UAE VAT Filing & Returns Sheikh Zayed Rd, Dubai

Course details

From the basics right up to the more complex VAT rules, this masterclass prepares the financial manager or anyone in finance to tackle VAT.

The VAT Masterclass covers VAT comprehensively, under the guidance of a seasoned VAT expert. You'll walk away feeling confident in your VAT skills and know-how.

Topics Covered:

• Introduction to VAT
• How VAT Works?
• Who Should register for VAT or who shouldn't and why?
• Different categories of VAT rates Compliance of VAT
• The VAT Registration Process
• The accounting basis explained in detail
• Time of supply rules
• Standard-rated supplies
• Deemed supplies - Learn about the relevant deemed supplies in your business and how they affect your output tax. Plus find out how and when to calculate that output tax
• Cash Flow impact of VAT / Business departments impacted by VAT
• Sector specific presentation / VAT Audit - Here you'll get all the info you need on how to deal with an audit. It's a practical session including completing the VAT return with the necessary documents
• Important points about VAT Return issued by the FTA / Navigating the eservices portal: how to access the VAT return
• Completing & Submitting the VAT Return Form
• Detailed description of VAT Return Headings
• Saving the progress of VAT Return
• Additional cost of using Credit & Debit Cards
• VAT Return Penalties
• Accounts payable: attention points / Accounts receivable: attention points
• Audit trail, manual adjustments and record keeping / Useful reconciliation checks to perform on your VAT return numbers before submission
• Final VAT Return

New Updates Included:

• What is a Tax Year?
• Is Tax Year different for each company?
• Why is Tax Year important for FTA?
• What is meant by Tax Year Closing?
• Purpose & Usage of Closing Tax Year
• How to close tax years systematically in accounting systems
• Is manual accounting allowed in UAE VAT Law?
• How Tax Years work under manual accounting
• How to close Tax Years under manual accounting?
• What reports are mandatory at the end of Tax Year?
• What is Tax Audit File?
• Key fields of tax Audit File
• When does FTA require the tax audit file?
• Penalties for not keeping required records including tax audit files & year end reports
• What is the Clarification Form, Purpose, Usage of the form?
• What is Voluntary Disclosure Form, purpose & usage of the form
• How to use Voluntary Disclosure Form to adjust VAT Return Errors & What is the link between both?
• - What is reconsideration form, purpose & usage of the form?
• - VAT Refund by Business Visitors
• - VAT Payment on Commercial Property Purchase & Sale
• - VAT Application Individual & Tax Group (Amendment, Addition, Deletion)
• - Mandatory VAT Application Amendments to avoid penalties
• - Recording import VAT under Reverse Charge Mechanism
• - Common mistake under applying RCM
• - Is RCM Applicable for Free zones?
• - Different RCM For Designated Zones & Mainland Companies
• - Director's Services VAT Obligation, Requirement, Registration & filling return by Director or management level services providing individuals
• - Updated procedures to get VAT refund by foreign exhibitors

Question & Answer Session