Benefits of Professional Bookkeeping Services, Bookkeeping, an essential subset of accounting, can often be a headache for small and medium-sized enterprises (SMEs). Recording and organizing financial transactions daily is time-consuming and demanding. Taking away precious hours that could be better spent on core business activities. In this digital age, many businesses in Dubai and around the world are increasingly turning to professional bookkeeping services to help manage this crucial aspect of their operations efficiently. So, what exactly are the benefits of entrusting your bookkeeping to ..read more

The ability to identify common errors while filing UAE VAT returns in the United Arab Emirates (UAE) is a crucial financial obligation for businesses. It ensures that the government collects the correct amount of tax and prevents unnecessary penalties. Here’s an in-depth look at common errors businesses often make and why avoiding them is essential. Lack of Maintaining Records: One of the most common errors that occurs while filing UAE VAT return is not keeping proper records. Maintaining clear and organized financial records is imperative to accurately report VAT-related transa ..read more

The importance of cash flow resides in the important aspects that can make or break the business. Cash flow determines the stability of a small business in the end. The cash flow of small businesses needs to be sufficient to cover everyday operations, handle unexpected expenses, fund growth opportunities, or adjust to other business irregularities. Without a sufficient buffer of cash, any of these factors could result in a cash flow gap. That’s why you need to manage your cash flow with: The cash flow’s importance appears when it’s managed with: Cash flow statement Cash Budget Cash flow a ..read more

Startups and SMEs are no strangers to the challenges associated with efficient bookkeeping and financial decision making, and without the right support, can easily fall subject to various accounting nightmares. Seeking out a business advisor that understands the stage your business is in and what it needs to grow, would benefit a business of any size. Startups and SMEs are particularly vulnerable, whether due to their lack of capital or experience in the market and would benefit greatly from an experienced third-party advisor. Benefits of Business Advisory Services The right business advisor c ..read more

It is advised that free zone businesses adequately prepare for the coming change in corporate tax law. Indeed, as they are not exempt from the new policy, it may directly affect income as of June 1, 2023. The government-issued Public Consultation Document provides guidance on relevant information for free zone businesses and is useful for those looking to improve their corporate tax readiness. Corporate Tax Regime for Your Free Zone Business How will the Incoming Tax affect your Free Zone Business? As per the issued law, Qualifying Free Zone Businesses may continue to benefit from the Free Zon ..read more

The Ministerial Decision No. 73 of 2023 has been issued by The Ministry of Finance (‘MoF’) on Small Business Relief in accordance with Article 21 of the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (‘Corporate Tax Law’). This relief will apply only to UAE Resident juridical persons or individuals below the specified threshold. Who is concerned You are an SME with revenues of $816,880 (Dhs 3M) or less. You can claim relief in a tax period because your revenue does not exceed the threshold. Such measures aim to support startups and other small or micro busines ..read more

How to assess the financial health of your company? What indicators can you use for financial analysis? As a CFO services provider, we provide financial KPI’s for our clients. These indicators are of great use to analyze how your business is doing. They also help us find progression margins for your company. Here are a few indicators that we often use in the financial dashboards that we build for our clients. Net Profit Ratio The net profit ratio is an indicator of the company profitability. It shows how much profit is generated for each money unit (1$, 1 dirham…) made in sales. We calculate t ..read more

The tax landscape is constantly evolving in the UAE. It has recently been deeply changed by the arrival of the new Corporate Tax. How to stay informed of the latest changes? What are the tax compliance best practices to avoid fines which amounts can reach several thousands of dirhams? Here are some of our tips to save money and time. Be on time for all the tax registration and filings 10,000AED: this is the amount of the fine that the FTA applies if you fail to register your business for the VAT within 30 days after exceeding the threshold, 2,000AED: this is the fine that the FTA applies for ..read more

Reporting Update On the 24th of February 2023, the UAE Federal Tax Authority (FTA) published VAT Public Clarification VATP033, which highlights amendments to VAT reporting across the United Arab Emirates. The amendment is relevant to those in the E-commerce sector including a broad range of concepts such as robotic devices, stores in the metaverse, smart kiosks and so on. It is necessary that potential qualifying registrants assess their annual revenue and align with reporting requirements in order to ensure VAT compliance and avoid penalties or fines. Read more about the new amendment here. C ..read more

A VAT health check is a type of VAT audit used to detect any risks and errors in the VAT by studying and evaluating the previously filed VAT returns and VAT refunds. It is important to ensure that this is both accurate and current. If not, your business may employ outdated client information and consequently, make a financial loss. The taxpayer is responsible for ensuring that all their items are aligned with FTA guidelines. How your Business Benefits There are various benefits of VAT health checks in the UAE. Your business can avoid all kinds of VAT fines from FTA after conducting a complete ..read more