VAT Audit
UAE VAT Audit Services: Ensuring Compliance and Peace of Mind
The introduction of Value Added Tax (VAT) in the UAE on January 1st, 2018, added a new layer of complexity to business operations. The Federal Tax Authority (FTA) has the authority to audit businesses to ensure their compliance with VAT regulations.
Beaufort Associates, a leading tax consultancy in Dubai, can help you navigate this process smoothly.
Our VAT Audit Services
Our comprehensive VAT audit services provide a thorough examination of your company’s VAT accounting practices and return filings. We ensure compliance with the FTA’s guidelines on document management, tax collection, payment, and input tax claims. Following the audit, we provide a detailed report for your future reference.
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Understanding VAT Audits
A VAT audit is essentially a review of your company’s VAT compliance by the FTA. They perform audits to ensure all tax liabilities are met and all taxes due are remitted to the government on time.
The VAT Audit Process
The FTA has authorized officials to conduct tax audits in the UAE. During the audit, these officials will meticulously examine your tax returns and supporting documentation. The Tax Procedures Law empowers the FTA to initiate audits at any time and for any reason.
Cooperation is Key
The Tax Procedures Law mandates that businesses cooperate fully with FTA tax auditors. This includes providing them with all necessary documentation and assistance during the audit. Beaufort Associates’ experienced tax agents can guide you through this process and ensure you meet all compliance requirements.
Documents Required for a VAT Audit
To ensure a smooth audit process, it’s crucial to have all necessary documents readily available.
These include:
- Tax credit notes and supporting documentation
- All issued tax invoices and supporting documents
- Records of purchases where input tax was not deducted
- Export records for goods and services
- Records of any modifications or corrections made to tax invoices
- Details of imported goods, including customs declarations and supplier invoices
- Documentation for all supplies and imports
- Tax invoices and supporting documents for received goods and services
Proudly supporting international and local companies for over 25 years
Key Considerations During a VAT Audit
There are several key areas that the FTA focuses on during a VAT audit. Beaufort Associates can help you ensure these areas are in order:
- Evaluation of VAT Returns: We meticulously compare your filed VAT returns to your accounting records to guarantee accuracy and consistency.
- Input Tax Assessment: We closely examine your input tax claims to ensure you’re not claiming blocked inputs or non-recoverable taxes.
- Output Tax Evaluation: Our team ensures that zero-rated, exempted, and standard-rated taxes are calculated correctly as per UAE tax regulations.
- Accounting System and Software: We advise on using compliant accounting software to minimize errors and streamline VAT return filing.
Partnering for VAT Audit Success
A VAT audit can be a stressful experience. Beaufort Associates can help alleviate that stress by providing expert guidance and support throughout the entire process. Our team of experienced VAT consultants and registered tax agents will work closely with you to ensure compliance and a successful audit outcome.
Don’t navigate a VAT audit alone. Contact Beaufort Associates today for a consultation and peace of mind.