Things you should know about vat return filing

Almost before two years, the United Arab Emirates (UAE) presented the value-added tax on 2018 January 1. According to this, the taxpayers should pay their returns monthly and quarterly. The federal tax authority has all the charges to set the period of your Vat registration in Dubai. As the taxpayer, you need to submit the vat return almost the last days of a month or on the first day of the month in case if there is any public holiday or weekend. 

If a person is failed to be unable to follow this order within the deadline, he would be part of penalties. But the major problem arises when a person doesn't have complete knowledge of the Vat registration return filling. During this process, there is a chance that you might pick the wrong practices that will impact your business. Here we have mentioned those wrong practices:

You should check the input VAT and check whether it meets with the Inclusion/recovery rule: 

• The Supplier's tax invoices should always be issued in the person's name, not on the registered company.
• All the invoices for supplier taxes that are issued in the other currency can't be changed.
• It shouldn't contain the total amount.
• It should be issued under the employee's name.
• Check whether the tax invoices are clear to read or not.
• The Petrol bills which don't have the mentioned plate number should be registered by the ownership.
• The expense of insurance is allocated for the dependence of employees.
• For the expenses related to the company vehicle, refer to article 53

There is some business that doesn't apply for the reverse charge for the services that are imported from foreign.

A business that comes into the designated zones applies Accounting software with vat for the supplies treated as outside of VAT.

While submitting VAT return filing, make sure you should have complete details of vendors, customers, and tax registration numbers.

Check the amount that is reflected on the reverse charge mechanism for pre-populated box 6 of the accounting firms in UAE vat return. 

As a responsible taxpayer, you should have knowledge of the wrong practices that are mentioned in the above section. By following this, you can start mitigating the issues that make a barrier and try to resolve this with approved auditors in Dubai. If you are always late as per the deadline and submitting penalties for this information could be helpful for you.

Therefore, while performing this act, make sure you have done all the things in the right way! You can also take the help from the experts of accounting services in Dubai and be the right citizen!

For more knowledge and inquiries, anyone can meet with the expert consultants from XYZ. You can also call them or mail them!

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Created on Nov 26th 2021 03:53. Viewed 296 times.

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