Tax and Accounting Services in the UAE

Managing tax regulations and completing the associated paperwork can be complex and challenging, particularly without the necessary expertise. Hiring professional accounting services in the UAE with specialised knowledge in tax matters can effectively oversee your tax strategies and accounting requirements.

DUBIZ delivers customised solutions, including routine bookkeeping and sophisticated tax strategies. These services simplify your financial processes and contribute to your business’s growth and stability.

What are the Accounting and Bookkeeping Policies in UAE?

Record Keeping Guidelines

According to UAE Federal Law, it is mandatory to maintain financial records and statements, ensuring their preservation for a minimum of five years. The Ministry of Finance suggests retaining records for ten years to demonstrate adherence to tax regulations.

Transaction Receipts

For transactions below AED 1,000, it is necessary to provide evidence with a receipt. The receipt should bear the business name, issue date, the issuer’s signature, and recipient details. Additionally, it is crucial to specify the transaction amount and nature. These details serve as essential proof for transactions and contribute to enhanced accounting precision.

VAT Returns

All businesses in the UAE are obligated to adhere to the Value Added Tax (VAT) system, which commenced on January 1, 2018. This tax applies to local and international services provided by companies in the UAE.

Bank Transactions

Every bank transaction requires validation through a bank statement containing the transaction date, the business name and address receiving the funds, and the transaction amount and details. Maintaining such records is beneficial for accurately formulating annual budgets and profit and loss accounts.

Supporting Documents

Supporting documents include invoices, credit notes, contracts, and bank statements for non-VAT registered businesses. These documents must be original, as copies are not deemed acceptable.

Importance of Tax and Accounting Services in the UAE

Accounting and taxation services are essential in assisting businesses in maintaining a precise and transparent financial record. Let us have a look at why you should consider hiring professional accounting services:

Performance Evaluation

Accounting is essential for assessing a business’s performance by continuously monitoring its revenues, expenses, and profits. This process allows companies to track growth, measure profitability, and make necessary adjustments for enhanced efficiency and productivity.

Building Confidence Among Investors

Accurate accounting practices boost a business’s credibility, inspiring confidence from investors locally and globally. They also help secure bank financing by providing a clear overview of a business’s financial health and repayment capacity.

Cash Flow Management

Maintaining healthy cash flow is essential for a business’s survival and financial stability. Neglecting accounting, especially during rapid growth, can lead to mismanagement, hindering collections and timely financial reporting. This puts a business at risk of bankruptcy. Outsourcing accounting and tax consulting services in the UAE efficiently manages cash flow, ensuring proper financial management.

DUBIZ Taxation and Accounting Services Offer:

Bookkeeping Services

Achieve accuracy and punctuality in documenting all financial transactions, laying the groundwork for efficient financial reporting.

Tax Compliance Assurance

By partnering with DUBIZ, you can be assured that your business adheres to all tax mandates, with timely filing of tax returns, safeguarding against potential legal complications.

Financial Guidance

DUBIZ’s expert team offers personalised financial advice to enhance your financial choices, driving your business towards its envisioned growth.

Insightful Financial Reporting

Gain access to in-depth financial analyses that shed light on the financial stability of your business, enabling strategic planning and execution.

Tax Accounting

Tax accounting involves the preparation of business tax returns and calculating income taxes owed by the company. It differs from financial accounting, and having a professional who can handle both aspects is beneficial.

Budgeting

Budgeting is organising your finances, which includes figuring out your income and expenses. By outsourcing DUBIZ accounting services, you can use our expert’s help to simplify your finances.

Corporate Tax Registration

Corporate tax is a direct tax imposed on corporations and other entities’ net income or profit from their business. Dubiz experts can help you obtain a Corporate Tax Registration Number and fulfil the requirements.

Tax and Accounting Services in UAE with DUBIZ!

If you’re looking for reliable tax and accounting services in the UAE, DUBIZ has got you covered! Our team of experts is ready to help you explore the complexities of UAE tax laws and financial regulations.

You can trust us to be the solid foundation for your financial future, and we’ll work together to drive your business forward in this dynamic environment.

Schedule a free consultation with our specialists. Reach out to us at info@dubiz.co

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