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VAT has now gone live

By addone, January 19, 2018 | Uncategorized

VAT IS LIVE

The 1 January 2018 marked the beginning of tax in the UAE and Saudi. Companies are now frantically working to make sure they can meet the new VAT regulations and prepare for the first submission date.

Have you done everything on our checklist:

 

CRITICAL CHECKLIST

 It is critical you  understand how VAT will impact you:

Act quickly

o Much of the legislation is being finalised so businesses will have to react extremely quickly to changes as they are announced.

 

Understand the government legislation

o The Federal Tax Authority (FTA) have launched a series of guidelines which you need to interpret for your business.

 

Carry out a VAT impact assessment

o You need to know how each area will be affected

o Reduce the risk of operating issues

 

Prepare staff for VAT

o Staff need to be briefed this week on how VAT will affect pricing, invoicing costs and suppliers.

 

Review all invoice processing and IT systems

o If an organisation doesn’t have the IT and admin system to calculate VAT then it will risk non-compliance penalties.

 

Update your invoices and collection systems

o To ensure a swift recovery time for VAT reclaims

 

Prepare VAT invoices and amend contracts

o Without a VAT invoice, it is not possible to re-claim VAT

o Companies must also review contracts

 

Develop a VAT implementation strategy

o Consider implications around compliance, risk, and managing cash flow

 

You will only be able to assess your situation quickly by consulting a VAT specialist

The Chartered Management Accountants at Advisors ME have spent weeks reading through all the legislation and working with local companies to apply it to their businesses.

Book a consultation:

http://advisorsvat.com/

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