Business Behavior Hub

If you are self-employed, an entrepreneurial, an investor, a stakeholder or own a company, it is extremely suggested that you should appoint a chartered accountant (CA). Because they provide best advice's regarding tax and business and help you in accomplishing your goals related to finance. They spend a large portion of their lives in dealing with taxes and taxation. After reading this article you would be more clear and can make wise decision on whether your company required a chartered accountant or not? And more specially, why appointing a chartered accountants in Dubai has more advantages and how they add value pinyon business. Reasons of hiring a chartered accountant: The main reason for hiring a chartered accountant is to boost a business. In the current and modern era of business there is a great need of hiring a professional for the success of any business. It is not compulsory that you should hire a chartered accountant for your company or business but an unq...

An offense will be charged by a person who, under Section 51(1) (a), does not get registered for value-added tax right according to section 12 of value-added tax. No matter whether the person is knowledgeable about the value-added tax liability or not, they will be penalized if they don’t get registered for VAT within the timeframe. The penalty for not registering for value-added tax within the timescale is AED 20,000. The fines and penalties will be no fewer than AED 500 and not more than 300% of the value of the tax on the transaction in question. Failure to keep the records Keeping the required documents and data is essential if you do not want to get penalized. The penalty for not following the data needed for value-added tax in Dubai is 10,000 United Arab Emirates Dirham for the first time. If the breach is repeated, AED 50,000 will be imposed as fine for each repeated offense. Additionally, if the records are not submitted in the Arabic language if the Authori...

Value-Added Tax (VAT): Introduction A value-added tax is a consumption tax put on a product whenever a value is added at every step of the supplied string, from production to the point of sale. The amount of value-added tax (VAT) that the user spends is on the cost of the goods, less any of the costs of materials used in the product that has already been taxed. Value-added taxation is based on taxpayers' expenditure rather than their income. In contrast to a rising income tax, which levies higher taxes on higher-level earners, VAT registration in Dubai applies equally to every purchase. Value-added tax accounting methods There are three options to the standard VAT accounting method: 1.   Annual accounting VAT scheme It is just like the standard value-added tax accounting method, except that you do not fill in quarterly returns. Instead, you have an annual value-added tax reporting and payment deadline. Some businesses hold this the same as their corpor...

Before the declaration of Tax Procedures, there has been extended researches and studies on the part of the government, making assured that everything will be relatively easy for everyone in the country. History of Tax System in UAE: Since the milestone Federal Law Number 7 of 2017 regarding Tax Systems was announced by Sheikh Khalifa Bin Zayed Al Nahyan in June of the year 2017, it laid down the bases of the tax policies that would soon be administered in the United Arab Emirates starting 1 January 2018. This will mark the United Arab Emirates and Saudi Arabia as the first countries that are part of the Gulf Cooperation Council that will implement Value added tax. Arriving mid of September, the start of the registration will happen for all firms that fall under the minimum annual revenue of AED 375,000. There are approximately 350,000 businesses that are expected to register under this new regime. Registration of VAT: UAE Federal Tax Authority The registratio...

The value-added tax regime in the region will have a significant impact on business operations and profitability. Companies dealing in goods and services that invite the tax must understand and prepare for the implications. Similarly, entities that import products or transact with Zero-Rate or Tax Exempt entities must, at an initial stage, consider the impact of value-added tax. Group of companies with operations in other GCC countries must carefully review the impact of intra-group and cross-border transactions. While there is a unified VAT agreement across GCC, each member state has the right to enact its laws within the broad framework. These different treatments have to be understood. Step to being a value-added tax Ready: Here is a simple four-step guide to support companies in the UAE to prepare for value-added tax implementation, which can take between 8 and 12 months. It may take  prolonged if some of the activities are outsourced, for example, Information T...

Not all small business needs a financial pro, but many growing companies find it is an excellent investment to have that expertise in managing finances. It all comes down to determining if the return you get from possessing a bookkeeper is worth the investment. Being a business owner, you wear a lot of caps. And you may tend to concentrate on things such as sales, marketing, and customer retention since those are the things that return more money. Financial tasks such as balancing books tracking expenses can tend you away from other revenue-generating projects, which can affect your bottom line. If you have doubts about whether to choose someone to help with accounting tasks, look for the telltale signs that it is time to take that step. Look out Your Priorities Your business is an outcome of your vision. Admittedly, there are things you do really well, but it’s challenging to manage every perspective of your business yourself. By striving to be everything to everybody, y...

Business Plan & Feasibility Studies The Auditor is the part of your business even before you start the business. With an extensive experience of working with different industry and clients, Auditor helps you build a Business Plan for your investments and relieve you from the stress of rigorous Market Research. With our engagement, you get your requirements like Market Analysis, Demographic Study & Feasibility Report as per your requirement. Auditors do various feasibility studies and derive different financial ratios for you to acquire capital and make wise investment decisions with the results. Due Diligence Audit Considering the idea of Audit Services In Dubai , it stays at the forefront of finance. Trying into the explanation of the particular meaning of Auditing, it deals with the review or analysis, of a process or quality system, to confirm compliance with requirements. An audit will apply to an entire organization or can be specific to a functio...

Financial Awareness of Business Owners Financial awareness has been enhanced a lot by international investors in the United Arab Emirates (UAE). The global business community observes it quite safe and profitable to invest there because of a developed and efficient Economy. The complexity and intensity of the financial services in Dubai, UAE, has attained such a great extent that it now requires the audit firms to estimate the financial institutions carefully. The audit work has become challenging day by day, thus, making it more robust for the audit firms to sustain the standard of its work. The international accounting markets and standards trends are rapidly changing, and it has raised the need for stricter audit demands. Therefore, the practicality and reliability of the financial set up in Dubai are made possible because of the provision of refined and better audit services. Consequently, the audit in Dubai has emerged as one of the critical areas of the financial/monetar...

You must be seeing the term – Cloud Accounting in Accounting companies in Dubai fairly often recently and wondering what it is anyway. In easy words, it’s a brand new approach of accessing your accounting software system from the net browser without really installing it. It’s also cited as online Accounting Firms In Dubai . We tend to already use such ‘online softwares’ delivered as services like web banking, email, file sharing sites, etc. Before going into a lot of details, lets 1st perceive what cloud computing is. Cloud computing could be a term accustomed refer to a model of network computing where a program or application runs on a connected server or servers instead of on a local computing machine like a laptop. This hosted application is accessed by any web enabled device like computer, tablet or a smartphone. Rise of Cloud Accounting: Given the rise of cloud accounting technology in cloud companies of Dubai, the power for accountants to move and work more...

We provide the bookkeeping services consistent with the client’s demand. In this perspective, we tend to maintain the paperwork up-to-date to target the business with effective measures. This we created this process easier by splitting it into 3 processes: ·          We build our clients put all the work in the enveloped and by sending it to us we can clearly analyze all the situations for the better prediction. ·          We care of our client’s bookkeeping by addressing them to equip the main focus on their business. This skilled curriculum helped us to supply the efficient services. ·          At last, we'll offer the essential info that you would like most in terms of reports creating all things to be done on time. We look after our each and every customer and makes them move forward with the procedures and business solutions we of...