Maintaining a database where all the financial transactions are precisely recorded is very crucial for any business. Bookkeeping is that structure and facility that records the everyday financial transactions of your business and maintains them. Not having such records will adversely affect your business and make it hard to determine the different expenses made, the record of creditors, and the debtors.
People require to prepare for VAT Bookkeeping and Registration after Value Added Tax was effectuated in UAE on 01 January 2018. You can also implement such a facility in your business by hiring professional VAT & bookkeeping services in Dubai.
VAT is a complex and detailed form of accounting involving major documentation. These bookkeeping records are to be held by a particular company as they get inspected by the government. There has to be a meticulous record of each transaction made in your business for transparency and accounted records.
These records and daily-maintained sheets have to be prepared beforehand so that they can be presented to the government. Not maintaining the VAT accounting records will put you in major trouble. Its implications will affect the smooth operations of your business.
Thus, VAT registration and the maintenance of your bookkeeping records go hand-in-hand.
Requirements for VAT Registration in UAE
You have to register for VAT before you start bookkeeping. The essential documents required to register your company for VAT.
- To authenticate the credentials of the authorized signatory, you need to submit a copy of the passport or the Emirates ID.
- The organization name should be available when you submit a copy of the trade license
- Different documents such as the Articles of Association, Memorandum of Association, and certificates.
- Mentioning and validating the type of your trading activity, etc.
- The record of accounts showing the turnover of the past 12 months.
- Information regarding the bank details such as the account number, authorized signatory, etc.
Why choose our VAT & Bookkeeping services?
Here are some reasons to get VAT and Bookkeeping services in Dubai:
Reliable accounting services– Outsourcing your bookkeeping task to PRO experts will make it easier for you to focus on the other core areas of your business.
Services from certified experts– Our accountants are highly-qualify and do not mind putting extra effort to ensure that your business does not encounter any difficulty.
Better compliance– Centralizing all the financial transactions in a single database makes for better VAT compliance.
The VAT regime is quite complex to implement especially for new organizations that have no clue about it. This compels the companies to be more aware of the updates taking place in the VAT so as to prepare themselves for VAT accounting.
But to subvert the complications of wrong information filling or any other issues, acquiring the assistance of professional accounting services in Dubai becomes essential to aid the smooth running of your business. At PRO Services, our consultants work with due diligence and are fast to provide quick solutions to all your Bookkeeping and VAT-related problems.