VAT Audit Services
VAT Audit Services in UAE
Under the VAT laws in the UAE, entities need to comply with many VAT requirements. They need to maintain relevant records and documents, pay VAT liability, and file VAT returns. One more rule they need to follow is VAT audits in the UAE.
The Ministry’s Tax Procedures Law lays down enforcement procedures of the FTA. UAE VAT audits are a crucial part of these enforcement procedures. These ensure that entities, especially VAT registrants, do not escape compliance with VAT provisions or try to evade taxes.
Such frequent VAT audits in UAE by the FTA require you to be ready with your VAT records. For this, you must maintain proper accounts and documentation for VAT accounting and keep them up-to-date throughout the year. VAT audits enable FTA to check your VAT readiness and compliance with the VAT laws of the UAE.
FAME Advisory can help you with expert VAT audit services for effective and quick responses to FTA’s audits. We review your VAT records, past returns filed, VAT calculations, and other documents to check your compliance with VAT. An understanding of your business enables us to prepare VAT audit reports summarising your VAT compliance in UAE.
Expert Assistance on VAT documents, records, and compliance proof to pass FTA’s audits.
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VAT audit consultants in UAE
FAME Advisory is a prominent provider of VAT audit services in the UAE. We help entities follow VAT requirements and maintain proper records for all transactions. We aid entities in pre-audit, post-audit, and during VAT audits in the UAE.
Such pre- and post-audit support enables the identification of non-compliant areas or risks. Based on this study, we advise you on the necessary actions to take before FTA’s audits.
What is a VAT audit?
FTA conducts regular reviews of entities’ records and compliance with VAT requirements to ensure no one escapes from compliance. And if any entity is non-compliant, FTA levies penalties and fines on them. Such regular reviews are the VAT audits in UAE. Thus, the UAE VAT audit means examining a taxable entity’s compliance with VAT requirements and fulfilling all liabilities.
How to do VAT audits?
FTA conducts VAT audits in the UAE through its tax professionals. FTA can conduct a VAT audit any number of times at any time of the year. The tax auditors of FTA assess the entity’s tax returns, other documents, and other relevant VAT details. If they find any errors, inadequacies, or inconsistencies, they bring it to the entity’s notice.
The entity must correct those errors, make proper documentation, and complete VAT compliance.
FTA tax auditors might request a re-audit to check your corrections. So, entities must collect all dues, remit to the government, fulfil all liabilities, and maintain documents.
Our VAT audit services in UAE
Our VAT audit services include reviewing your transactions to identify critical flaws in your VAT compliance. Problems might be in recording transactions, keeping proper accounts, or verifying transactions. We examine the problems thoroughly and prepare a VAT audit report to make things easier during FTA’s UAE VAT audits.
Our competent VAT audit services include a critical examination of the following:
- Your accounting and bookkeeping records
- Collection of VAT
- VAT payments
- Input tax claims
- VAT returns filing
We study and review all your financial records and transactions on which VAT is applicable. It includes documents of sales and purchases in soft and hard copies and books of accounts. Such assessment gives the FTA confidence about the business’s collection and submission of VAT on time. With our pre-audit services, you are well-prepared for the official VAT audits by FTA.
You must be careful about the following:
Right Accounting Software
Use the right accounting software and processes to ensure compliance with UAE VAT laws. It must be accurate, up-to-date, and generate reports in the required format. With the right accounting system and software, you can minimise errors and improve your VAT procedures.
Input tax evaluation
VAT audits in the UAE review input tax calculations and documents. You must ensure to claim blocked inputs or non-recoverable tax.
Output tax evaluation
It ensures the correct calculations of zero-rated, standard-rated, and exempted VATs. Also, proper evidence must accompany these accounts.
VAT returns assessment
Auditors compare the VAT returns filed by you with the accounting records. Such comparison allows an analysis of consistency between the two and the accuracy of VAT returns.
Also, our expert assistance during FTA’s VAT audits in UAE ensures smoother and faster execution. We assist in the form of providing tax invoices, original documents, and financial records. Thus, you can enjoy hassle-free UAE VAT audits by FTA.
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FAQs: VAT Audit Services in Dubai, UAE
Tax auditors check the following documents in UAE VAT audits:
- Documentation of all supplies and imports
- Records of exported goods and services
- Issued tax invoices and documentation
- Tax invoices on receipt of goods and services
- Receipted tax credit notes and documents
- Details of imported goods, invoices from vendors, and customs declarations
- Records of goods and services bought for which input tax was not deducted
- Tax invoices or accounts with corrections or modifications
No. FTA does not audit any and every VAT registrant in UAE. It makes a random selection to audit a company and sends them a notification five days in advance. It conducts audits during the business hours of the entity. But this random selection is based on certain factors, such as:
- A business with a complex structure
- A large-scale business
- Incorrect tax filings in the past
- Past record of late tax submissions