Accounting and Book Keeping
Accounting and bookkeeping services help you to keep up a healthy financial status. Our bookkeeping services records and assesses all the financial-related transactions of your business. these help you in reducing business risks and increase decision making. Besides, it supports growth and expansion in overall development. We are providing these services at cost effective prices that helps you to save your time and money. Our team oversee compliance regulations, accounting transactions, financial reports and financial analysis. We furthermore give financial reports like balance sheet, income statement and cashflow statement.
Auditing
We provide the best & affordable audit solution for all kinds of business sectors and companies. Besides, the expert team working to the various needs of a client. Our staff is experienced and updated with recent developments. internal audit services in Dubai have grown a name for solving the problem to all clients. And also given valuable advice on various issues. It can create value by identifying business-wide risks, monitoring, and providing early notice of new risks. Also improving process/efficiency. External audit in UAE is necessary for all the companies listed. The compulsory compliance with International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) has made an important external audit report. The external audit report acts as an important financial report at the time of license renewal, getting a loan, etc.
VAT Registration
Following are the VAT registration categories:
- Mandatory VAT Registration – Annual turnover is more than Dh 375K
- Voluntary VAT Registration – Annual turnover is more than Dh 187,500 but less than Dh 375K
VAT registration as a tax group depends on the number of companies doing business with multiple trade licenses. For tax group registration, all the businesses must be established in UAE. Emaratax will issue one TRN for the whole group of companies.
VAT Return Filing
VAT return filing mandatory for all taxable businesses in UAE, you are required to file VAT return on monthly or quarterly basis based on the information provided on your TRN Certificate. You need to make payment of VAT within 28 days from the end of your tax period. VAT rate in UAE coming under 5%, Zero rated and exempted category based on nature of transaction. We assure cost friendly price and timely submission without compromising the quality of services.
VAT Amendment
After the registration, there may arise the need for some amendments in the details of the firm in the VAT application. These amendments must be informed to the FTA within 20 days from the day of the change made.
VAT Deregistration
VAT deregistration in UAE allows a taxable person or a business to cancel their VAT registration and suspend their Tax Registration Number (TRN). It’s crucial to understand this process to avoid penalties and comply with Tax regulations.
VAT Refund
When the input tax is greater than the output tax on a VAT return, the taxpayer can request a VAT refund after filing their VAT return.
Corporate Tax Services
Corporate Tax is a form of direct tax levied on the net income of corporations and other businesses. CT applies in UAE with effect from 1st June 2023 with the following rates
- A 0% corporate tax rate applies to taxable income up to AED 375,000
- A 9% corporate tax rate applies to taxable income over AED 375,000
- Free Zone Person that meets the conditions to be considered a Qualifying Free Zone Person can benefit from a Corporate Tax rate of 0% on their Qualifying Income (the conditions are included in Section 14).
Broadly, Corporate Tax applies to the following “Taxable Persons”:
- UAE companies and other juridical persons that are incorporated or effectively managed and controlled in the UAE;
- Natural persons (individuals) who conduct a Business or Business Activity in the UAE as specified in a Cabinet Decision to be issued in due course;
- Non-resident juridical persons (foreign legal entities) that have a Permanent Establishment in the UAE (which is explained under Section 8).
Payroll/WPS Services
Payroll Process and Management refers to the arrangement of dealing with the wages and pay of the considerable number of employees in a company. We are preparing and processing payroll through wps with highly secure and confidentiality, we will calculate leave salary, end of service benefits and other benefits applicable to the client in a cost-effective way.
Accounting Software Solution
We are providing setup, training and data import support for Tally, Zoho and few more accounting software, if you are new start up or tired with existing accounting software and confused about choosing accounting software, we can assist you to implement and train accounting practice to make your system to streamline and to make your business accurate
Cost Control & Risk Management
Cost assessment: Developing approximate estimates of costs required for project accomplishment. Cost budgeting: Developing a cost and financial resources budgeting, control and analysis system. Cost control: Cost efficiency monitoring to identify and analyze deviations from the basic budget. Ensuring that possible overruns do not exceed the agreed budget. Risk forecasting and management: Risk management is the process of identifying, assessing and controlling financial, legal, strategic and security risks to an organization’s capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters
Company Liquidation
The liquidation of a company is when the company’s assets are sold and the company ceases operations and is deregistered. The assets are sold to pay back various claimants, such as creditors and shareholders. The liquidation process happens when a company is insolvent; it can no longer meet its financial obligations. We are providing service to complete the process of liquidation including audit of accounts.
Inventory Verification and Valuation
We perform periodic physical reviews of inventory that can help to identify variances between physical and book quantities, as well as evaluate internal controls on inventory movement and accounting. In addition, it provides assurances to owners and management of businesses that the inventory reflected in accounting records is not materially different from the physical quantities. This can act as a deterrent against theft, damage, and unauthorized write-offs. At regular intervals, we can assist with inventory verification and valuation. The verification of inventory includes, among other things, marking physically verified stocks, identifying damaged and slow-moving or obsolete items, and more.
