Don’t believe everything you read! VAT Return filing in the UAE is not difficult or time-consuming or some kind of torture invented by heartless bureaucrats. It’s actually the opposite. Easy UAE VAT return filing is the name of the game.
There’s a few tips and techniques that you need to learn though, to make the process flow smoothly.
The most critical tip is this: make sure you collect the information you need to complete your VAT Return filing every day.
Every invoice you send out, every UAE VAT tax receipt you collect forms part of the records you need to calculate your UAE VAT Return. Therefore, you must set up a system for logging every invoice with its own tax invoice number. And you must log every tax receipt you collect in some sort of systematic way.
This does not include the use of shoe boxes or the drawer next to your underwear. You can get online accounting software that will help you with elements of this. Or (he said modestly) you can look at the amazing Businessmentals UAE VAT Return System which automates most of this for you, saving you oodles of time and a great deal of stress.
Another useful tip is to become an expert in VAT as it applies to your business.
When you learn to play a sport like golf, you need to do a couple of things. Learn how to hit the ball consistently from a variety of situations and learn the rules. Now you can learn how to hit the ball without learning the rules. But as soon as you go onto the golf course, your ignorance of the rules will get you in trouble.
Same with UAE VAT. You learned how to be a great events management company owner. Now you’re playing in the commercial market and there are rules. And the one set of rules you don’t break under any circumstances is the rules about UAE VAT. And why is that?
Well, you’re running a business and the stakes are much higher than they used to be. I know whereof I speak.
I have two businesses in the UAE. For the first 9 years, I kept no identifiable records for one of the businesses. Because I owned it, was the sole employee, and didn’t have to show anyone. Year 10: I can get fined if I don’t charge UAE VAT correctly. I can get fined if I don’t do my UAE VAT return calculation correctly. And I can get the entire book thrown at me if I am audited and my books are not 100% accurate. My books are spot on.
And what do I use, I hear you ask?
Well, I use the fabulous Businessmentals UAE VAT Return System, which I set up myself without an expensive accountant. But enough of the unsubtle sales pitch—you know where to go to find out more, I’m sure.
I have wandered off course. Sorry/not sorry!! Let me wrench the wheel around and get us back onto the straight and narrow by saying this: murder is a really bad thing. But tax evasion is 10 times worse because you’re stealing the government’s money. And they do not appreciate that one little bit.
So, the first tip for easy UAE VAT Return filing is collect all the information you need for filing every day. Then, learn the rules of the game. And lastly, keep proper accounts that will stand scrutiny by even the most suspicious VAT audit team in the UAE.
Do these things, and you’ll create a pathway to easy UAE VAT Return filing. But it’s a daily habit that you need to form. And remember what Aristotle said to the MBA class he lectured in the Athens School of Commerce 3,000 year ago: “We are what we repeatedly do. Excellence then is not an act, but a habit.” So learn the habit of excellent UAE VAT management, and you’ll marvel at how easy it is to complete your UAE VAT Return filing.