The United Arab Emirates introduced the Value Added Tax (VAT) system on January 1st, 2018, appointing the Federal Tax Authority (FTA) as the regulatory body to gather and manage taxes across the country. VAT is a form of indirect tax that is imposed on certain goods and services that are meant for consumption. Since VAT is a relatively new addition to the UAE’s taxation system, businesses must seek expert help from the VAT consultants Abu Dhabi to complete their VAT obligations and eliminate any uncertainties that may arise.
VAT consultants are committed to delivering steadfast professional assistance to taxpayers across the UAE. They support businesses in their VAT transactions by guiding correct tax procedures and reducing the probability of conflicts. This blog will focus on the need for VAT consultancy Abu Dhabi and list some of the leading firms offering VAT services in the UAE.
Need for VAT consultants Abu Dhabi
Availing professional VAT consultancy services can help businesses manage their VAT activities seamlessly and avoid potential errors and scams. While many companies are not aware of the need for VAT consultancy services, this guide will explain the perks and benefits of hiring a reliable VAT consultant for your business financial activities.
- Precision – VAT consultants take added precaution to ensure the precision of data. They use advanced technology and manual reviews to double-check the VAT files.
- Greater knowledge – VAT consultants in Abu Dhabi are equipped with greater knowledge about everything related to tax, including VAT. This can help businesses and individuals understand various VAT rates and calculate the payable tax amount.
- Error-free – Professional VAT consultants have long-term experience and skill in their field of work which ensures error-free filing of VAT returns, thereby saving the valuable time and money of their clients.
- Time minimization – A well-experienced VAT professional can save clients time by thoroughly examining, evaluating, and calculating the risks associated with their company.
- Easy VAT registration & VAT Filing – Businesses standing above the VAT threshold limit are required to register with the FTA. VAT services providers assist them throughout the VAT registration and VAT filing procedures and guide them with the required information.
- Proper maintenance of records – VAT specialists help businesses maintain proper books of accounts and records and make them ready for VAT audits.
- Minimization of risk – An expert professional has industry experience in handling all kinds of risks associated with businesses. Hence, they can better advise companies on how to reduce the potential risks related to VAT.
- Assistance during VAT audits– FTA conducts regular examinations of company records and other information. Having a VAT consultant by your side can ease the entire process and ensure that all the necessary documents are prepared well in advance.
Tips to select a suitable VAT consultant in Abu Dhabi
When a company seeks the services of a VAT consultant, it needs to consider the following factors while choosing a tax consultancy firm:
- Past work experiences
- Educational Qualification
- Reputation
- References
- Range of services
- Pricing structure
- Proximity and availability
Top VAT consultants Abu Dhabi
The list of prominent VAT consultancy firms in Abu Dhabi includes the following names:-
Shuraa Tax
Shuraa is one of the leading names in VAT Consultant Services in Abu Dhabi. It is broadly recognized for its quality and reliable services. The VAT consultants of Shuraa Tax hold an excellent track record of being trusted advisors to numerous businesses across various sectors. They possess a comprehensive understanding of UAE’s VAT law and thus, help businesses stay well-informed of the latest developments and updates in VAT regulations and get them prepared to meet their legal obligations.
Deloitte
The VAT consultants of Deloitte are well-known for their deep understanding of the intricacies of VAT law and their dire awareness of the comprehensive industry dynamics. They combine their legal expertise with industry insight to offer tailored solutions to address the specific needs and challenges of businesses in Abu Dhabi. They understand the growing importance of technology and use innovative tools and methods to streamline processes, enhance accuracy, and ensure compliance with evolving requirements.
KPMG
One of the top VAT consultants Abu Dhabi, KPMG ensures meticulous execution in ensuring compliance with VAT regulations in the UAE. Their services go beyond advisory, they supervise businesses through the complications of VAT compliance and offer complete support at every stage of the process. Through their extensive expertise and resources, they assist entities in navigating the complex system of VAT laws and regulations, thus reducing the risk of legal disputes that may arise due to non-compliance. Moreover, they have a thorough understanding of the UAE’s legal landscape which allows them to identify potential perils and protect businesses against hefty penalties and legal troubles.
Price water house Coopers
PricewaterhouseCoopers (PwC) leads in driving change in tax laws by actively engaging in discussions with tax officials and government agencies in the UAE. They are deeply committed to influencing tax legislation and serving as facilitators for positive change in the tax landscape. Besides their expertise in tax matters, PwC offers strategic insights and direction to clients through their in-depth understanding and knowledge of the intricacies of tax laws and regulations. They keep themselves up-to-date on the latest developments and trends in tax policies and accordingly guide businesses to help them adapt and thrive in an ever-evolving regulatory environment.
Ernst & Young
EY is a notable VAT Consultancy Abu Dhabi that goes beyond traditional advisory services and engages in pioneering practices and technologies to help clients transform legal compliance into a competitive advantage. It has an innovative approach to VAT compliance that helps in identifying opportunities to improve the VAT strategies within companies and improve overall business performance. Moreover, their commitment to innovation and client-centric approach ensures adherence to VAT regulations and enables clients to seize opportunities for growth in an ever-changing business landscape.
Services offered by VAT consultants Abu Dhabi
Below listed are the core services offered by VAT consultants to businesses in Abu Dhabi –
- VAT advisory services – Through their tailored advisory services, VAT consultants address industry-specific needs and accordingly offer guidance on tax transactions and their significance.
- VAT return filing services – VAT consultants support businesses in completing and filing VAT Returns by correctly computing tax liability and reconciling input and output VAT.
- VAT registration – VAT consultants assist businesses in registering for VAT and effortlessly swing into the tax system.
- VAT deregistration – Tax consultancy firms assist VAT-registered entities in successfully deregistering for the FTA’s system within the requisite timeframe to avoid any legal troubles. It also includes the cancellation of the Tax Registration Number (TRN).
- VAT training – VAT advisors in Abu Dhabi offer customized training on VAT laws and regulations to individuals and corporate entities based on their specific business needs.
- VAT transactions advisory – VAT advisors provide guidance to businesses on industry-specific transactions and keep them abreast of recent developments on VAT matters.
- VAT compliance – VAT professionals help businesses follow strict VAT laws and ensure compliance with the VAT requirements and responsibilities assigned by the tax authorities.
- VAT audit – This is a systematic examination of the financial records, transactions, and VAT-related activities of a business to validate the accuracy of VAT returns and ensure adherence to tax regulations.
Conclusion
We surely believe that this synopsis of leading VAT consultants Abu Dhabi might have assisted you in determining the ideal consultancy firm for your business needs. For further insights into any tax and accounting inquiries, reach out to Shuraa Tax at [email protected]
