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VAT Health Check
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VAT Health Check
VAT Health Check: VAT is a complex tax affecting every aspect of your business in the UAE and the worldwide market. As a self-assessing tax, it is the responsibility of the taxpayer to ensure they are accounting for the right amount of tax and at the right time. FTA carry out VAT inspections or audits at varying intervals. If they identify errors, the company shall be subjected to penal provisions including levy of tax, interest and fines.
The main purpose of a VAT Health Check is to ensure that as a business your handling of VAT is in line with current VAT laws and regulations.
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VAT Health Check includes the following:
- Assess your in-house accounting records; documentation; VAT records etc.
- Review of your filed returns to identify any grey areas where in you are perpetually making errors.
- Check if the returned figures as per VAT documents match with the financial records
- Analyze if you are making use of the VAT laws in getting proper credits or refunds for your business and if the same are claimed in the returns
- Identify areas where in you can plan for a proper VAT planning
- Review of maintenance of accounts and records and audit trail for your VAT files.
- Identifying areas of concern or opportunities
- Confirm that all your VAT returns are filed correctly and properly in relation to your business income and allowable expenses
- Confirm that all your registration documents are in compatible with the FTA requirements and if all of them are replaced or renewed whenever it is due.
- VAT Health Check helps to determine the best scheme suited for your type of business for VAT accounting.