VAT health check for businesses & individuals
What is VAT Health check?
VAT health check is a bespoke exercise that includes many checks and reviews of your current systems, practices, processes, return filing and other matters that directly or indirectly impact your business VAT position.
Why have a VAT health check?
The VAT is a self-assessment tax, where businesses are responsible to account for, file returns and pay the dues correctly and in a timely manner. In case of inaction or any error or misinterpretation of the VAT laws and guidance, the business maybe liable to pay huge penalties retrospectively.
How do we work?
A Tax Agent will visit your premises to understand your business operation and accounting systems & procedures. A review of VAT compliance and opportunities will be carried out and a written report will be provided highlighting areas of concern and suggest ways of improvements.
TAX due diligence
What is tax due diligince?
A tax due diligence is essential for new investors wishing to acquire or invest in a new business in UAE. Tax due diligence goal is to assess the tax profile for the target entity
It evaluates past tax practices and the potential impact on current and future tax compliance and associated risks. It also helps in establishing a purchase price and determining tax warranties to be included in the acquisition agreements
Tax due diligence includes checks and review of accounting systems, tax processes, procedures and return filing history and any other aspects that could affect the business tax position.
Review current practices and identify issues in advance to reduce compliance risk
Identify cost saving opportunities by avoiding VAT overpayment and maximize VAT recovery
Establish VAT policy and control framework
Share the risk and liability on your returns, records keeping, and documentation
Get advanced consultation beyond compliance and penalty avoidance
Get expert’s advisory from a qualified tax professional, holder of GCC VAT Diploma
Who is a Tax Agent?
A Tax Agent is a person authorized by the Federal Tax Authority (FTA) and listed in the tax agents register, who can be appointed by businesses to represent them before the FTA and to assist them with their tax obligations and exercising their tax rights.
Tax agent meets many approval requirements such as accredited qualifications, VAT diploma, good conduct certification and indemnity insurance. In addition, he has a fiduciary duty to maintain the confidentiality of any information obtained during performing his tasks.
What are the duties of a Tax Agent?
Assist businesses with their tax obligations and communications with the Federal Tax Authority.
Filing returns on client’s behalf via official appointment and electronic linkage.
Provide professional and comprehensive tax advisory services.
Represent foreign non-resident businesses before the FTA to meet their tax obligations.
Benefits of appointing a Tax Agent
Get an expert’s consultancy from a qualified tax professional, holder of GCC VAT Diploma issued by the Association of Tax Technician (UK) and approved by the FTA.
Get advanced consultation not only for compliance and penalty avoidance purposes but also to maximize your VAT recovery.
Share the risk and liability on your returns, records keeping, and documentation.
Insured against professional liabilities and errors.