FTA Audit Assistance
Navigate FTA audits confidently with Stratify’s assistance. Our experts provide comprehensive support, ensuring all documentation is in order and compliance is maintained throughout the audit process.
FTA Audit Assistance under VAT: Comprehensive Support by Stratify
An FTA VAT audit is a formal review conducted by the Federal Tax Authority to verify that businesses are adhering to the UAE’s VAT laws. The audit assesses whether businesses have correctly applied VAT to transactions, properly filed VAT returns, and maintained adequate records. These audits are often triggered by discrepancies in VAT filings, unusual patterns in transactions, or random checks.
Process of FTA VAT Audit
Notification from FTA
The FTA will notify a business in advance about the audit. This notification includes the date, scope, and records required for the audit.
Preparation of Documents
The business must gather and submit all relevant documentation, including VAT returns, invoices, contracts, and financial records. It is crucial to ensure that these documents are accurate and complete.
Audit Conducted by FTA
The FTA auditors will either visit the business premises or request electronic submission of documents. They will review the VAT returns, accounting records, and other supporting documents to ensure compliance.
Audit Findings
Once the audit is complete, the FTA will provide a report on its findings. If any discrepancies are found, penalties may be imposed, and corrective measures may be required.
Resolution and Compliance
If the audit reveals issues, the business must take corrective actions to address any non-compliance. This may involve filing amended VAT returns, paying outstanding VAT, or adjusting accounting practices.
Documents Required for FTA VAT Audit
VAT Returns
All VAT returns filed during the audit period
Sales and Purchase Invoices
Documentation of all VAT-charged sales and VAT-recoverable purchases.
Accounting Records
Financial statements, journals, and ledgers.
Contracts and Agreements
Relevant contracts with suppliers, clients, and third parties.
VAT Payment Receipts
Evidence of VAT payments made to the FTA.
Bank Statements
To verify the accuracy of recorded transactions.
Import and Export Documentation
Customs documents for any international trade.
How Stratify Can Help with FTA VAT Audits
At Stratify, we offer comprehensive support throughout the FTA audit process. Our team of VAT experts is well-versed in the intricacies of VAT compliance and can assist you in every aspect of the audit:
Pre-Audit Preparation
We assist businesses in preparing all necessary documentation and ensuring that financial records are in order. Our team conducts a thorough review of your VAT returns and accounting records to identify any potential issues before the audit begins.
Document Compilation and Submission
We help compile and organize the required documents, ensuring that all submissions to the FTA are accurate and complete. This minimizes the risk of penalties and discrepancies.
Representation During the Audit
Stratify can represent your business during the FTA audit, handling communications with the auditors and responding to their queries. This ensures a smooth audit process and reduces the burden on your internal team.
Post-Audit Assistance
If the FTA identifies any issues, we help you resolve them efficiently. Our team will work with you to make any necessary corrections, file amended returns, and ensure ongoing compliance with VAT regulations.
Ongoing VAT Compliance Support
We provide continuous support to help businesses stay compliant with VAT regulations. This includes regular reviews of VAT filings, updates on regulatory changes, and advice on best practices for VAT management.
Start your Business Today
Start your Business Today
Our Other Value Added Tax Services
Our Services
Stratify Corporate services is an independent and international organisation with a specialization in crafting sustainable solutions and strategies
Value Added Tax
Ensure full compliance with UAE’s Value Added Tax regulations through tailored advisory, registration, filing, and VAT health check services.
Read More
Corporate Tax
Navigate UAE’s corporate tax landscape with strategic tax planning, filing, and compliance support to optimize your tax position.
Read More
Excise Tax
We assist businesses in understanding and complying with excise tax regulations, including registration, filing, and audit preparation.
Read More
Accounting Outsourcing
Streamline your financial operations by outsourcing your accounting needs, from bookkeeping to financial reporting, for efficient management.
Read More
Customs
Simplify import-export procedures and ensure compliance with UAE Customs regulations through advisory, registration, and customs reconciliation services.
Read More
Company Formation
Start your business in the UAE with expert guidance on company incorporation, licensing, and compliance with local regulations.
Read More
Audit & Assurance
Our audit and assurance services provide reliable financial insights, ensuring transparency and compliance with regulatory requirements.
Read More
Economic Substance
Anti-Money Laundering
Protect your business by staying compliant with UAE’s AML regulations, with risk assessments, monitoring, and reporting solutions.
Read More
Frequently Asked Questions
What triggers an FTA VAT audit?
An audit can be triggered by inconsistencies in VAT filings, significant deviations in reported VAT amounts, or random selection by the FTA.
How much notice does the FTA give before an audit?
The FTA usually provides a few days to weeks of notice before conducting an audit, depending on the complexity of the business.
Can businesses appeal the results of an FTA audit?
Yes, businesses have the right to appeal the results of an FTA audit if they believe the findings are incorrect or unfair.
What are the potential penalties for non-compliance discovered during an audit?
Penalties can include fines, interest on unpaid VAT, and, in severe cases, legal action. The severity of penalties depends on the nature of the non-compliance.
How long does an FTA VAT audit take?
The duration of the audit depends on the complexity of the business and the scope of the audit. It can take anywhere from a few days to several weeks.
Can I prepare for an FTA VAT audit in advance?
Yes, businesses should regularly review their VAT returns and maintain accurate financial records. Engaging professional audit assistance from Stratify ensures that your business is always prepared.
Latest News
Why Choose Stratify for FTA VAT Audit Assistance?
• Expert Guidance: Our VAT specialists have in-depth knowledge of UAE VAT laws and FTA audit procedures.
• Tailored Solutions: We customize our services to meet the unique needs of your business, ensuring compliance without disrupting operations.
• Proactive Approach: We help you stay ahead of potential issues by conducting pre-audit reviews and offering ongoing VAT compliance support.
• End-to-End Support: From document preparation to post-audit resolution, Stratify is with you every step of the way.
For professional FTA VAT Audit Assistance, contact Stratify today and ensure your business stays compliant with UAE VAT regulations.
