Get Ready for VAT Audit in 2019 by FTA

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Get Ready for VAT Audit in 2019 by FTA

We as Audit firm in Dubai strongly urge to act now and execute a Pre-Audit health check of one’s books of accounts, taxable tools and VAT files. They are sending notifications to companies giving 5 days notice period for VAT Audits.

Key places to review and prepare yourself are:

  • Make sure every maintained input have proper backup support record with due advice as prescribed by FTA.
  • Every revenue has been accounted for accurately and according to FTA requirements and due output signal vat is calculated & paid timely basis.
  • Ensure proper filing system is maintained for audit identification as well as reference.

Please notice:
It will soon be an easy ride for companies that are well prepared, have maintained proper books of account, physical filing procedure and have now been filing VAT Returns on time. We in NUF Chartered Accountant, assume that you will end up on top of your company to handle well any such query by FTA, even if you are not, please raise a flag now!

Essential advice:

1. Host to audit will likely be taxable person office, or as per FTA requirements.
2. Tax records, files, books of accounts and statements should be readily reachable.
3. Relevant staff or your VAT Consultant/Agent is give support the audit process.
4.Review your own VAT  returns, taxable supplies, enter VAT maintained and output vat calculations.
5. Reconcile your revenue and purchases/expenses announced in VAT returns with actual books of accounts.

You get it done or employ a VAT Adviser, the target should be to preform a whole health check of one’s Novels of Accounts or conduct an Pre-Audit Review to prepare well for any VAT Audit from FTA, Click here the link to get advice punctually.

 

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