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Why Management Fee is Taxable in UAE?

The Director’s Service fee also called as Management Fee is taxable in UAE under the UAE VAT Law. The FTA- Federal Tax Authority has issued a rule on applicability of tax on Management Fee/Director’s Services in the month of April 2018.The Director’s Service Fee/Management Fee is taxable if the below mentioned conditions are satisfied:1. The person provides independent director’s services to othe...


Business and Financial Advisory at SME Business Management Consultancy

SME Business Consultancy provides the business and financial advisory services and solutions to start-ups as well as established companies and organizations of all sizes in UAE. We provide unique support on the market intelligence based consulting for our clients strategic planning and operative decisions by experts. All businesses, small and large require accurate financial management and control...


What does VAT Advisory Services in UAE at SME Business Management Consultancy provide?

1. 24/7 support on VAT advisory services from the VAT Experts. 2. Timely, precise & cost-effective support from the VAT Expert for the queries or issues confronted by the businesses.3. VAT impact analysis from VAT authority team. 4. Plan and prepare solutions for recommendations designed to provide advice on taxation for business clients.5. VAT Advisory Service through meetings, discussions and on...


VAT implementation: Responsibilities of business entities

All companies and business in UAE must registered for VAT under UAE VAT Law and should maintain proper records of their business transactions and ensure that all financial records are accurate and up to date. Also should register under UAE VAT if they are coming under eligibility criteria based on turnover. All UAE VAT registered business and companies may reclaim any VAT they have paid on goods o...


Accounting Outsourcing Services in UAE

For the economical growth of country to comply with the legal requirements and to compete with the businesses may sometimes difficult to manage the accounting activities of their businesses within the company especially for SMEs. So, accounting outsourcing services is the best option for them to choose.Benefits of Accounting Outsourcing Services1. Outsourcing of non-core activities can improve eff...


How we proceed with VAT Compliance Review?

1. Accounting and operational software system review:Proper accounting software is important in all organisation to ensure that it complies the UAE VAT law which will result in no discrepancy during a tax audit by a tax auditor. Company can check whether the accounting software used in the company is capable of handling proper Tax Invoice, Tax Credit Note, Accouting on Reverse Charge, Calculation...


Needs for maintaining proper VAT records for businesses

Federal Tax Authority will be commencing Tax Audit for all companies in UAE to review how well VAT implementation has been complied in their company businesses in order to know whether the they have maintained proper business records or not. All businesses in UAE must maintain their records properly to be ready for a Tax Audit anytime by Federal Tax Authority. For that companies or businessman nee...


Why VAT Return Filing?

In order to comply with the UAE VAT law, UAE VAT registered businesses have to file their VAT Returns on time. This will help you to avoid penalties and consequences for not obliging with the TAX laws in the region all around UAE.The First VAT Return Filing for around 80,000 businesses in the UAE will be submitting their VAT returns by April 2018. Businesses and taxable persons has to submit all o...


Electronic services under UAE VAT Law

The following services have been identified as ‘Electronic services’ as per Article 23 of the Executive Regulations of UAE VAT Law:1. Supply of domain names, web-hosting and remote maintenance programs and equipment and updating of software. 2. The supply of images, text, and information provided electronically such as photos, screensavers, electronic books and other digitized documents and files....


Steps We Need to follow Before VAT Return

1. Login to the portal of the Federal Tax Authority at www.tax.gov.ae with your registered user name and password.2. Click on VAT 201 – New VAT Return option under the e-services section of the portal to initiate the VAT Return form.3. Fill the contents of standard rated supplies from box 1a to 1g.4. Treatment of Tax Refunds provided to Tourists5. Supplies subject to the reverse charge provisions....


Steps to consider before implementing VAT by every businessmen in UAE

1. Check whether the company needs to be registered for VAT or not. If the annual turnover of the taxable items is more than AED 375,000/, you have to register for VAT.2. Find the one suitable software for your company. 3. Place right and skilled people on board to handle the challenges on VAT compliance in accounts, IT and document controlling department. 4. Study the operational activity of yo...


What are the process of establishing LLC?

LLC- Limited Liability Company is the most common form of business entity formed in UAE-Dubai for engaging in commercial activities. These are the process to establish LLC in UAE; 1. Obtain initial approval for name and activity from the Department of Economic Development and approval from relevant Ministry/Department in case the activity is of special nature. 2. Draw up company’s Memorandum of As...


Looking for steps to set up a company in Main land?

Here the complete steps to set up a company in Main land;1. Select an activity.2. Select a legal form for your business.3. Select a trade name for your business.4. Apply for an initial approval certificate. 5. Prepare an Memorandum of Association (MOA) or Local Service Agent (LSA), if relevant.6. Establish your business location.7. Obtain licencing approvals for your business activity. 8. Collect...


How VAT affects the Companies and Individuals in UAE?

For companies, the increase in cost due to VAT can be shifted to the customers and the operating cost of the company is likely to go up while implementing VAT. Additional costs for the company will be on; 1. Employment cost of new/additional staff to handle accounts, IT, documentary controls etc.2. The cost to make necessary changes in the existing software of the company or to buy new software to...


VAT Registration in UAE

For VAT registration in the UAE you should complete an online VAT Registration form which is available through Federal Tax Authority online portal. Once the registration is complete, a Tax Registration Number (TRN) will be provided to the applicant.Supporting documents required for VAT Registration in the UAE:a. Trade licenseb. Certificate of incorporationc. Emirates IDd. Articles of Associatione....


Records to be maintained under UAE Excise Tax

There are 9 records to be strictly maintained by a taxable person for Tax Audit.1. Records of all produced, imported or stockpiled Excise Goods and exported Excise Goods.2. Evidence of exported Excise Goods.3. Records of stock levels.4. Detailed records of lost or destroyed Excise Goods.5. Tax Record for Due Tax on imported Excise Goods and produced Excise Goods.6. Tax Record for Due Tax on Excise...


VAT in UAE: Operational Audit

Operational audit of an organizational activity is a future-oriented, systematic, and independent evaluation. It is completely a business assessment approach to improve the efficiency of an organization's operation and profitability. It mainly evaluates the effectiveness, efficiency and economy of operations of an organization and provides all required recommendations to improve.Objectives and Sig...


VAT in UAE: VAT Return Filing Process

VAT Return filing process includes, details of the Taxable Person will be pre-populated. Then details like VAT/Tax Period reference number, Tax year end, current VAT Return Period and VAT Return submission due date will also be generated automatically.While doing VAT Return Filing, you should taken care of the following;1. All amount should be in United Arab Emirates Dirhams (AED) and rounded off...


How to control legal costs for SMEs?

Most of the SME firms face the issue how to control legal costs for SMEs. Its really challenging how to reduce these kind of non-value added expenses. It is very essential to have a basic knowledge of the legal aspects of the region wherever we are living or doing business. In business or organizations point of view controlling legal costs are related to its profitability since the companies are p...


VAT in UAE – Business Under VAT

Important key measures to be ensured by the business or company management when doing business under VAT in UAE;1. Proper documentation and maintenance of recordsIt is important for the business or company management to ensure proper document with minimum contents required for each such document, as specified by FTA. For VAT compliance all the relevant documents and records required for raising th...


VAT in UAE: How to prepare VAT Invoices?

VAT is implemented in the UAE with from 1st January 2018. VAT Registered business owners need to know about how VAT Invoices should be maintained for every businesses in UAE as per the latest information by the FTA.FTA has two kinds of inovices for VAT in the UAE. Supply for less than the specified amount and supply for more than the specified amount. First one will be considered to maintain a sim...


VAT in UAE : Steps to Implement VAT in Your Business

VAT in the UAE is a one of general consumption tax which is collected incrementally based on the value added at each stage of production or sales. It is an indirect tax also known as the consumer tax. VAT in UAE is charged at each stage of the supply chain where the end users have to pay the tax.
Steps to Implement VAT in Your Business:1. VAT Registration* Perform registration and verify it.* Regi...


Need a consultant for Online VAT registration in UAE?

What does a business consultant do? A business consultant is an outside expert team you prefer to solve your internal business problem. SME business consultancy have experienced team of experts to solve your internal business problem in a great extend. Our consulting team has great source of specialised knowledge. SME business consultancy team posses knowledge, skills, experience, and process to i...


UAE VAT Considerations

1. Location deemed for supply
- For goods where supply takes place- For services: where supplier has place of residence or if used in UAE, then deemed location of supply to be UAE- Electronic supply: place where service is used / enjoyed2. Types of supplies- Domestic: Standard or Zero rated- Exports: Zero rated (except exports to Implementing States which may be taxable)- Imports: Reverse charge me...


VAT IN UAE

VAT is a tax on the use of goods and services charge at each point of sale. Its like an indirect tax used in more than 150 counties all around the world. VAT was introduced in UAE on 1 January 2018 with the rate of 5 per cent. As for all countries VAT in UAE is considered as a new source of income to be utilised to provide quality public services of all people across the country. The government e...


Profitable SME management consulting

As with any business, if the firm can prove their value, they can be profitable. Remember, the Small & Medium Enterprises won’t have the luxury of budgets as a large enterprise. So, they’ll do enough groundwork before they hire a management consultant to come and plug holes in their process, systems etc. The Management Consultants needs to play a role of an advisor, more like a mentor to these bus...


​Benefits of having a Business Consultant

A business consultant can make or break your business so before hiring one, business consultants are specific industry experts. Some might be good for small business and start-ups usually drawing up initial business plans which might not be useful for you. But sme business consultancy services helps you to target your potential customers and gets the business to a success level. A consultant can p...


Internal Audit Process - The SME business

Internal audit is the independent management function in SME business management consultancy
1. Decide the scope of internal audit 2. Develop an audit plan a) Production department: Analyze the production compare with the standard production quantity and check the efficiency i.e the the time taken for the given quantity of productionb) Quality control department: Cost of poor quality which involve...


SME Business Management Consultancy offers

1. Tax ServiceSME Business Management Consultancy offer a tax preparation process for tax returns, income tax returns, often for a person rather than the taxpayer. Provide well advaced tax preparation software and online tax services with an affordable cost.2. Audit ServiceSME business management professionals can audit books, accounts, documents, vouchers and statutory records of any organisation...


Why SME Business Management Consultancy?

SME Business Management Consultancy is a Certified Management Consultancy in Dubai-UAE provides you best practice of delivering quality services. This management field has qualified professionals in finance management also they are well experts in accounting, auditing and tax services.


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