Do I need to turnaround the whole business to account for VAT? Off course not but if you will not fix the basics for VAT you will soon probably do a lot and that will still be not sufficient.

“Well Begun is half done”

You need to do the following to ease the whole process of VAT from start to end. Remember the end of 1 quarter is the beginning of another quarterly. Therefore, for quarterly VAT return you need to divide the year in 4 quarters.

  • Separate folder for each VAT quarter
  • Put invoices in date sequence.
  • Update ledger balances.
  • Learn the basic definition of terms associated with VAT. Such as bad debt relief, accrual accounting, reverse charge, trade with GCC , VAT and imports
  • Create Structure / flowchart / and update chart of account for VAT entries.
  • Re-allocate duties and responsibilities to staff members
  • If you are small business, create departments from day 1.
  • If you are medium business, create environment of check and balance.
  • Make sure your system keeps the records correctly for Audits.
  • Update your Calendar as when to pay VAT bills to FTA.
  • Don’t forget to involve VAT consultant at early stage.
  • We are the VAT specialist, covering the whole UAE market, whether your business need to do VAT registration and submissions in Dubai, Abu Dhabi, RAK or other UAE states, we are here to help you.

    We are also certified advisors cloud accounting XERO, and other accounting software. Additionally we offer extra mile service where we could help you make changes to your existing accounting system.