PrimeFour VAT Consultants in

Introduction of VAT in the UAE on January 1, 2018, marked a significant change in the business landscape, with a standard rate of 5%. At PrimeFour, we recognize the impact of VAT on businesses and aim to simplify the process for entrepreneurs, SMEs, and various business classes. Our VAT consultancy services in Dubai are tailored to meet the unique needs of our clients, ensuring compliance, and minimizing the complexities associated with transactions.

Our Services:

  • VAT Registration:As Fastest Growing VAT consultants in Dubai, our tax audit involves an independent examination of account books and tax records. We ensure proper compliance with tax laws, helping curb illicit tax practices in the economy. Additionally, we offer free VAT registration services to eligible businesses, making the process seamless and cost-effective.
  • VAT Return Filing Services:PrimeFour supports clients in filing VAT returns (Form 201), ensuring guidance for reconciling input and output VAT. Our services include the computation of tax liability and thorough checks to ensure compliance with VAT laws and regulations.
  • VAT Advisory Services:We provide relevant advisory services based on company needs, offering guidance on the taxability of transactions and their impacts. Our professionals assist in finding suitable solutions to navigate the intricacies of VAT.
  • VAT Deregistration:We provide efficient VAT deregistration services within specified timeframes, ensuring a smooth process for the cancellation of tax registration. Our goal is to make the entire deregistration process hassle-free.

 

VAT Training: 

PrimeFour offers customized and tailored training services on VAT laws and regulations. Our experienced tax experts simplify VAT procedures, making it easy for individuals and corporate clients to understand and navigate.

  • VAT Transaction Advisory:Our VAT transaction advisory services guide businesses through specific industry transactions. This is especially beneficial for companies with complex transactions, multiple branches, and diverse product lines. We stay up-to-date with recent developments in VAT laws to provide accurate and timely advice. At PrimeFour, we are committed to providing continuous support to taxpayers, helping them adopt proper tax procedures and ensuring VAT compliance. Our goal is to analyse business transactions, resolve tax disputes, and contribute to the overall success of our clients.

Why Choose PrimeFour Consulting for Your VAT Needs in UAE?

At PrimeFour Consulting, we stand out as your top choice for VAT services in the UAE, offering a unique approach that caters to businesses of all sizes, from SMEs to entrepreneurs. Here's why you should partner with us:

  • Comprehensive VAT Support:As a Fastest Growing VAT consultant in the UAE, we provide full-spectrum VAT support, covering everything from advisory services to reconsideration support. Our team is wellequipped to handle the intricacies of VAT, ensuring minimal disruption to your business operations.
  • User-Friendly Language Support:We understand that VAT can be complex, but our commitment is to make it easily understandable for all classes of businesses. Whether your VAT situation is simple or intricate, we offer complete language support, ensuring that you comprehend every aspect without confusion.
  • Full Compliance with VAT Laws:As a customer-focused organization, PrimeFour Consulting takes the reins of all accounting and compliance concerns related to VAT. This allows business owners to concentrate on their core operations and business promotion, confident that their VAT obligations are being meticulously handled.
  • Expert Handling of VAT Processes:Being recognized as one of the best VAT consultants in Dubai, UAE, we pride ourselves on ensuring a hassle-free VAT process for our clients. From seamless VAT registration to addressing compliance issues, we simplify the entire journey. Our expert team mitigates risks, calculates profit margins, and handles every aspect of VAT services with precision.

Choose PrimeFour Consulting for a partner that not only understands the language of VAT but also speaks the language of your business. We are here to simplify the complexities, allowing you to focus on what matters most – the success of your business.

 

Tax Planning:

  • PrimeFour Consulting: Simplifying Tax Planning for Your Business in the UAE:At PrimeFour Consulting, our Tax Planning service in the UAE is an integral part of our comprehensive tax consultancy offerings. Let's break down what tax planning means in a way that is easy for businesses of all sizes to grasp:
  • Understanding Tax Planning:In the UAE and across the other countries, businesses face various types of taxes, such as Corporate Tax, Value-Added Tax (VAT), Custom Duty, Excise Tax, and Withholding Tax (WHT). These taxes can be burdensome for business owners. That is where tax planning comes in a highly recommended practice from the early stages of business operations.
  • Why Tax Planning Matters:Tax planning is not just about meeting obligations; it's a crucial tool for successful business management and operations. We believe in simplifying the process for businesses, helping them understand the basics of tax planning and available resources. This empowers taxpayers to plan and calculate their taxes efficiently, reducing stress along the way.

 

The PrimeFour Approach:

  • Efficiency and Stress Reduction:Tax planning is about analysing your financial plan from a tax perspective, ensuring efficiency, and minimizing stress. We guide you through the process to make it as straighforward as possible.
  • Controlling Capital Deployment:We assist in controlling how your capital is deployed, ensuring strategic decisions that align with your business goals.
  • Maximizing Income, Minimizing Burdens:Our aim is to help you maximize income while minimizing tax burdens. We work to optimize your tax position, making sure you benefit from available resources. In essence, PrimeFour Consulting is your partner in navigating the intricacies of tax planning in the UAE. We ensure that your business not only meets its tax obligations but does so in a way that supports growth and financial success.

Appeals and assessments:

  • PrimeFour Consulting: Navigating Tax Investigations and Disputes in the UAE:At PrimeFour Consulting, our Tax Investigations and Disputes service in the UAE is an integral component of our comprehensive tax consultancy offerings. Let's break down what this service means for businesses of all sizes:
  • Understanding Tax Investigations and Disputes:In the evolving landscape of tax laws across the region, businesses may find themselves in disputes with tax authorities.
  • How We Help:Our team brings significant experience to the table, supporting clients in managing local reconsideration appeals, resolving tax disputes, and providing legal litigation services.

 

Key Points for Businesses:

Local Reconsideration Appeals:

  • What It Means:If you disagree with a tax assessment, we help guide you through the local reconsideration appeals process.
  • How We Assist:Our expertise ensures that your concerns are effectively communicated and considered during the appeal.

Tax Dispute Resolution:

  • What It Means:When disputes arise, we work towards amicable resolutions with tax authorities.
  • How We Assist:Our team employs strategic approaches to find common ground, aiming for fair and reasonable resolutions.

FAQ

The UAE introduced VAT to diversify income sources and maintain the high standard of public services. It is a 5% tax applied to most goods and services

Let us say a mobile phone is manufactured and sold through various stages—manufacturer to wholesaler to retailer, and finally to the consumer. At each step, a 5% VAT is applied, and businesses can claim a refund on the VAT they have paid on their purchases.

The standard VAT rate is 5%, but there are categories like zero-rated (0% VAT), exempt (no VAT), and deemed supplies.

Businesses must register for VAT if their taxable supplies exceed AED 375,000 per year or voluntarily if it exceeds AED 187,500.

Standard-rated supplies: 5% VAT Zero-rated supplies: 0% VAT, but businesses can claim input tax. Exempt supplies: No VAT, and input tax cannot be claimed. Deemed supplies: Subject to VAT but not standard supplies. Out-of-scope supplies: Not covered by VAT.

Input tax is the VAT paid on purchases. Businesses can claim this amount back by keeping proper records of invoices and import documents.

All businesses must maintain records like balance sheets, profit and loss statements, payroll records, and more for five years.

Registered businesses need to submit quarterly VAT returns and pay their VAT liability to the government by the 28th day after the quarter ends.

Individuals may see a slight increase in the cost of living, depending on their spending habits. For businesses, they collect and pay VAT, and accurate record-keeping is crucial.

Penalties apply for offenses like not displaying price lists, failing to issue proper documents, and tax evasion. Penalties range from AED 2,500 to 300% of the evaded tax.