Important VAT tips for businesspersons to avoid heavy penalties
In the UAE, the VAT is implemented from the beginning of January 2018. Every business that is registered under VAT is supposed to file the returns without making any delay. It is extremely important to follow the rules in order to evade hefty penalties and legal implications. If your business is not complying with the provisions of VAT, certainly, it will attract many problems. The businessperson should also consult with the top VAT service providers in UAE to collect further details. There are many tips that entrepreneurs and businesspersons can use to avoid the heavy penalties:
Complete the VAT registration on time
Each business that satisfies the eligibility criteria of VAT should register itself without any delay. In case the business is failing to register itself in a timely manner, it can be asked to pay a huge fine for non-compliance. Moreover, the operations of the business can be stopped until it gets registered and receives the registration certificate.
Properly maintaining the transaction details and books of account
Every businessperson, entrepreneur who is liable to pay the VAT must maintain all the books of account. The transaction details are required while filing VAT returns and also during audit procedures. If any inspection is conducted by authorities, these documents and records serve as evidence.
Adjusting the control procedures to comply with tax law
Start-ups and business firms must adjust their procedures to ensure all the VAT laws are being complied. If necessary, the firm must switch to new accounting software and other technologies that can automatically charge the VAT on transactions without any error. Your business can also take help from the top accounting firm in Dubai to get further guidance.
The VAT return must be filed without any delay
The registered business must file the VAT returns on a timely basis because delay can cause penalties. Consult with the experts of the best VAT companies in Dubai to get further assistance and guidance.
Providing necessary training to staff regarding VAT compliance
The staff should be provided with necessary training regarding the implementation of VAT. The new members of the staff should be properly trained. The new employees must be given the necessary training, and it must be confirmed whether or not they are familiar with all tax laws. It is good to take assistance from the VAT service providers because their guidance is very valuable. Your business can avoid huge penalties and can file the VAT returns within the deadline.
The businesspersons must update themselves regarding the UAE VAT law
The businesspersons must collect necessary updates regarding the UAE VAT law. The rules and laws can be amended suddenly. So, it is important to stay updated and collect information about recent alterations.