IRD ACCOUNTS ACTIVITY

IRD Accounts Activity

Taxation

VAT Consultancy Service

An Experienced team who can offer you the best VAT Consultancy Services in the UAE in all the aspect of VAT, proper consultancy can make you easy to work with VAT and avoid errors

VAT Registration

Businesses in the UAE with annual supplies (taxable) of more than AED 375,000 (or equivalent) must register for VAT in the UAE.Businesses with annual taxable supplies falling in between AED 187,500 and AED 375,000 can register voluntarily for VAT in the UAE.Businesses that are yet to register for VAT cannot charge VAT on supply of goods or services to their customers and also are not entitled to reclaim the VAT they have paid on goods purchased or services rendered.

VAT Return Filing

Under UAE VAT, the first VAT return is due on 28th Feb, 2018, which will be filed by those businesses for whom the monthly VAT return is applicable. The businesses are required to file VAT Return online using the Federal Tax Authority (FTA) portal.,We will provide the client entity with complete support in relation to preparation and filing of the VAT return.

VAT Deregistration

Under the Executive Regulations and Tax Procedures Law, VAT Deregistration is eligible under two scenarios: Voluntary and Mandatory. Taxpayers can apply for voluntary deregistration when taxable supplies fall below the mandatory threshold of AED 375,000 but above AED 187,500

VAT Transaction Advisory

Most transactions in any business are taxable by governments. The Value Added Tax or VAT system imposes a type of tax that differs according to the situation. An extremely proactive approach is needed to avoid complications and take advantage of business opportunities in the VAT regime.With different transaction having different VAT implication and demanding different solutions, we ensure that you stay updated according to the law and steer your tax implications in the right direction. Our team will assist you to establish a VAT-compliant policy and procedure at the transaction level.Our advisors’ in-depth tax knowledge will assist you to make the right choice.

VAT Amendment

In the event of a change in the business details submitted while applying for VAT registration, it is the responsibility of the taxpayer to notify the changes to the FTA and amend the registration details. If the changes are not notified and amended, a penalty could be levied.

VAT Refund

Taxable Persons are able to request a VAT refund at any point when there is a credit or when the input VAT is greater than output VAT, and Where a UAE National owns or acquires land in the UAE on which he / she builds or commissions the construction of his / her own residence, he / she is entitled to request a special refund from the FTA for the VAT incurred on certain expenses related to the construction of a new residence, subject to certain conditions stated in Article 66 of the Executive Regulation.

VAT Reconsideration

Reconsideration is the way to approach authority if you are not satisfied with the penalty decision issued by the authority. It is a request application that can be submitted by a Registrant/Non-registrant or tax agent after preparing a proper case study that produces evidence justifying the reason.

Excise Tax

Excise Tax is an indirect Tax leived by UAE government on goods that are considerd harmful to human health or the Environment

Accouting & Bookkeeping

Cloud Based Accounting

Widely used by SMEs and freelancers. Financial information can be viewed from anywhere around the world with internet access. You can e-mail, courier, or even use ordinary mail for sending the documents to us and our accountants will update your books online. The electronic collection is by far the easiest, fastest, and most economical method.

On site Accounting Service

If you require all the work to be completed on your own premises, our accountant will visit your office, compile the financial information, and complete the accounting. This service is regularly used by mid to large-sized companies.

Project Accounting

A huge number of our clients demand project accounting services on a regular basis which is why we started providing project accountants to existing as well as new clients on a regular basis. A project accountant works specifically on a given project e.g. bank reconciliation, financial data migration, retrospective accounting, or general accounting for a specific number of data, etc

Financial Accounting

with the increase in complexity of the business environment and transactions, financial reporting is becoming increasingly challenging. Our Financial Accounting Services practice comprises of a dedicated team providing accounting and financial reporting advice and support to member firms audit and non-audit clients on a wide range of transactions and events, Our financial accounting services includes statutory financial accounting, VAT return compilation, preparation of financial statements and annual reports and accounting supervision and controls.

Management Accounting

Management accounting or managerial accounting is to educate you better before resolving matters within your organization, which assists your administration and performance of control functions.It provides you with provisions of financial and non-financial decision-making information.

Inventory Verification

inventory verification help the company reduce the loss of inventory to a great extent, providing assurance to the management that inventory reflected in the financial are reliable, inventory is the most valuable asset of any company and is most suspectible to fraud, wastage or damage.

Accounts Training & Support

Accounting & bookkeeping system and evaluation of accounts by skilled and experienced team is important to any company to assure proper accounts, Our skilled team providing accounts training service to your staff and assuring support through online or onsite.

Feasibility Study

We offers efficient & specialized feasibility study services in Dubai by offering detailed, authentic & timely feasibility reports. Our feasibility experts study thoroughly & analyze every tiny detail to determine whether a decision is feasible or unfeasible for the business.Our feasibility experts are the best feasibility study consultants in UAE, they are extremely professional, experienced and highly educated for conducting a feasibility study and making a detailed feasibility study reports in Dubai.

Accounting Software & Support

with an extensive experiense in both using and implimenting almost all top accounting solutions, we help our customers to symlifying their accounting process

Economic Substance Regulation (ESR)

The UAE’s Economic Substance Regulations (ESR) requires the activity of a business as stated in the business license to match its financial statement, with that ‘Relevant Activity’ determined in ‘substance’ rather than in form alone. Businesses must file their ESR compliance for each Financial Year, ensuring the filings are correct on both substance and form. The ESR is an important component of the UAE’s business regulations and sits within a cross border international tax framework. In fact, it is in response to OECD’s BEPS Action 5 initiative to counter harmful tax practices. The ESR was first issued in April 2019 and finally implemented after a series of amendments and guidance with the first batch of filings on 31 December 2020. Relevant Activities:

Banking Business
Insurance Business
Investment Fund
management Business
Lease – Finance Business
Headquarters Business
Shipping Business
Holding Company Business
Intellectual property Business (“IP”)
Distribution and Service Centre Business

Audit Assurance Service

An entrepreneur who owns either a small scale business or a large scale business ought not to spend much of his time exploring the accounting and auditing aspects of a business. Instead, he can spend much of his vigour on recuperating returns, increasing the number of employees or improving his services and products. Being a business owner, you need to do business valuation, identify risks, boost credit, accomplish business objectives etc. Hiring auditors in Dubai can help you in this matter through proper evaluation of the company’s financial reports. Auditing is a technique for evaluating the efficiency of a company’s domestic controls. Upholding an effectual system of internal controls is imperative for achieving a company’s business objectives, acquiring consistent financial reporting on its operations, putting off fraud and embezzlement of its assets, and playing down its cost of capital. The internal, as well as the independent auditors, contribute to a company’s audit system in different but important ways. Hiring a proficient auditor in Dubai can help your businesses unearth problems and guarantee effectiveness providing a high level of assurance. Getting professional audit services in Dubai can also assure optimal transparency in your business finance.

Economic Substance Regulation (ESR)

Internal Auditing

Internal Audit services in Dubai help businesses to enhance the productivity by improving the performance and value of the business through internal audit. Audit helps businesses to add value and boost their business operations to achieve their strategic goals and objectives by evaluating and controlling the risk factors and governance processes

Audit Preperation Support

GoAML Service (AML/CFT)

Anti-Money laundering law comprises the laws, regulations and procedures to curb the disguising of illegally obtained funds through market manipulation, trading of illegal goods, corruption, tax evasion, terrorism, etc. AML is targeting to identify and prevent the methods to launder the illegally obtained funds. Anti-money and counter -financing of terrorism (CFT) are now global concerns. And all individuals and firms in the UAE shall adhere to the rules and regulations to avoid legal consequences. our experienced professional can assist your entity to align with the latest requrements.

Ultimate Beneficial Owner Decleration (UBO)

The ultimate beneficial owner (UBO) is the person who, directly or indirectly, owns and controls a company. Individuals with ownership of at least 25 per cent shares and voting rights of a company, or someone with the power to dismiss and appoint a majority of a company’s directors shall be considered as a UBO.