VAT Return Review and Filing
Streamline your VAT Return process with Stratify. We offer expert review and filing services to ensure compliance, accuracy, and timely submissions to the FTA.
VAT Return Review and Filing
Reviewing your VAT registration, returns, invoices, and accounting procedures to ensure that your business is compliant with the UAE VAT laws. The objective is to identify any potential non-compliance, errors, or inefficiencies in your VAT reporting and accounting processes
Process of VAT Compliance Review
Initial Assessment
We begin with an in-depth assessment of your current VAT processes and records
This includes analyzing VAT returns, tax invoices, credit notes, and purchase records to ensure compliance with UAE VAT laws
Data Review
A thorough review of your sales and purchase records to verify if the correct VAT has been applied
Ensure that all VAT transactions, including input VAT and output VAT, are accurately recorded.
VAT Return Analysis
Examination of past VAT returns filed with the FTA to check for any discrepancies
Verification of VAT liabilities and input VAT recoverability
Invoice Verification
Cross-checking sales and purchase invoices for mandatory VAT details such as TRN numbers, correct VAT rates, and more
Tax Audit Preparedness
Ensuring all required documents are maintained properly in case of a VAT audit by the FTA
Assessing the business’s readiness for potential VAT audits and ensuring necessary records are kept in the required format
Final Report & Recommendations
After completing the review, we provide a detailed report highlighting any areas of non-compliance
Recommendations on corrective actions and improvements to ensure future compliance
Documents Required for a VAT Compliance Review
To conduct a VAT compliance review, we will need the following documents
VAT registration certificate and TRN number
Proof of VAT registration to verify your tax compliance status
VAT returns filed with the FTA
Records of previously filed VAT returns to identify discrepancies and ensure consistency
Tax invoices and credit notes issued
Evidence of sales transactions to verify accurate VAT application and reporting
Purchase records and supplier invoices
Documentation of business expenses and supplier details for input VAT validation
VAT reconciliation reports
Cross-verification of VAT liabilities and claims to ensure accuracy in filings
Accounting records related to VAT
Financial records for a complete understanding of VAT transactions
Contracts and agreements relevant to the transactions
Supporting documents for VAT-related transactions and claims
How Stratify Can Help
Expert Guidance
Our team of VAT professionals has extensive experience with UAE VAT regulations. We provide expert guidance throughout the compliance review process, ensuring that your VAT processes are aligned with current regulations
Detailed Reviews
We offer a meticulous review of your VAT transactions, returns, and records to identify any compliance issues. Our in-depth analysis ensures that your VAT liabilities are accurately calculated, and input tax is correctly claimed
Audit Support
Stratify not only helps you prepare for FTA VAT audits but also assists in managing VAT audits efficiently. We ensure that your records are complete and compliant to avoid any penalties
Ongoing Compliance Monitoring
We provide ongoing support and periodic reviews to ensure that your business continues to meet VAT obligations even after the initial review
Custom Solutions
At Stratify, we recognize that every business is unique. We tailor our VAT compliance review to suit your specific business structure, industry, and requirements
Eligibility Assessment
We help assess whether your business is required to register for VAT based on your revenue and business activities.
Document Preparation
Stratify assists you in collecting and organizing the necessary documents, ensuring that your VAT application is complete and compliant.
FTA Portal Management
We handle the entire registration process on the FTA’s e-services portal, ensuring that all details are correctly filled out and submitted.
Timely Submission
Our team ensures that your application is submitted on time, avoiding any delays or penalties due to late registration.
Post-Registration Support
Once your VAT registration is approved, we offer ongoing support, including VAT return filing and compliance services, helping you meet your VAT obligations.
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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.
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Corporate Tax
Navigate UAE’s corporate tax landscape with strategic tax planning, filing, and compliance support to optimize your tax position.
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Excise Tax
We assist businesses in understanding and complying with excise tax regulations, including registration, filing, and audit preparation.
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Accounting Outsourcing
Streamline your financial operations by outsourcing your accounting needs, from bookkeeping to financial reporting, for efficient management.
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Customs
Simplify import-export procedures and ensure compliance with UAE Customs regulations through advisory, registration, and customs reconciliation services.
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Company Formation
Start your business in the UAE with expert guidance on company incorporation, licensing, and compliance with local regulations.
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Audit & Assurance
Our audit and assurance services provide reliable financial insights, ensuring transparency and compliance with regulatory requirements.
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Economic Substance
Anti-Money Laundering
Protect your business by staying compliant with UAE’s AML regulations, with risk assessments, monitoring, and reporting solutions.
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Frequently Asked Questions
What is a VAT compliance review?
A VAT compliance review is an in-depth evaluation of a business’s VAT processes to ensure that they are in accordance with the UAE VAT laws. This includes reviewing VAT returns, invoices, and accounting records
How often should a business conduct a VAT compliance review?
It’s recommended to conduct a VAT compliance review annually or before a scheduled VAT return filing to ensure all records are accurate and compliant.
What happens if errors are found during the compliance review?
If errors or discrepancies are found, we will assist in correcting them and provide recommendations on how to improve processes to avoid future issues. This could include adjustments in future VAT returns
Can a VAT compliance review prevent penalties?
Yes, a compliance review helps identify any non-compliance or errors before the FTA detects them, reducing the risk of penalties. Early detection allows for corrections before an audit is conducted.
How long does a VAT compliance review take?
The length of the review depends on the size of the business and the complexity of its VAT transactions. Typically, a review can take anywhere from a few days to a few weeks
Does Stratify provide VAT registration services?
Yes, Stratify offers VAT registration services in addition to VAT compliance reviews. We help businesses register for VAT and ensure their ongoing compliance with VAT regulations
For reliable VAT compliance reviews and expert assistance in VAT-related matters, contact Stratify today. We are here to help you stay compliant and optimize your VAT processes
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Conclusion
Accurate VAT return review and filing are essential to ensure compliance with UAE VAT laws, avoid penalties, and optimize tax positions. At Stratify, we provide expert guidance, detailed reviews, and tailored solutions to help businesses streamline their VAT processes. By partnering with us, you can ensure accurate filings, maintain readiness for FTA audits, and stay ahead of compliance requirements
