Now as the VAT has got implemented in UAE. There are a set of rules and regulations that are to be maintained by the people. Who has registered for VAT? The maintenance of records is as important for the registrants as it was for them to get registered for VAT. The registrants should not take the rules and regulation of VAT in UAE for granted at all. Because it can render them to face serious consequences.
Laws of Accounting and Bookkeeping
Accounting and bookkeeping records are to be maintained by the registrants. The time period of bookkeeping and record maintenance been specified too. the people need to have a good understanding of accounts and bookkeeping along with the time period they have for accounting and to maintain their records. Accounting firms in Dubai, UAE can be of help in such conditions too. they know how things should be managed and what steps should the people do in different circumstances.
Accounts and Bookkeeping Records under VAT IN UAE
Here are the records and the accounts a person should maintain if he has registered for VAT in UAE;
- If a company supplies something outside the county, the whole of the outward supplies record should be maintained by him
- For inward supply, the company should have all the documents related to it including the tax invoices
- If there is anything that a company exports, the records of such goods and services should be present
- The exports data of goods and services should be present in the records of the company
- Any document issued regarding the tax credit notes should be present in the data
- If there is any matter which is not related to the business. Then the records should be there along with those goods and services that have been disposed of.
- If there were any goods whose input tax was not recovered due to any reason. They should be mentioned in the record of the company
- In case of any correction or adjustment in the accounts, the record should be present
- Data of tax due on all the taxable goods and supplies
The time period for Retaining the Accounts and Bookkeeping Records
There is a proper time limit for which the registrants need to keep the record of their taxable goods and supplies along with others mentioned above. The time period for which the records should e maintained is 5 years. Till 5 years, all the records should be maintained properly and there should be no issue in those records and nothing should be absenting in the whole data. One more thing that should be taken care of is the end of the tax period to which the registrant relates to.
The time period for records of capital assets
The records for capital assets like machinery, equipment, and other assets should be maintained for 10 years since the end of the tax period.
The time period for records of Real Estate
The records for the real estate should be maintained for 15 years from the end of the tax period to which they relate to.
All of these legalities should be taken seriously because if a person ignores any one of them, he may have to face serious consequences which can harm their reputation in the market as well. So, it would be better for all the registrants to keep every inch of the record to not get harmed.
Maintenance of the Records is Mandatory
It is not just a matter of words but the matter of legal issues. If you do not follow the rules and regulations been made for VAT in UAE, you may be made accountable for that. The accounting and bookkeeping services Dubai are helping people with issues regarding VAT and its knowledge. Get the help from those firms which you really think are capable of doing good to you and your business.
BOOKKEEPING SERVICES & ACCOUNTING FIRMS IN DUBAI, UAE
Information of VAT is quite complex and there is no doubt in that at all. Farahat and Co. top bookkeeping firms in Dubai can act as a ray of light for the people in complete darkness regarding VAT. This is the ultimate solution for those who want to know everything regarding VAT and its implications. If you find the legal processes and issues difficult o handle, you can hire representatives from Farahat and Co. in this way you will be able to maintain your records without any error.
This Dubai based regulated audit firm will turn all your worries and doubts into certainties and will leave you happy and tension free. Also, if you want to gain some knowledge regarding this newly implemented tax system i.e; VAT, then you can still count on Farahat and Co. It is one-stop for all your worries and problems. so get ready for VAT and its account maintenance with no worries in your mind.