Bens School continuously educating its valued clients and business partners. VAT and VAT Service in Dubai is a relatively old subject in UAE now however the basic knowledge and capability are lacking in the market. BensCA VAT refreshers will help business owners to understand VAT basics and how to become compliant. In this part, we highlight the following 3 basic factors:
In-house VAT Capability
In-house resources VAT capability and knowledge play a critical role in making an organization fully compliant with local VAT laws and regulations. Provide VAT training to your staff, equip them with relevant knowledge, tools, and material. Some of the VAT Firms in Dubai are providing such training. I would also recommend providing VAT exposure to your sales, marketing, and procurement department is also very important.
Reliable ERP or Accounting System
Reliable accounting software or ERP system plays an important role to bring accuracy, minimize risk and exposure. Choose simple, easy to use and light version of accounting software to cater business needs with ease & efficiency. Cloud-based software is very handy, reliable & popular for SMEs.
Choose Right VAT Consultant
This might be a little harder than it looks, keep following elements in mind while selecting a right partner:
- Qualified & Licensed
Exp.in tax matters- Organized & Accurate
- Business Partner
Note: your in-house knowledgeable staff can play a vital role in accuracy and compliance.
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