VAT Audit & Health Check
VAT health check will guarantee VAT adherence to FTA laws. The complicated topic of VAT in the UAE affects every aspect of a business. Different businesses of various sizes and types must deal with a variety of VAT-related complications. Businesses in the UAE must ensure VAT compliance to avoid VAT fines and penalties from the Federal Tax Authority in order to operate efficiently.
VAT Health Check from FinanSure
Our tax professionals have extensive experience in a variety of business sectors. To ensure complete VAT compliance for your business in accordance with the FTA's rules and regulations, our knowledgeable VAT specialists will help you in a variety of ways. Our VAT specialists will grade your company based on the passed and failed checks after performing a VAT health check.
The scope of work for a VAT health check
The list of tasks for a VAT health check in the UAE will be as follows:
- Accounting records review
- Evaluation of quarterly VAT returns
- A review of the format of VAT invoices
- Analysis of the VAT calculation for input and output
- Accounting records and VAT return filings being reconciled
- Detection of technical errors
- Organization of all tax- or VAT-related paperwork according to tax year
- Putting FTA VAT laws into effect
- Make sure the products or services are taxable supplies and that the VAT has been calculated correctly.
- Make sure the sales order processing system automatically calculates accurate VAT values based on the client or the type of product or service, country, and the designated zones in accordance with VAT Law
- Aid with creating VAT Audit files with a full audit trail
- If necessary, preparing VAT Voluntary Disclosures Form 211 to fix errors in filed VAT returns
- Examination of the data
- Identifying risks, and suggesting solutions where there are risks.