VAT in the UAE
VAT is now here. By now you will have started to compile and file VAT returns directly to the Ministry.
The VAT Framework outlines the mechanics of how VAT will work in the UAE as well as the circa 90 goods and services that are expected to be either exempt or zero rated.
Denarius International offer a package of products ensuring you optimise your VAT accounting. We can help in the following
– Project Management
Project manage the entire process of VAT optimisation. Our PRINCE qualified PM will oversee the entire process from start to end.
– Process Enhancement and Adaptation
Accounting for VAT will require processes to be changed and an opportunity should be taken to enhance and optimise processes around accounts receivable and payable (main drivers of VAT).
We will identify and undertake process refinement so that the business can deal with VAT but also recommend enhancements to existing processes – we can also implement the recommendations.
– Systems Evaluation
We will undertake a review and appraisal of current systems to see if they are able to function correctly and whether these will be able to produce the data required for VAT Accounting.
A recommendation will be provided in terms of systems capability. We can normally adapt and enhance existing systems if appropriate. If a new system is required we can recommend software partners.
– VAT Training and Mentoring
We prepare VAT returns for our clients every day. Therefore, if you need help reviewing your returns or simply to outsource full responsibility to us then we can help.
Now that implementation is here it is important for all staff to understand the fundamentals of VAT accounting. It will be vital that all staff are appropriately trained and understand the importance of VAT on cashflow and profitability. Furthermore, it will be vital for staff to understand the mechanisms of VAT and how these impact on the final calculation.
We will also provide mentoring for managers, CFO and other key executives, assisting them to understand how VAT can impact on the future financial strategy of the business. Both in terms of cashflow, profitability and reputation.
– VAT Project Implementation Manager
At all times a VAT Project Implementation Manager will be in place to ensure all aspects of any project that we oversee, is implemented (Project Manager will oversee, whilst Project Implementation Manager will action and implement). This is for existing organisations already preparing VAT returns and indeed those embarking on this for the very first time.
Do remember VAT Accounting processes and systems should continuously be reviewed – just because implementation has come and passes doesn’t mean you shouldn’t be optimising efficiency and effectiveness.
Systems and Business Process Improvements
If you are looking to replace your existing finance or management information system then we can help. We have implemented numerous systems in organisations with a turnover of a £1m to £70m. Whatever your size, we can help with a unique approach to systems implementation.
Interim Finance Director
The advantages of a Finance Director on your Board cannot be overstated. We have a number of solutions that can help you bring a Finance Director on board either part time or an interim basis.
Tax Mitigation Planning
Some taxes require specialist support because by their very nature they are complex and do not occur every day.
Capital Gains Tax and Inheritence Tax are two such taxes that require careful planning because otherwise you will face, potentially, a significant tax liability.
Forensic accounting is not just useful to solicitors when examining the books of businesses.
It can also be useful for business owners who require deep analysis of transactions to understand a trend or indeed occasionally malpractice that is causing loss of funds.
During the last few years we have been engaged in a number of projects.
An interesting demerger project required us to oversee and manage the entity that would leave its large parent. International project experience has occurred in Saudi Arabia, Kuwait, Dubai and India.