With the introduction of value added tax to The United Arab Emirates, it is compulsory for businesses to pay taxation for the goods and services they sell. Failure to abide by the tax law will bring in many consequences to the business.
Paying value-added tax is not something you and your business have done before. This was something that was introduced on the 1st of January 2018. This means that for every good or service your business sells, a proportion of the purchase price must be paid to the government. You and your group of employees are not aware of the whole process of taxation because this is something completely novel for you. You might be worried about how you are going to deal with all these new changes you need to make. It might be hard for you to understand the whole process because it consists of complex procedures. This need not be a problem anymore. Obtain the help of tax consultants in Dubai and get rid of the hassle you have been having since the day you heard about these new laws.
By using professional assistance, you will be able to get advice about how your records should be kept in order to deal with the taxation laws. Bookkeeping is being made mandatory. Bookkeeping is a new concept that your business needs to adhere to. Arranging all your information for bookkeeping purposes will be an activity you need assistance with. Tax consultants in Dubai will be able to handle this task for you.
If you do not abide by this new law, you will have to face considerable penalties. You will have to face the consequences the government has set for businesses that do not comply with the law. In addition to these penalties, your business will have to face a number of other consequences. The government will impose monetary penalties which might turn out to be unbearable for your business. If you are a start-up, an unnecessary cost like this will be a huge burden for you. You will have to withdraw money you would have has deposited for some other important purpose.
Make smooth changes to your business with the new taxation law with the guidance of tax consultants in Dubai.