Accounting Services in Dubai | Cloud Accounting Services | Accountantsbox

VAT Return filing in uae   What is a  VAT Return ? VAT Return/Tax Return is a periodical statement which  summarises the value of the supplies and purchases made by a taxable person during the tax period and shows the taxable person’s VAT liability (difference between the output tax payable and the input tax recoverable) which is submitted to the FTA (Federal Tax Authority). VAT Return is required to be filed by the taxable individual or the individual  having the authority to submit VAT Return filing in uae on behalf of the taxable individual (i.e., Tax Agent) Purpose of Filing VAT Return filing in uae The major purposes of filing a VAT return are: Communication of tax information to FTA. Finalization of the tax liabilities, schedule tax payments/request refund for overpayment of taxes of the taxpayer within the stipulated period. Reduces the risk of tax evasion.   What is a TAX Period? Tax period is a specific period for which the taxable person shall calculat...

  Being an accounting and  VAT consultant in U AE  over past few years, we have got change to work with clients who are engaged in digital media segment. We have helped them with their accounting and  UAE vat returns . The businesses are engaged in SEO, digital marketing, content creation, public relation, branding and advisement for clients.  These sounds simple as a business if talk from accounting perspective, however, we felt it is worth talking about few points which all the businesses engaged in digital media should keep in mind: 1. Client Money or Reimbursement :  Often digital media businesses (mainly those engaged in social media marketing and public relations) receives money from their clients for payment to various networks (such as Facebook, Google, LinkedIn, etc.) on their behalf.  This money should be kept separate and marked separately in accounts. It has to be marked as client’s liabilities towards these vendors. This money should not b...