Calculating Tax

Things to consider before Filing VAT and Tax in UAE

Are you confused with filing VAT? Do not worry, you have come to the right spot. VAT filing can be done online by using the Federal Tax Authority (FTA) platform. This platform only accepts the application online as the offline facilities through EXCEL and XML are not available right now. VAT tax return application must be submitted by providing sales value, output VAT, Input VAT etc in the available boxes in the file.

Let’s dig into the detailed procedure of filing VAT Return form 201 by professional tax consultants in Dubai.

VAT Return in UAE process you must be aware of

The first step of filing VAT return form 201 is to log on to the website of FTA. Register using your username and password on the site. From the navigation bar choose VAT>VAT 201>VAT Return. Now choose VAT 201-New VAT Return to start the return filing procedures.

Under this tab, you would be able to see various options open. Let us move onto the detailed process of filing VAT Tax returns.

  • Personal details

In the personal details section, you are requested to enter the Tax Registration Number or TRN, name and address of the person who is paying the tax. The details of this section will be added automatically. If you are filing TAX through professional TAX consultants in UAE, then the details of the consultants are also required. The details include TAX Agent approval number, TAX agency number and name of the consultancy.

  • VAT Return Period

It is important to fill in the details like Tax year-end, VAT return period, the reference number for the return period and the due date of the VAT return.  If your business couldn’t recover the input VAT completely and if you need to do an input tax apportionment adjustment, the tax year-end is quite important. Those adjustments can only be done in the initial return that follows the tax year-end. The reference number for the VAT return period is the time which you finish that tax year.

  • Expenses VAT 

In the VAT on expenses section, it is important to fill in details like expenses you have paid VAT with a 5% rate. VAT Consultants Dubai helps to file with utmost care so that you won’t miss any details further.

  • Net VAT Due

Net VAT Due is the due for the VAT return period. The total due value shows the total value of tax output for the present tax period. This section is calculated based on the details given in the other outputs and sales. The total value will be the addition of adjustment columns in the other outputs including sales and the output VAT. This is about box 12 in the form.

Coming to box number 13, the total value of recoverable tax must be indicated. This shows the total value of recoverable tax for the period. This will be calculated based on the details given in the VAT expenses and other inputs column. The 14th number box in the form must be filled with the payable tax for the period. You must

Box number 14 indicates the payable tax for the period. This will be the difference between the total tax due for the period and the total recoverable tax for the period. Either it will result in net VAT payable or recoverable tax.

  • Additional necessities

The additional necessities section is exclusively for those organizations who have applied for the benefits of the Profit Margin Scheme during this time. If you are not under this category of business, you can proceed with No and proceed further.

  • Declaration 

Without acknowledging the declaration section, your filing will not be complete. It is mandatory to fill with authorized signatory details along with the declaration section. You can also save all the filled-in details to use and submit later.

Get our professional help from the Top Auditing Firms in Dubai, UAE for the best VAT Services in Dubai as submitting VAT returns must be done carefully. Make sure you have cross-checked all the details again and again and make necessary amendments. After successful submission of VAT, an email will be received that says your VAT return submission.

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