in which you are registered for VAT, then it is imperative that whenever you supply goods or services to someone else who is registered for VAT as well, then you must issue them a VAT invoice. For those that are properly registered you will be able to reclaim VAT on purchases made for your business when you have a valid VAT invoice for the purchase.

Taxes are inevitable; all business owners have to pay taxes as stipulated by the government. But a certain amount of tax planning can help in rationalization of taxes that a business owner is liable to pay and even get hefty compensation.

No one ever said dealing with the FTA was easy. The federal tax agency is responsible for tax collection and enforcement of the Internal Revenue Code. Each year, the FTA collects about trillion Durham without incident from hardworking UAE citizens.