A VAT return summarizes the value of the supplies and purchases a taxable person has made during the tax period, and shows the taxable person’s VAT liability.
Taxable businesses must file returns with FTA on a regular basis and usually within 28 days of the end of the ‘tax period’ as defined for each type of business.
A ‘tax period’ is a specific period of time for which the payable tax shall be calculated and paid. The standard tax period is: Quarterly or Monthly
On a monthly and quarterly basis, we provide high-quality and fast VAT return filing services in Dubai. Using the FTA e-Services platform, all VAT returns must be submitted electronically. If your business fails to file on time or submits an incorrect return, the FTA will conduct a VAT audit and impose VAT fines. VAT201 is the form that is used to submit the VAT return.
At RVG, We Can Help You File VAT Returns Correctly.
VAT return shall be submitted online through FTA e-services portal. Details required for the same are :
When filing a VAT return in Dubai, there are several things to consider to ensure that the process goes smoothly and that you are in compliance with the regulations.
Accurate record keeping: Ensure that you have accurate records of all your sales and purchases, including invoices, receipts, and any other relevant documentation. This will help you to correctly calculate your VAT liability.
Deadlines: Be aware of the deadlines for filing your VAT return and ensure that you submit it on time to avoid penalties.
Correct VAT rate: Ensure that you are charging and claiming the correct VAT rate for your goods and services. In Dubai, the standard VAT rate is 5%.
Claiming input tax: Make sure that you are able to claim input tax on any VAT paid on purchases that are related to your business.
Keep all the invoices: Keep all the invoices of your purchases and sales for at least 5 years from the date of submission of the return.
Don’t forget to file: It is important to file your VAT return on a regular basis, even if you don’t owe any VAT, as not filing will result in penalties.
Hire professional: If you are not familiar with the VAT return process or have any doubts, it is advisable to hire a professional tax advisor or accountant to assist you.
Keep updated with changes: Be aware of any changes to VAT regulations and ensure that you are in compliance with them.
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