VAT Consultancy
At Iqra Fatima, we make your procedure for filing VAT Returns a seamless and effortless one. Following the guidelines of the Federal Tax Authority (FTA), we assist taxpayers from dealing with online portal operations to the final payment and seeking refunds, all in compliance with UAE law.
Businesses that are expected to pay VAT, are divided into respective categories as per their size.
The FTA e-portal is developed to accept VAT returns only in the online mode so as to provide total transparency between client and auditor. Hence, the business is required to provide values manually of their Sales, Output VAT, and Input VAT in the designated boxes of the VAT Return form provided by the FTA e-portal.
This form is known as ‘VAT 201’ is categorized into seven sectors:
VAT Return Period
- Taxable Person Details Net VAT Due
- VAT on sales and all other outputs
- VAT on expenses and all other inputs
- Declaration and Authorized Signatory
- Additional reporting requirements
Another form available on the e-portal is called the ‘VAT Voluntary Disclosure Form 211’ and must be filled under specific conditions. Every business taxpayer must use their registered credentials for accessing their VAT Return.
While the filing of VAT Return in the UAE needs a precise summation of the business transaction details, the Purchase/ Expenses, Sales, Input and Output VAT can be calculated separately. You must be sure that these separate tallies produce a reliable and error-free summary that can be integrated into the FTA approved, e-portal VAT Return Form.
It is useful to note that although this blog highlights useful concepts to guide you to file your VAT Returns, is not the one-size-fits-all for every business transaction. This is where a trusting and dependable Tax Consultant can alleviate the stress of your VAT Return process with unique analysis as per the business at hand, which is essential for precise Tax Reporting and FTA compliance.
Iqra Fatima FTA Certified Tax Consultants, take the hassle out of documentation, filing and compiling all your necessary papers and provide transparency in your VAT Return procedure. We are the top Tax Agents in the UAE, and guarantee quality service and customer care throughout and after your Tax Return Process.
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