Mars Group Mars Group is one of the best leading accounting firms in Dubai by offering IT and cyber security, digital marketing and VAT consultancy services with experienced professionals. Our expert staff helps the business owner by providing customized service to achieve their objectives with maximum efficiency. https://marsgroup.ae/ About Us MARS Group is founded in Dubai by a team of qualified professionals with years’ experience and expertise in Business Management and Consultancy. MARS is registered with FTA in UAE as “TAX AGENCY”. MARS Group offers range and diversity of skills and technical expertise available within the firm and through our affiliation to respond to every client situation throughout the United Arab Emirates and Internationally. https://marsgroup.ae/ 12 Unforgivable Sins of VAT Consultant Vat Consultant Value Added Tax is an indirect tax for consumption goods or services. It is levied at several points in the product chain. More than 180 countries across the world have this form of tax. In UAE, it was first introduced on 1 January 2018. The VAT is introduced as an alternative to complement the revenue generation for the state to continue providing high-quality public services for its citizens. Currently, the VAT rate is 5% in the country. Keeping sound financial records helps in ironing out the entire process. https://marsgroup.ae/ 12 Unforgivable Sins of VAT Consultant Using incorrect rates of VAT is one of the most common and unforgettable mistakes that can result in fatal calculations. Lack of understanding of VAT rules cannot be used as an excuse and hereby is the responsibility of the concerned business associates. Without a tax invoice, there is no point in asking or filling the tax returns, especially when the invoice is more than 10,000AED. For this, you can also connect with VAT experts in UAE. Not filling the invoice with the necessary information that includes business name, address, owners name and the other details. Sales which do not fall as per the rules stated by the concerned government must be added neither in the invoice nor in the balance sheet. The businesses that are importing good which does not comply with the standard VAT rate, i.e., 5% must make the use of the VAT return laws consciously https://marsgroup.ae/ 12 Unforgivable Sins of VAT Consultant Adding entertainment expenses in the VAT invoice by the tax consultant provider is an unavoidable sin and should be stopped. Suppose, the company has offered free food to its employees, and for the same, VAT return is filed then it is a blunder from the end of the company itself and will not be granted. Coming to vehicles that are being used by both the company and for household purposes does not imply for VAT returns in any manner. If the VAT consultant is claiming for VAT twice for the identical purchases then refund of return, both will not be accepted. It is the responsibility of the VAT consultant to make the business aware not to work with the companies that are not associated with VAT transparency. Filing the VAT returns by following the wrong methods is a big concern. Sometimes the concerned authorities ask for additional information, missing or overshadowing any of them will result in an error. https://marsgroup.ae/ Contact Us Visit Us Office 204 Bushaqer Building, PO Box: 48593, Dubai, UAE Call Us +971 4 285 0950 +971 56 413 3479 Email Us info@marsgroup.ae Website https://marsgroup.ae/
