tax advisory services

The following records are required to be kept to ensure accurate tax compliances:-

How do we can help you in return filing?

Books of accounts

  • A. Books of Accounts and any other information necessary to verify entries including but not limited to
    • Annual Accounts
    • General Ledger
    • Purchase Day book
    • Invoice issued or received
    • Credit note and debit note
  • B. Additional records required for specific taxes (Different taxes may require different records to be kept in order for tax payers to be compliant, for example, a VAT account)
  • C. Any other information as direct by the FTA that may be required in order to confirm, the person liability to tax, including any liability to register

Taxable person for VAT must in addition retain the following records for at least 5 years

  • A. Invoices, Credit/Debit notes
    • All tax invoices and alternative documents related to receiving the goods or services’
    • All received tax credit notes and alternative documents received
    • All tax invoices and alternative documents issued
    • All tax credit note and alternative documents issued
  • Records of
    • All supplies and import of goods and services
    • Exported Goods and services
    • Goods and services that have been disposed of or used for matters not related to business
    • Goods and services purchased for which the input tax was not deducted
  • C. VAT Account
    • VAT Due on taxable supplies (Incl those pursuant the reverse charge mechanism)
    • VATT Due after error correction or adjustments
    • VAT Deductible after error correction or adjustments
    • VAT Deductible for supplies or import

Whether I have to appoint an accountant to keep all the documents?

No. A full time accountant is not required. You don’t have to pay for a full time employee. We vatfile.com can assist you in this regards. We will provide you a simple mobile application through which you only can manage the book keeping.

What is VAT Invoices?

  • Which is a written documents which records the details of a taxable supply made
  • Only a VAT Registered business can issue a tax invoice
  • Invoice issued and received should be kept for a minimum of 5 years
  • Invoices must be issued within 14 calendar days of the date of supply
  • Where the invoice amount is a fraction of a fils, the amount should be rounded to the nearest fils

What are the details to be mentioned in VAT invoices?

  • A sequential number which uniquely identify the documents
  • The date of issue of invoices
  • The time of supply( if only different from the invoice date)
  • The Name, address and TRN of the supplier
  • For each description, the quantity of goods or extent of services supplied, the rate of VAT and amount payable, expressed in UAE Dirham
  • The total amount of VAT expressed in UAE Dirham together with the rate of exchange applied and the source of that rate

How do we can help you in Book Keeping?

  • We vatfile.com can help you to maintain books of accounts required for VAT compliance
  • Our representative will directly come and collect all the documents related to purchases sales and other routine transactions. or
  • You only have upload all the documents through a mobile application in a simple process (Take pictures and upload)
  • We will file your VAT return on periodical base. Also we will provide you a report of sales and purchase on a periodical interval

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