Tax Advisory

Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency. Through tax planning, all elements of the financial plan work together in the most tax-efficient manner possible. Tax advisors plan and provide essential information and look into every aspect of business while dealing with the tax returns. One of the ways we do this is by helping clients implement tax planning strategies in a measured and balanced way, ensuring they minimize their overall tax liability. Tax planning is important for both small and large businesses because it can help them to achieve their business goals. When you have a tax plan as the owner of a business, you can lower the amount of taxable income, gain more control of when taxes are paid and also reduce the rate of tax.

VAT Financial service

The UAE Government has introduced and implemented Excise from 1st October 2017 and Value Added Tax (VAT) from 1st January 2018. Our VAT and Excise specialists have helped a wide range of organizations of all sizes in implementing taxes and addressing their concerns. The new regulations have imposed additional administrative assignments on businesses. Calculating VAT can be costly and identifying the rigid system of penalties and interest charges for mistakes and delays can be confusedly. Our VAT professionals will help to keep your VAT affairs in order, ensure collecting the right amounts for each transaction and reminding you to make payments and file VAT and Excise returns correctly on time:

TRN Number Application,Tax Return Filing ,TRN Cancellation

To initiate VAT registration, one must fill the VAT Registration form online and submit the essential documents required along with the form in order to attain TRN Number. Once the application is submitted, the FTA will review the information and documents submitted, and if everything is found to be satisfactory, the application will be approved, and a Tax Registration Number (TRN) will be allotted. Any company that misses the VAT Registration Number cutoff date or fails to complete the VAT registration process under the deadline set by the Federal Tax Authority must pay Fine. Tax Return is a record of the excise paid during each tax period. Businesses should file returns for excise tax online using the FTA portal. Excise tax returns should be submitted within 15 days after the relevant tax period. Excise tax should be paid 15days after the end of the calendar month. If the filing deadline falls on a weekend or a national holiday, it will be shifted to thefirst working day that follows the holiday or the weekend. It is always advised to file excise tax returns on time, even if the excise tax has already been paid. Filing excise returns late, or not filing them at all, will attract penalties from the FTA. In some instances, it happens that the FTA refunds the excise tax which has previously been paid on excise goods. Therefore, the taxable person can deduct the value of the tax from the total excise tax payable to the FTA on his excise tax return in the next month. The cancellation of TRN/VAT Registration is called VAT Deregistration with the Federal Tax Authority (FTA). There could be various reasons, why a previously taxed business or an individual can opt for cancelling their registration for VAT. Such reasons are needed to fall under the conditions defined by the law related to VAT. Even with the valid reason, the approval from FTA will show the status of the application as “Pre-Approved” and will only be considered complete when all these liabilities are cleared and afterwards fully deregistered.