VAT Health Check Services
UAE entities must follow the different VAT requirements in the country. They must have proper VAT procedures, maintain necessary documents and records, and follow VAT requirements on time. If you fail to do so, you may face penalties, investigations, or VAT disputes by the FTA. To save you from these issues, FAME’s VAT health-check service comes into the picture.
We conduct such reviews and assessments for your VAT procedures and systems to identify gaps and loopholes.
FAME Advisory is a prominent provider of VAT health check services in the UAE. With our services, you ensure your VAT procedures and systems are up to the mark. Our VAT health check in Dubai saves you from the penalties or investigations of FTA. With FAME as your partner, you never have to worry about the effectiveness of your VAT compliance.
We have the industry knowledge and experience to provide you with the best VAT health check services in Dubai. After the VAT health check-up, we provide a detailed report of the identified flaws and loopholes. We also provide recommendations to help you bring your business procedures, systems, and controls in compliance with VAT requirements.
Make the most out of your VAT health check
Call our VAT experts for necessary check-ups and remedial actions
Our VAT health check services in Dubai
Our VAT health check service in UAE is an essential VAT requirement to ensure the proper functioning of your VAT procedures. It will help you identify and realise the VAT compliance areas where you must pay more attention.
Our fully-trained and highly qualified VAT consultants regularly carry out VAT health checks in UAE companies. Thus, we identify the inaccuracies or inefficiencies to help you correct them before the FTA points them to you. So, you do not have to worry about your VAT situation when FAME is here to take care of it.
In our VAT health check services, we review the entire VAT lifecycle of a business, including registration, accounting records, documents, and returns. We also check the calculations of VAT in some sample transactions for accuracy and correctness. This enables us to eliminate all possible risks of VAT compliance failure of your business.
Make the most out of your VAT health check
- Scan your accounting records and documents for errors
- Assess your VAT returns thoroughly to check the accuracy and completeness
- Check the submission of voluntary disclosure forms as per the requirements
- Compare the filed VAT returns with annual accounts for reconciliation
- Investigate the VAT schemes applicable to your business and their usage in your business
- Examine the appropriateness and relevancy of VAT planning in the business
- Understand VAT implications in your business as and when FTA releases new guidelines and notifications
- Check for the most typical mistakes companies make in VAT compliance
- Review of output and input VAT calculations based on tax invoices
- Check the adjustments of input and output taxes with account payables and receivables, respectively
- Inspect the VAT treatment of sales
- Assess the files prepared for VAT audits
- Inspect the application of reverse charge mechanism for companies and zones
- Examine the VAT refund application and calculations
- Check the relevancy and format of import/export documents maintained for checking their tax treatment
All these assessments determine whether your processes and systems are VAT-compliant. If not, we will help you correct the mistakes and take remedial action before the FTA notices them. The absence of VAT health checks leads to FTA audits, which result in the imposition of hefty penalties.
FAQs: VAT Health-check Services in Dubai, UAE
A VAT health check in UAE means an independent review of a business’s VAT compliance. It includes an assessment of the business’s VAT processes, records, and controls that can help them follow VAT regulations. For this, the VAT health check comprises a review of the following:
- Accounting records
- VAT returns
- Transactions and VAT calculations
- Formats of VAT documents
- VAT compliance
VAT health check results in the following benefits:
- To check your compliance with UAE VAT
- To assess the implications of VAT requirements on your business
- To identify errors or flaws in your VAT compliance that the FTA may identify in VAT audits
- To ensure correct VAT treatment of different types of transactions
- To examine the correct use of VAT schemes in your business
- To detect the opportunities for enhancing the VAT position
Our VAT experts have the expertise to understand the implications of all types of events on your VAT position. Whether it is the new business laws or trade requirements, we help you examine the impact of each event on your VAT position. Our VAT health check services in Dubai determine the influence of worldly events on your VAT compliance.