July 4, 2021 | By admin | VAT CONSULTANTS IN DUBAIThe VAT (Value Added Tax) system in the UAE came into existence in January 2018 and applies to all goods and services in the country. The FTA (Federal Tax Authority) has fixed the standard tax rate to 5% with the mandatory registration threshold for VAT in the UAE as 375,000 AED and the voluntary threshold as 187,500 AED. All recognized business setups in Dubai are required to comply with the UAE VAT laws, and failure to register for the VAT or non-compliance to follow any of the FTA regulations on the VAT would result in penalties including dissolution of the firm. The VAT registration process and proceedings could be tricky and confusing if you are not an expert in the field, especially when it comes to VAT laws, regulations, and the latest amendments. The professionalism and experience of a skillful consultant are required in any business venture, not only to ensure compliance with the VAT laws but also to have a successful and stress-free business venture in Dubai.The necessity of VAT consultancy in Dubai thus include:A professional VAT consultant will be aware of UAE VAT laws, regulations and will be up to date with the latest revisions and amendments.Professional advice and intervention in the areas of accounting and bookkeeping is an added benefit for your business setup.The insights of an experienced VAT expert could help you manage your finances and thus improve your profit.An experienced VAT consulting agency in Dubai could help you in gathering more information on setting up a successful business in Dubai.Hiring a professional consultant is much more cost-effective especially for small and middle-size enterprises (SMEs)A professional VAT consultant could identify the errors in the records effectively and can thus ensure compliance with the VAT laws.An expert in VAT documentation can help arrange as well as analyze the VAT records and not only ensure the transparency of your financial statements but also help devise personalized strategies in the areas that need improvement.Having a professional handling your records would impart trust and confidence in investors, partners, and shareholders.A professional VAT consultation also ensures reliability and transparency in all transactions and audits, ensuring that everything is regular and up to date.Having an experienced VAT professional in Dubai oversee your business accounts will always be a benefit for the firm as it ensures quality management of finances in the firm, thus lifting the pressure and stress in doing so.