In every country where the government charges VAT tax, businesses are often looking for VAT consultants. The same is the case with UAE. Since this tax will be imposed by February 2018, you see several businesses running to and fro to find one. There is no harm in trying to find one but one should also have some info about where to look for. Discrepancies are bound to happen but the solution is not to stay shallow and not doing anything about it. in fact, you should do the opposite to make sure you find the VAT consultant near you. If you are wondering why this is important at all, know that calculating the VAT on your production, be it monthly, quarterly or annual, is by no means an easy feat. There are complex calculations involved due to which hiring the best VAT consultants in UAE becomes necessary.
Since the VAT is calculated on every single product produced and sold, it is pivotal to keep a track of each produced product as well. This is where your auditors come into equation as they are the ones assisting the VAT consultants in calculating overall production. Looking at the financial sheets and income statements, the auditors will not only ensure that company growth remains constant, it also means that the VAT consultants will stay aware of actual rate of production. There is no denying that it can get a little complicated at times, calculation of VAT on overall production can be a little testing at times. Therefore, when your auditors and VAT consultants work together, things become a little easy to understand for the company owner as well as government VAT inspectors. Don’t worry if any discrepancy emerges in calculations, these things happen all too often. Here is more on VAT taxation and auditing and how both professionals can make life easy for you.
Working In Tandem Always Works
While the auditor will take care of the discrepancies in financial statement and yearly balance sheet, the VAT consultant will be busy counting the units produced overall. Keep in mind that both will help you overcome issues rising from the misunderstandings during the process. Playing with statistics is not easy, but both these professionals do it day and night. Once the calculation is complete, the final numbers will be submitted for review before sending them over to the VAT inspector.
In the meantime, keep your VAT and auditors in Dubai abreast to overcome any challenges if and when they surface.