The novel coronavirus or COVID-19 has been declared as a global pandemic by WHO. Gulf States are preparing for the worst as Prime Minister of UAE has announced a relief package for people that will be in effect from April 1, 2020. Many businesses and economies are expecting to see major financial risks and setbacks as they are facing global supply chain disruptions.
Instead of a complete shutdown, there are ways to keep your business alive thanks to the innovative technology. This is where online VAT consultancy comes in handy. Now you can deal with your financial tasks without leaving your house.
Financial Support Measures during Covid-19
Considering the current situation, many countries, including the UK, Spain, and Italy, have deferred VAT payments until the end of June 2020. The deferment of VAT does not mean waiving the liability, only that it does not need to be paid right now. Nevertheless, your business will need to register for VAT.
This article will help you with VAT considerations and online solutions keeping in view the current global situation.
What is VAT?
Value Added Tax or VAT is a tax on the expenditure of goods and services levied at each point of sale. The tax was introduced in UAE on January 1, 2018, at a rate of 5%. Organizations and businesses are obliged to collect this tax and account for the tax in aid of the government to reduce independence on oil for revenue.
Advantages of Online VAT Consultancy Service for your business in Dubai
Value Added Tax (VAT) is implemented in the UAE to help businesses in achieving overall efficiency. On that note following are some of the advantages of getting online VAT Consultancy in this sensitive global pandemic situation.
1. Provide Knowledge and Expertise:
VAT consultancies in Dubai have professionals who are equipped with the latest industry developments and current tax tends. These professionals can help you provide information regarding indirect taxes as they change frequently. In times like these, when businesses are shutting down, these professionals can guide you better and help your business avoid common VAT mistakes and penalties.
2. Facilitate VAT Registration:
In UAE, VAT registration is mandatory for all businesses if their tax supply exceeds AED 375,000 in the previous year and is estimated to exceed further in the coming days. Therefore, VAT professionals can tell you whether your company needs to register for VAT or not. They can also guide you with the online registration process, legal formalities, required documents, etc.
3. Save Time and Efforts:
The recent lockdown due to coronavirus outbreak may have to lead you to ask your workers to work from home. This means your accountants, finance officers, and bookkeepers are also working from home. One can only imagine how this would slow down your business.
In addition to VAT services, some of the companies with the best VAT consultancy in Dubai offer other services like financial computation, auditing, bookkeeping, corporate finance, etc. If you opt for these consultants, it will make filing for returns easier and also help with the management of indirect taxes. By hiring their services, you can minimize the time and effort required for analysis and assessment of risks.
4. Legal Support:
VAT consultancy Dubai based offer services to assess a company’s business structure and plan VAT implementation based on their financial structure keeping in view their strengths and weaknesses. It gives companies various choices to choose from depending upon their business goals. These professionals can also help you with recommending the most suitable business structure for generating maximum revenue.
5. Financial Advisory Services:
Now you can get online advisory services for your business regarding VAT and its possible impact on your revenue. In case VAT has negative impacts on your business, these professionals can help you with formulating and adapting strategies to help minimize the adverse effects.
Moreover, online consultancy can help you in making profitable business decisions, achieve your business goals, and expand your business in global markets with perfect knowledge of tax in different areas of the industrial sector.
Services Provided by VAT Consultants
As businesses are growing in UAE, more and more companies are outsourcing all accounting services instead of lacking sufficient resources and internal capabilities to support VAT implementation. There is a vast range of services provided by VAT consultants depending upon the business. Some general online services comprise of:
- VAT filing and payment
- VAT compliance and control issues
- Vat liabilities and minimization
- Data recording and organization
- Identifying risks and administrating proper solutions
- Accounting and Bookkeeping
- Client Organization
- Tax Planning
Positive changes in Online VAT on your business
To stress the importance of a VAT consultancy for your business, following are some of the positive effects seen in companies after the execution of VAT:
- Increased transparency and responsibility in business.
- Increased competitiveness among the industrial competitions.
- Improved overall functioning of the business.
- An updated and sophisticated Information and Communication Technologies (ICT).
- Expanded resources for financial support and new growth opportunities.
Take your VAT Consultancy Online
Don’t take any risks when you have an option to opt for online consultation from companies offering the best VAT consultancy in Dubai. These professionals can help you devise strategies to make sure your business survives these hard times.