VAT & Bank Account Assistance

Bank Account Opening Services

As your consultants for business setup in UAE, we can also help you in opening a bank account for you as well as your employees. It is necessary to own a bank account in any of the recognized banks of the UAE. It is one of the key activities of company formation in the UAE.

VAT Services

Accounting is one of the core business processes in which no mistake can be afforded as the complete knowledge about the flow of money is obtained through it. Bookkeeping is the foundation on which the infrastructure of accounting stands.

The data created through accounting and booking can also be used for business forecasting, predictions, and decision making. Bookkeeping deals with keeping a record of day-to-day financial transactions. In our financial accounting and bookkeeping services, our accountants in Dubai classify various records, conduct analysis on its basis, summarise the data based on bookkeeping records we prepare.

Our financial advisors and experts in Dubai and Abu Dhabi have served numerous clients in various GCC countries. They have the knowledge of international accounting standards designed to harmonize the accounting process throughout nations. This makes us one of the most credible bookkeeping and accounting firms in Dubai.

Our bookkeeping and accounting service remains compliant with IFRS taking care of the domestic rules and regulations.
We, as financial consultant provides monthly bookkeeping services in Dubai, which can efficiently track each transaction.
The account payable service rechecks all the payments made and their invoices, and documents it.

Basic Book Keeping Services

After you establish your company in the market, you would be having multiple transactions from various sections of your company. It is necessary to put them all together under a particular standard format. Out of all accounting firms in Dubai, we are the most reputed bookkeeping and accounting firms in Dubai, which gives optimum priority to all our clients irrespective of the services they ask for or the size of the company.

Our accountants in Dubai follow the double-entry method for bookkeeping in which every single transaction has two effects viz., Debit and Credit.

What our Book Keeping service includes

We, as one of the best bookkeeping and accounting firms in Dubai, provide a vast range of bookkeeping services for your company. From the initial level to the advanced level, a company can merge the bookkeeping service with various other services:

Maintaining bills, invoices, and payments made.
Bank reconciliation for multiple bank accounts.
Creating reports based on bookkeeping data.
Providing data for prediction, budget preparation, and other analytical requirements.

Cash Flow & Forecasting Service

A company needs to manage its finance without fail. After a company gets started, numerous transactions take place whose record should be kept necessarily. With its help, the inflow and outflow of the cash can be measured.

Cash flow Statement bifurcates a company’s cash flow into three categories viz., Operating, investing and financing activities. Based on the cash flow, one can learn about the changes in cash and cash equivalents, how a company’s cash was generated during the period and how it was utilized. Cash flow statement serves as the basis for the future expansion plans of the company.

Required document for preparing cash flow statement:

For calculating the cash flow, one needs to provide income statement and balance sheet for the current year and immediately preceding year. Usually, the cash flow is calculated on an annual basis. Otherwise, one can choose to calculate it for shorter periods too, such as half-yearly, quarterly, and monthly, etc.

As you can see that the process isn’t facile, you need professionals on whom you can rely. Plan 2 Dubai, one of the premier bookkeeping and accounting firms in Dubai, always hire the best Chartered Accountants (CAs) and Certified Public Accountants (CPAs) who are amongst the well-known business consultants in Dubai and Abu Dhabi.

Business Valuation and Restructuring

It is imperative to know the accurate value of your own business. When you buy or sell a business, in case you need to restructure the capital investment, litigation settlement, etc.

Performing in-house business valuation can be tiresome, but letting an amateur third-party do that could be risky. We are sure that you would not want to evaluate your business wrong. Therefore, better count on Plan 2 Dubai rather than depending upon other accounting firms in the UAE. We have earned our reputation not just from our work but also by safeguarding the data of our clients.

The bookkeeping and accounting firms in Dubai which promise low-cost business valuation may not be focusing on the quality aspect. Rather than saving a few bucks, the company must focus on finding a partner from where correct business valuation is obtained with optimum data security.

Our accountants in Dubai consider each aspect, including the ones which most companies forget, such as business risks, debts, cash flow expectations, and many more.

We are flexible enough to calculate the value of your business as per the purpose of the valuation. There are several methods of business valuation, including, Book Value, Market Value, Asset-Based Valuation, Multiples of Earnings, ROI-Based Valuation, Discounted Cash Flow (DCF), and Capitalization of Earnings.

Account Reconciliation Services

Reconciliation is usually important to detect any discrepancies between the accounting records of the company and the counter-party. It is normal for a company’s account balance as per accounting records to differ from the balance as per the counter-party in question due to timing differences. Account Reconciliation is done to explain the reasons for the differences and to identify errors and omissions.

We, as one of the top bookkeeping and accounting firms in Dubai, support the clients for account reconciliation, whether one talks about bank reconciliation, suppliers ledger reconciliation, customer ledger reconciliation, intercompany reconciliation, etc.

Our service is available for all the customers irrespective of the size of their company. You must have a look at our company formation service if you are just getting started. From small companies to MNCs, the result will be prominent for our all users. Also, to avoid fraud and corruption, it safeguards the company from legal issues and maintaining secrecy for critical data.

Lets have a detailed insight into the reconciliation services we offer:

Bank statement reconciliation:

Bank statement reconciliation can be done manually as well as through accounting software. There are a few accountings software programs that don’t allow to add bank statements to the software application, at that time, manual bank reconciliation can be used.

In manual reconciliation, our accountants in Dubai check all the bank transactions from the bank book with the bank statement and reconcile the balance as per bank book and the bank statement.

The end result of reconciliation is that, it will bring out errors and omissions that may have been committed either in the bank book or bank statement. Further, it will also highlight any undue delay in the clearance of cheques. Therefore, our efficient reconciliation accounting technique, along with reconciliation experts in Dubai, will help to keep your accounts updated.

Intercompany reconciliation:

Before finalizing the books of accounts, accounts need to get done with intercompany reconciliation- a tedious task due to an immense number of transactions taking place between the company. Example of an intercompany transaction- transactions done between headquarter and its branches, exchange of two different ventures owned by the same parent company, etc.

However, the discrepancy between accounts of the same company can lead to undue delay in coming up with the consolidated financial statement. Not all accounting companies in Dubai are efficient enough to provide intercompany reconciliation. Therefore, you can have us for intercompany reconciliation as well as for other reconciliation services.

We only need your financial information which is kept safe with us:

Statements of accounts
Vouchers such as credit note, debit note, payment details, etc.
Statement of accounts from the associated companies
Financial Statements of group companies

Updating Backlog Accounts

Your company may find it challenging to keep an updated book of accounts and reports. Every transaction must be recorded as and when the transaction takes place. This is common with small and medium-sized businesses. According to the CCL (Commercial Company Law) in the UAE, it is necessary to keep the book of accounts updated. If it is becoming tough for you, then we, as the best bookkeeping and accounting firms, come into the picture.

We are one of the top accounting firms in the UAE, based in Dubai and Abu Dhabi, which will help you in maintaining your accounts. All we need is your support in providing us the proper documents such as debit notes, credit notes, sales invoices, purchase invoices, bank statements, bank transfer copies, payment vouchers, receipt vouchers, cheque counterfoils, etc.

Our financial consultant will make sure no data gets missed, and you obtain a proper book of accounts. We render this service to prepare reports monthly, quarterly, half-yearly, and annually. These are the reports we prepare for you:

Balance Sheet
Cash flow statement
Receivable aging list
Reports on sales performance
Expense report
Financial ratio analysis
Profit and loss statement
Break-even point analysis
Working capital analysis

However, our service is entirely flexible to entertain any of your further accounting-related requirements.

VAT CONSULTANCY SERVICES

VAT Registration
Assistance in –
Establishing VAT Charging Systems
Filing/preparing quarterly VAT returns
Maintenance of VAT Records
Accounting System Amendments
Federal Tax Authority guidance
VAT Assessment, Quarterly Tax Filing and Tax Return

VAT Consultants in Dubai, UAE

PLAN 2 DUBAI AUDITING TEAM is fully equipped with a team of professional and experienced VAT experts who will help you to run your business smoothly by providing the best and authentic VAT services in Dubai. Our VAT experts in UAE will understand your business and evaluate the impact of VAT on your business.

PLAN 2 DUBAI auditing will ensure that all the functions of your business are in line with the laws of the Federal Tax Authority (FTA). Our VAT Agents will ensure complete VAT compliance such as proper VAT invoice format and timely filing of VAT returns and many other operations that will help you achieve your goals.

VAT Implementation in UAE

A business must register for VAT if the taxable supplies and imports exceed the mandatory registration threshold of AED 375,000, the business is liable to pay tax.
Furthermore, a business may choose to register for VAT voluntarily where the total value of its taxable supplies and imports (or taxable expenses) is over the voluntary registration threshold of AED 187,500.

VAT Rates in UAE

The types of VAT rates in the UAE are:

Standard rated (5% VAT)
Zero-rated (0% VAT)
Exempted (No VAT)

Zero-rated VAT

International transportation, and related supplies;
Exports of goods and services outside the UAE;
Certain investment grade precious metals (e.g. gold, silver, of 99% purity);
Supplies of the certain sea, air, and land means of transportation (such as aircraft and ships);
Newly constructed residential properties.

Exempted VAT

Local passenger transport
Bare land – sale and lease
Residential properties – sale and lease
Supply of certain financial services

VAT Registration

The businesses must apply for VAT registration if the taxable supplies and imports exceed the mandatory registration threshold of AED 375,000. Furthermore, a business may choose to register for VAT voluntarily where the total value of its taxable supplies and imports (or taxable expenses) is over the voluntary registration threshold of AED 187,500. Plan 2 Dubai Auditing offers a VAT registration service to ensure that companies who are eligible to have the TRN must get the TRN on time.

VAT Invoicing

After registering your business under VAT, your business must issue a VAT invoice. All the businesses must follow the VAT invoice format issued by the FTA to avoid VAT fines and penalties in UAE. How to prepare a tax invoice in UAE is a very critical question and task for allbusinesses. Tax Registration Number (TRN) must be mentioned on all the tax invoices. If there is no TRN mentioned on the tax invoice then the customer should not pay VAT.

VAT Return Filing

VAT return filing is mandatory for all taxable businesses. Once you have registered for VAT in UAE, you are required to file your VAT return and make related VAT payments within 28 days after your tax period ends. If your business fails to file a VAT return on a timely basis or submits the wrong VAT return filing then the business will incur VAT audit and VAT fines from the FTA. Plan 2 Dubai Auditing is offering quality and timely VAT return filing services in Dubai on a monthly and quarterly basis.

VAT Refund

Input VAT is the tax payable for items (goods and services) purchased by a business or taxable person in UAE. On the other hand, output VAT is collected tax on items sold by a business or taxable person in UAE. If your business is paying more tax as compared to the tax your business is collecting from the clients, then you are eligible to claim an FTA VAT refund in UAE. Plan 2 Dubai Auditing offers VAT refund services to help our clients with their VAT refund applications.

VAT Voluntary Disclosure

VAT Voluntary Disclosure form is provided by the FTA to the taxpayer who wants to notify the FTA of an error or omission in a tax return or tax refund application. VAT voluntary disclosure form requires a very keen consideration and it may well be worth-while obtaining professional advice from a registered tax consultant before making any voluntary disclosures so that the potential flow-on consequences can be considered and addressed.

VAT De-Registration

VAT deregistration in UAE allows a taxable person or a business to cancel their VAT registration and suspend their Tax Registration Number (TRN). VAT Deregistration is an online process. Only the businesses that are registered under Federal Tax Authority (FTA) can de-register from VAT. Plan 2 Dubai Auditing will assist you in de-registering your company from FTA. We will ensure that the process of VAT deregistration will be completed without getting any VAT fines from FTA.

VAT Courses

The objective of our VAT training is to assist all the accountants, tax experts, and professionals across the UAE to understand the basic and technical mechanism of VAT in the UAE. Our VAT training courses in Dubai will ensure that your business is following the rules and regulations of the Federal Tax Authority (FTA). VAT training will enable you to implement VAT properly and efficiently in the organization.

VAT Audit

By conducting a VAT audit, the government will verify that whether the business is following all the VAT laws and implementing VAT as per the regulation of FTA. Through the VAT audit in UAE, FTA will check the VAT returns and VAT refunds submitted by the taxpayer. Plan 2 Dubai Auditing will entirely represent your business in front of the Federal Tax Authority (FTA). We are providing a VAT health check to ensure VAT compliance.

VAT Consultancy

If businesses make a single error while handling VAT, there will be heavy fines imposed by FTA. In that case, an expert opinion will help you to avoid those fines. VAT is a very delicate subject and needs to be taken care of with experience and knowledge. The goal of VAT consultancy is to offer the best and authentic VAT solutions to all the businesses in UAE. Our VAT consultancy will help your business to ensure VAT compliance as per the FTA laws.

VAT Reconsideration

VAT reconsideration allows a taxable person to appeal for the review of the decision made by FTA. All the companies in UAE must be aware of the tax laws to run their businesses smoothly. Any business or a person who received a penalty from FTA can apply for VAT reconsideration in UAE within 20 business days after receiving the penalty. The authority will review the decision and might waive off the penalties if the business proves the case.

FTA Compliant VAT Services in Dubai, UAE

Plan 2 Dubai Auditing is covering all the aspects of VAT services in Dubai, UAE. For FTA-compliant VAT services in Dubai, UAE, Contact us. We have professional and experienced tax specialists who can handle all kinds of complex issues related to VAT. We handle VAT with extreme attention to follow the rules and regulations of the Federal Tax Authority (FTA).