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VAT Audit Services UAE

VAT Audit Services UAE

By doing a VAT audit, the government will check to see if the business is following all VAT rules and using VAT in accordance with FTA regulations. By doing the VAT audit in the UAE, FTA will look at the taxpayer’s VAT returns and VAT rebates. We know how tough it will be to look into the FTA VAT check. We will do a VAT health check on your business and point out some of the most important things: Usually, the VAT audit looks at the following: 

  • Look over and test all of your financial records.
  • Check a sample for the most usual mistakes.
  • Uses statistics to look at VAT reports.
  • Use a sample VAT return to make sure that all the forms are filled in with correct numbers.
  • Matching your VAT reports with your annual financial statements.
  • Make sure you know how the VAT applies to your sales.
  • Comparing your business to the laws and rules about VAT that apply.
  • Make sure that the rules of the VAT plans are followed correctly.
  • Options for planning with VAT.

What is the process of VAT in UAE?

At least five days before the VAT check, FTA sends a notice to the taxpayers. Taxpayers must keep all papers related to their VAT returns as well as other proof. Also, the people in charge of accounting and tax records must be there to make the auditing process easier. Among these records are:

  • Give both bills and receipts.
  • Tax bills from suppliers and other linked paperwork
  • Notes on tax credits
  • Documents showing proof of imports and exports.
  • Declarations for customs
  • Non-deducted records of input tax

Tax inspectors need all of these things to do their job. They keep an eye on any differences between payments, receipts, and paperwork for all deals that involve VAT. So, any information that seems odd or is missing is written down and checked again.

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Why VAT Audit Services is important in UAE?

A VAT audit in Dubai is a must-see if you want to know how to follow the UAE VAT rules. You will know how to handle your own taxes based on the UAE’s VAT rule. The first step is to find the places where laws aren’t being followed and fix them according to UAE law. Before the FTA does a VAT audit, you should be ready to check how well you are following the rules.

Why Hire Highmark Team for UAE VAT Audit

What are Highmark’s VAT services in UAE?

Since VAT started, Highmark has been one of the top companies offering auditing services for VAT. With a focused team of tax experts and a wide range of experience spanning more than 15 years, Highmark have the right tools and knowledge to provide the Emirates with excellent VAT audit services. 

Compliance with VAT is getting harder and harder, so it’s very important to have the correct information to be able to deal with any future VAT audits. Keeping up with the latest VAT laws is a very important part of the service we offer because it gives all our customers peace of mind.

In addition to working with the Tax Authorities during the audit, 

  • Highmark gives the tax auditors the necessary documents, records, data, and information about finances, stock inventory, and assets for a thorough look. 
  • The VAT experts at Highmark make a VAT audit plan to make sure that the review follows the UAE VAT law.
  • Highmark has done an excellent job of representing clients from different industries, which is in line with the FTA’s rules.

Vat Audit Services UAE

Highmark Vat consultants in Dubai are not replaceable by an ordinary team of vat consultants in UAE. We are the one-stop solution provider for Vat audit services in UAE on which your business depends. We will door for successful business in Dubai.

For all your questions or problems.

Call us at +971557309266!

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What VAT Auditors in the UAE can do and can’t do?

Tax inspectors have the following rights and powers, according to Chapter 2 of Federal Decree-Law No. 7 of 2017 on Tax Processes and Title 8 of Government Decision No. 36 of 2017 on the Cabinet’s Regulation of Federal Law No. 7 of 2017 on Tax Procedures:

The right to enter the property

Article 18 of the UAE’s Tax Procedures Law says that tax auditors will go anywhere the person being audited does business, stores goods, or keeps records. If the auditor needs to, he or she will temporarily shut down the place in question for up to 72 hours to do the audit without warning anyone. This will happen if tax evasion is suspected, or anything could get in the way of the tax audit.

The right to get and take property

According to Article 18 of the Tax Procedures Law, a tax inspector has every right to see the original records or copies of the documents. The UAE tax inspector is allowed to take samples of stock, equipment, or other assets from the business location of the person being audited. The auditor will take examples of supplies, tools, or help if necessary.

Right to check out new data

Tax auditors will look into any new information during the tax audit that could change how the audit turns out. But this only happens if the steps are in line with the Tax Procedures Law and the Tax Law’s Executive Regulations.

Major Things Checked During a VAT Audit in the UAE

Businesses that have to pay taxes in the UAE have to know what the FTA doesn’t notice when they do a tax check. Here are some of the things that are looked at during a UAE tax audit:

Software and System for Accounting

Taxable businesses must use the right accounting tools to make sure they follow the UAE VAT Law. Companies that file VAT reports in the UAE will make fewer mistakes and differences using the right accounting software. Article 2 of the Tax Procedures Law says that the right accounting software should create the required reports and records. Dubai’s best VAT consulting companies help businesses get the best accounting software up and running.

A look at the output tax

Tax auditors in the UAE also make sure that zero-rated, exempted, and standard-rated taxes are calculated according to UAE tax rules. They also make sure that average tax rates, like 5% or 0%, are used on taxable goods. And things that qualify for a zero-tax rate are only charged zero tax when there is official and business proof. They also look at the records of goods brought into the UAE to see if the reverse charge procedure was followed.

Look at the input tax.

During a tax audit in the UAE, the input tax is looked at to see if purchases and costs will be used to figure the tax. The UAE tax auditors make sure that input tax credits will be taken for supplies that are taxed at 5% or 0%, but not for supplies that are exempt or that have a particular restriction, like entertainment services. At this point, the tax inspector checks to see if the taxable person has the proper Tax Invoice with their TRN to make sure they will get input tax credits and other benefits. In Dubai, tax brokers help businesses prepare for tax audits by giving them the necessary information.

Look at the VAT returns

The tax auditor will compare the submitted VAT returns with the accounting records to make sure that both the documents and the VAT returns are complete. Tax Consultants in UAE must check the filed VAT report before sending it to the federal tax authority to make sure it follows the law. They look over all the files to make sure they meet the requirements of the tax office. Talk to the best VAT consulting firms in Dubai to make sure you meet the FTA’s standards during the tax audit.

Notice of the Results of the VAT Audit

Article 17 of the Tax Procedures Law says that the FTA will tell the companies that were subject to a Tax Audit the final decision of the Tax Audit within ten business days of the end of the audit. Businesses audited for taxes in the UAE will see or get the papers and data that the FTA used to determine how much tax is owed. Article 17 of the Tax Procedures Law says that this is a right of companies.

Hire only FTA-registered tax agents

In the UAE, the FTA does tax audits to make sure that taxpayers are following the VAT Law, Excise Tax Law, and other tax rules. Since the FTA is responsible for the tax audit, companies need help from registered tax agents in Dubai, like Highmark Chartered Accountants, to prepare for it. With a team of FTA-registered Tax Agents, Highmark is one of Dubai’s most well-known VAT consulting companies. Highmark VAT auditors help companies by giving them help before, after, and during the tax audit. Help from Highmark runs from advice on transactions to help with paperwork. Before and after the audit, the tax agents at Highmark VAT auditors in Dubai point out the risks, places of risk, and non-compliance. Highmark VAT auditors also tell businesses what to do after the FTA does a tax check.

Why are Highmark auditors for VAT Audit services in Dubai UAE?

  • Highmark Accountant offers your business a VAT health check that looks for problems before a possible future VAT audit. 
  • Highmark’s thorough analysis gives you a chance to look at your current processes, practices, and methods to find your risks. 
  • Highmark Accountants helps you avoid any fines for making mistakes. 
  • Getting a Health Check is a way to show FTA that you are careful when thinking about VAT-related problems. 
  • Highmark Accountants helps you through the whole process to make sure you do everything you need to do.
  • Highmark Accountants will take care of everything with the Federal Tax Authority (FTA) for your business. We’re giving you VAT health check advice to make sure you’re following VAT rules.

FAQS of VAT Audit in UAE by Highmark!

A VAT audit is a thorough check of a company’s VAT transactions and records to make sure they are following the UAE’s tax rules. It is important to do a VAT audit to find any mistakes, discrepancies, or places where you might not be following the rules. This helps businesses stay out of trouble with the VAT authorities and avoid fines.

Tax consultants, or VAT consultants, are professionals who know everything there is to know about the UAE’s tax system. By hiring them, companies will take advantage of their vast

  • Knowledge. 
  • Expertise.
  • Guidance.
  • Making sure they follow the law correctly and on time.
  • Getting the most out of their tax payments.
  • Lowering the risk of penalties

Tax accounting services are a key part of making sure that VAT audits go smoothly. These services include making, keeping, and analyzing a business’s financial records and deals to make sure they are in line with tax laws and rules.

During a VAT audit, records, invoices, payments, returns, and any other relevant documents related to VAT are looked at. Since it is used in the UAE, companies are required by law to be ready for VAT audits at any time to make sure they are following the rules and paying their taxes correctly

Audit, tax, and advisory firms provide a wide range of services, including. 

  • VAT audit services.
  • Tax audit services.
  • General audit services.
  • Tax advisory services. 

Highmark auditors help businesses figure out how to deal with complex tax environments, make sure they follow tax rules and get useful advice for financial success.

A VAT internal audit checklist usually covers things like 

  • VAT registration.
  • Invoice requirements. 
  • Proper paperwork.
  •  Record keeping.
  • Accurate VAT calculations.
  • Correct filing of VAT returns.
  • VAT recovery rules.
  • External VAT audit.

This guide helps businesses figure out how well they are following the rules.

According to the UAE’s tax rules, businesses must keep all VAT-related records, such as:

  • Invoices. 
  • Receipts.
  • And tax papers, for at least five years. 

If the tax officials want to do a VAT audit, these records must be available.

As part of tax audit services and VAT audit services, professional companies look at a business’s tax-related activities, financial records, and ways of making sure it follows tax laws. By using these services, businesses will find potential risks, fix mistakes, and improve their general tax management strategies. This makes it less likely that a tax audit will turn out badly.

Yes, there are many tax consulting companies that will help with and guide you through a VAT audit. Their knowledge helps businesses deal with problems, answer questions, and take the right steps to make sure a VAT audit goes smoothly, reducing risks and increasing compliance.

Businesses in Dubai and the UAE need to know how important VAT checks are and what could happen if they do not follow the rules. Businesses will pass VAT audits and set themselves up for long-term financial success by keeping accurate records, getting professional tax help, and making sure to follow VAT rules.

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