Why You Should Hire Vat Consultants For Your Business In UAE?

 WHY YOU SHOULD HIRE VAT CONSULTANTS FOR YOUR BUSINESS IN UAE

VAT is one of the most common types of consumption tax that has been implemented in around 150 countries of the world. VAT was implemented in Dubai on 1st January 2018. VAT has provided a new source of income to UAE, the rate of VAT is 5% and all the businesses that are registered under UAE VAT have to comply with it. 

It is very important to comply with the rules & regulations of VAT to avoid any penalties. And it is thus very important to hire VAT consultants. 

Below are some of the main reasons why you should hire VAT Consultants for your business in UAE:

1. Easy VAT Registrations: VAT registration is compulsory for businesses if the value of the taxable supplies of your business exceeds AED 375,000 over the previous 12month period or is estimated to exceed that threshold in next 30 days. The businesses can also apply for voluntary registration if supplies exceed AED 187,500. VAT consultants can help you in this as they are experts in this and also they can guide you whether your company should get registered for VAT or not.

2. Save time and efforts: VAT consultants can also assist you in timely filing of your return. Also, the VAT consultants help minimize the time required for analysis, assessments and measurement of risks related to the company’s revenues and payment of taxes. Thus the VAT consultancies save your time & efforts and thus you can concentrate on your core business.

3. Provide knowledge and expertise: VAT service providers always have the right information about the latest news & developments in the industry like changes in the rate of taxes, new provisions, etc. These consultants have very good knowledge about the VAT laws and thus they are in a very good position to give the right guidance for your business.

4. Provide best advisory services: The VAT consultants are experts in their field and they very well know the impact of VAT on your business, whether it will be positive for your company or negative. They have proficiency in adopting a strategy to help minimize the negative effects. 

5. Help in decision-making: The VAT consultancies have professionals who study your business requirements and plan VAT implementation based on the financial strengths and weaknesses of the company. These consultants also help your business adopt the most suitable structure for maximum benefits and enhanced revenue. Thus, various decisions can be taken by all considering all these factors so these consultants can help you very much in taking important decisions for the business.

So, these are the reasons why you should hire a VAT consultant for your business in the UAE. There are many VAT consultants like NUF in UAE that can help you in your business and make you stress-free by providing efficient services.