Because of the implementation of the VAT, all the businesses need to record their financial transactions. This is done in order to make sure that the finical records of each and every business that is being operated in UAE are accurate and have no flaws in it. People can get VAT services in Dubai easily by VAT consultants
The main thing that all the businesses have to see by their financial transactions is their annual turnover. If the annual turnover of the company or any business crosses the threshold, they will become eligible to register for VAT.
When the business registers for VAT, they have to pay 5 % tax on their taxable goods and supplies.
What if a business doesn’t want to register for VAT?
If a business doesn’t want to get registered for VA, such a business should maintain its financial records. This is because if the financial records reach the threshold, they will have to pay VAT. If someone is eligible to pay and doesn’t do so, he will get penalized which is really not good. This is why people need to make sure that if their business will cross the threshold, they should get registered for it.
What happens if a business registered for VAT?
If a business registers for VAT, it will have to pay VAT on all the goods and supplies that are taxable.
Such a business must reclaim any VAT that has been paid by them on all the goods and services that are related to the business
In addition to that, such a business should keep all of the records of it so that the government may be able to check them if they need
All of these are responsibilities of the businesses in UAE and they should fulfil all their responsibilities towards VAT. If they do not do so, they will not only get penalized but also get punished as well.
Report to the Government
All the businesses that have registered to VAT need to make sure that they report about the VAT they have paid to the government regularly. This report will be sent by using the online media and it will be considered as a formal submission as well.
There might be a case in which you pay more VAT than you were charged. In such a case what you can do is reclaim the difference.
Pay the difference!
There might be a case in which you are charged more VAT but do not pay the difference. In such a case, you need to pay the difference to the government if you do not want any problems related to the VAT. Once vat registration done after every 3 months you need to File VAT Returns in UAE. There are many firms offer vat return filling services in UAE.
Pay VAT on time!
Paying VAT on time is the responsibility of the businessmen too. VAT will not harm their businesses at all.
If you have registered for VAT, you must pay it on time and if you have not registered for it despite having an annual turnover more than the threshold, you must get yourself registered as soon as possible by taking the vat services in Dubai. vat consultants can also be of your help if you take the VAT consultancy services by the vat consultancy agencies.