VAT Training

Have you recently embarked on a new business venture or expanded your finance team or made acquisitions recently ? If yes, then there is no better time to think of VAT training.

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Have you recently embarked on a new business venture or expanded your finance team or made acquisitions recently? If yes, then there is no better time to think of VAT training. Of course, we are there to help you anytime in all aspects of the business but you and your team must remain VAT-ready not only to keep the costly mistakes at bay but also for seamless bookkeeping. VAT training in corporations is all the rage these days because having watertight control over VAT processes is an ongoing challenge for almost every business. The rules are labyrinthine time and again, transactions are systematized in a way that might demand alteration in the VAT treatment, and the VAT process typically engages numerous employees across diverse departments. To ensure that the most valuable assets of your company, your employees, have an acute awareness of the procedures and protocols of the consumption tax system in UAE, VAT training is the much-needed step you might want to take next.

VAT Training in UAE

After Value Added Tax implementation in the UAE in 2018, VAT became part and parcel of businesses trading taxable supplies in the UAE. Yes, not every business has to pay VAT. The 5% VAT is applicable to those companies only that are dealing in taxable goods and imports (exceeding AED 350,000 per year). Your business might be far from the VAT threshold at the moment but you never know when it will cross it and make you eligible for registering on the VAT system. There is no harm in being prepared for the complex VAT system beforehand. If you think you have working knowledge of VAT registration, VAT accounting, VAT implementation, and VAT return filing and you don’t need VAT training then allow us to enlighten you that there is so much more to learn about VAT in addition to these major components. Our training programs are thoughtfully structured to make you finance professionals aware of the impact of VAT implementation on various aspects of your company due to its business model. Our VAT specialists will help you acquire in-depth understanding of:

VAT concepts and its applicable rules in UAE.
How to create a VAT account, add information on a regular basis and manage it for filling.
VAT related matters for your company and how to handle them.
The way in which VAT operates, particularly in respect of output tax and input tax, in such a way that it remains neutral in its application by businesses.
How VAT applies to global transactions of both goods and services and how the system allows by ensuring that imports and exports are neither favoured nor unfavoured over domestic supplies by applying the Double Tax treaty.
The impact of exemption in VAT and how tax is calculated by businesses that trade exempt supplies.
What are the crucial administrative issues that VAT needs and how to categorize them.
How to plan the VAT balance.
The risks behind improper VAT management.

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VAT Training: Significance

Not registering your business when you have to can attract penalties and fines. Deciding when to register mandatorily or voluntarily for VAT is complicated oftentimes. You might know when and how to register your business for VAT in the UAE. Chances are that you already are cognizant of how to deal with your VAT account. Maybe you also are familiar with the VAT deregistration process and its prerequisites. But do you know-

Why should you voluntarily register on the UAE VAT system when you don’t have to by law?

How voluntary VAT registration can be advantageous for your business?

Is it worth registering for VAT voluntarily or just an unnecessary hassle and expense?

How registering on VAT system can help you put a good impression on the market and avail of tax refunds (to reclaim VAT that is imposed by other businesses aka input tax) or offset expenses if done voluntarily?

What if your company doesn’t touch the threshold most of the year, but surpasses the threshold in the last month on a whim?

What to do if you forecast the business will go beyond the threshold but it doesn’t?

The complications that can loom over you when you deal in zero-rated goods and services such as specific educational services, investment-grade precious metals, healthcare services, export outside the GCC?

Unlike exempt offerings, zero-rated supplies count towards the AED 350,000 threshold total opening door to voluntary VAT registration and you have to maintain the record of all zero-rated supplies within your VAT account as usual.

How to identify what supplies don’t squarely fit into the standard VAT slab and what can be the dire implications of not getting this information right?

How to make sure VAT returns are filed on-time and error-free?

VAT registration adds extra load to your company’s administrative work for sure but if your VAT team is trained by VAT professionals who are hands-on with complex procedures and systems, they can check all the right boxes to maximise your working capital while safeguarding the business against risk. Plus, you don’t end up overpaying or underpaying towards taxes.

Adam Global: Your VAT Trainer in Dubai

The individuals working in the areas of accounting, tax, and compliance are required to keep abreast of the dynamics of VAT implementation in Dubai as filing and submitting VAT returns is imperative for businesses. In addition to VAT advisory services, VAT-compliance services, VAT registration & deregistration services, VAT return filing & VAT refund assistance, we also provide VAT training services in UAE . With Adam Global, you will attain comprehensive knowledge of VAT from specialists that have been active in this field for many years. Adam Global VAT specialists are highly qualified and trained professionals who are glad to assist your company to accomplish a better understanding of the VAT procedures and policies. Our VAT advisory assists business persons in evaluating their financial structure to identify the impact of the VAT in UAE and get their human capital trained to handle VAT-based transactions. Worth their salt, our VAT experts will also prepare you to identify and mitigate potential risks, and you’ll also be able to decipher VAT balance.

Once you are done with the VAT training with us, you’ll gain an in-depth knowledge of UAE VAT laws and regulations, and you can begin applying what you’ve learned to your business right off the bat, from implementing VAT strategies to ensuring your company has a perfect VAT management system set-up. Furthermore, you can also steer clear of various expendable legal expenses that might arise due to VAT breaches and by handling VAT tasks unprofessionally. If you think your company can benefit by learning the essentials of UAE VAT laws from seasoned VAT professionals, do not delay getting in touch with us. You are most welcome to discuss with us your bespoke training requirements!

FAQ

Why should business persons learn VAT?

You can’t run to a third-party VAT advisor every now and then even to clarify a little doubt! You already are maintaining an in-house team of finance professionals who handle your VAT-related matters and don’t want to shell out on external VAT specialists when with a little training you can have your own VAT professionals at no extra cost. Moreover, upskilling yourself and your employees with the fundamental components and all-encompassing work process of VAT can be a wonderful asset for your business. The professional VAT trainers in Dubai can teach you everything you should know about VAT fundamentals, implementation, audits, registration and deregistration processes, and so much more. Not only that but you will also know about the specific accounting principles and practices that are used in various VAT calculations.

Does VAT training cover all VAT issues?

VAT training is what the doctor ordered if you want to implement VAT successfully in your company whether you are involved in international supply chains, maintaining accounts for property transactions or dealing with charities and/or grant-funded organisations. The training covers by and large every VAT-related aspect including issues and opportunities for trade sector/business and AP/AR & group reporting. You may share your business needs with the VAT trainer you opt for and have them tailor your VAT training package level-wise. This will boost confidence in your staff and help them stay up-to-date with the new or amended policies and procedures and implement the same in an efficient manner. The major components you may expect in your VAT training course structure are as follows:
1. Record Keeping
2. Tax Invoice & Tax Credit Note
3. Reversal/Adjustment of Output VAT
4. Capital Asset Scheme
5. Partial VAT Exemption
6. VAT Calculation & Payment of VAT
7. Designated Zone & Its VAT Impact
8. Reverse Charge Mechanism and VAT on Imports
9. Industry-wise Impact of Zero-rated Supply of Goods & Services
10. Zero-rate Supply of Goods & Services
11. VAT Exemptions
12. Single & Mixed-use Supply
13. Profit Margin Scheme
14. Value of Supply Rules
15. Place of Supply Rules
16. VAT Registration
17. Deemed Supplies
18. Supply of Goods & Services
19. Scope of Tax
20. VAT Calculation & Payment of VAT
21. Violations & Penalties

What does Tax Grouping or VAT Grouping mean? How does VAT Grouping benefit the participating companies?

Tax or VAT Grouping indicates grouping of two or more companies or limited liability partnerships as a single taxable entity for VAT purposes in accordance with the provisions of Federal Decree-Law Number 8 of 2017. Entities registered with the authority as a VAT are treated as a single company, which is still under the terms and conditions stated in the law. It is mandatory to fulfil certain conditions to abide by Federal Decree-Law Number 8 of 2017. If you are in a dilemma whether to merge or not for VAT benefits, seeking legal advice and support from a tax consultant is a wise move.
VAT groups are formed to enjoy benefits such as only one VAT return per quarter with reduced administrative work, VAT-free inter-company transactions, simplified accounting & record-keeping process, low-risk challenge of transfer pricing, intra-group charges-related positives, lower chances of incurring penalties in regards to intra-group charges, easier system configuration and implementation, relatively cheaper consultancy or compliance cost.

What are the disadvantages of registering as a VAT/Tax Group in UAE?

There are some disadvantages as well that either or both of the companies might have to deal with when grouping for VAT ease. For instance, time-consuming return filing causing delays or penalties, tax inspection complications and challenges, just one authorized signatory responsible for all the grouped entities, Ringelmann effect, etc. To know whether tax grouping is a good idea for you in the long run it’s always advisable to consult with a VAT expert.

Why is the standard VAT rate in the UAE the lowest in the world?

Traditional markets are looking to clean technology and renewable forms of energy. UAE’s purpose behind introducing VAT across all seven emirates is to reduce over-dependence of the nations’ economy on oil revenue only not to make it one of the major sources of gathering funds for the country’s developmental purposes unlike many other nations. The government decided to keep it low to maintain the investment-friendly climate. And they don’t have any plans to increase the VAT rates any time soon.

How can VAT specialists help me?

Working with a VAT specialist in the UAE is always helpful for your business. They manage your VAT liabilities and make you aware of VAT implications of specific transactions as well. They also guide you on when is the right time to register your business for VAT, be it voluntary or compulsory and what’s beneficial for your company strategically. With them by your side you will have more visibility over your future costs so you know beforehand what pros or cons VAT will bring to your business. They also make sure you have sound financial planning so you fork out towards VAT what you should, neither less nor more.

Contact Us for A Free Consultation!

Don’t wait until it’s too late. Contact Adam Global Auditing & Accounting today to learn more about how we can help your business comply in the UAE and maximize your savings.

To get your personalized consultation, simply click the “Get a callback” button and schedule a call with one of our specialists.

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