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In this video, we will be discussing 6 common mistakes that business owners make when filing their VAT returns.
If you make one of the below mistakes, then you could expose your business to penalties. You might have to also do voluntary disclosures, which could lead to not just additional penalties, but involves more effort and time to file. For a busy entrepreneur, this is not something you can afford.
Time Codes-
0:00 Intro
0:40 Make sure to enter the output VAT on sales in the right emirate
1:13 Make sure to include zero-rated and exempt sales in the VAT return
1:35 Prepare an invoice wise working of the return
1:58 Claiming VAT on expenses that are not recoverable
2:11 Account for reverse charge mechanism (RCM) for imports
2:36 Make sure to file the return and make the payment on time
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We are one of the oldest audit firm based out of UAE, with over 30 years' experience. We are experts in Audit, Accounting, Taxation & Consultancy related services. Get in touch with us for more professional advice on your company's VAT compliance requirements in UAE.
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Music: Soft Corporate by NewHOfTechnology
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