FTA Portal UAE
If your business meets the criteria for VAT registration, you need to make sure that the business information and financial records you uploaded on the FTA UAE portal are complete and updated. Failure to comply with this rule can result in hefty penalties and fines. In fact, the FTA (UAE) has imposed a fine of AED 5000 if a business fails at complying with VAT guidelines the first time, and a fine of AED 15000 for repetitive breaches.
While the VAT registration is not difficult, it’s still a time-consuming process that requires a whole lot of paperwork and approvals. Its also worth noting that accounting for VAT is an ongoing commitment; you need to routinely maintain and update your financial records to avoid extra charges and penalties. That’s exactly why you should begin looking up accounting companies in Dubai already.
Hiring a VAT accountant is a cost-effective and practical way to simplify VAT accounting in the UAE. VAT accountants can maintain your transaction history, keep your financial records updated according to FTA guidelines and offer you valuable local insight.
Take a moment and read this information to understand how to update your VAT records on the fta uae portal before seeking the help of a professional VAT accountant:
Items That Need to Be Renewed:
The following items go out of date and need to be renewed:
- Trade licences
- Emirates ID
- Passport Copy
These items expire after a fixed amount of time so they need to be renewed. Once, they’re renewed, you are required to visit the FTA AE portal and enter the updated information there. While getting them renewed is not a problem, updating info on the FTA portal is what most businesses find difficult.
FTA UAE Portal:
The information on FTA UAE portal is regularly updated. A recent update made it mandatory for businesses to mention financial institution account and power of authority in their forms. FTA UAE also requires some agencies to grant a monetary announcement to verify their income and fees in the last 12 months.
How Can Accounting Firms in Dubai Help?
We highly recommend that you look up reputable accounting firms in Dubai and let professional VAT accountants handle your fta uae portal. That’s because way too many businesses are currently incorrectly registered on the FTA portal. Supplying erroneous statements to FTA usually results in the FTA inquiring for more information, leading to a penalty of either AED 10,000 for failing to deregister or AED 3000++ for submitting and mistaken return.
Looking for Accounting Firms in Dubai?
Profits Plus Accountants can help. We are a team of ACCA-qualified British VAT accountants who have ample experience in offering innovative, convenient and cost-effective accounting solutions to businesses across the UAE. We use Xero, the best VAT compliant accounting software in the UAE to cut your expense and simplify your accounting procedures. Visit www.profitsplus.ae to get help from a professional VAT accountant and update your FTA UAE portal.