VAT Health Check

VAT Health Check in UAE

By conducting a VAT health check with experts from HALSCA, we are able to help you assess, identify and resolve any issues or bottlenecks before they become problematic to your company.

VAT is relatively a simple tax scheme. However, being mostly a self-assessing tax, it is not uncommon for committing errors or inaccuracies. Unfortunately, many businesses fail to identify such errors until they are called for inspection by the tax authorities. This can cause injury to the company by means of legal actions against the entity in the form of fines, and penalties. Larger the VAT related transactions, greater is the risk of such unfortunate scenarios.

VAT health check usually commences with a visit to your office by one of our experts who will perform a detailed inquiry and inspect the accounting policy and system. This will help us to understand the current state of the records and transactions and will help in identifying and quantifying any errors. Our checks typically comprise of source data check, accounting system check, sample invoice checks, etc. This includes a high-level sense check to identify any further anomalies.fit of registering as a VAT group is because the supplies between the members are not considered as a VAT, therefore the VAT isn’t applicable.

Benefits of performing a VAT health check through HALSCA would be:

• Assessment of current stage and ways to improve it
• Prevention of any legal actions, fines or penalties against the entity
• Identifying ways to minimize tax liability while being VAT compliant
• Get timely and deserved VAT refunds from the tax authorities by suggesting ways to improve recovery
• Identifying improvement to the policies and systems in place
• Check if VAT schemes are being followed and utilised correctly
• Peace of mind as we will guide you through your VAT affairs