Finance

How to get Vat savvy for your startups in UAE?   

VAT will prove to be really beneficial for the companies who will register for it. It has got implemented to make sure that all the people to pay the VAT in UAE. This has become necessary in UAE and it will have a great impact on the businesses as well. there are so many tips that have been shared to the masses by the VAT agent in UAE. UAE VAT agent, specially in dubai shares the VAT saving tips with us so that we can get savvy for our startups as well.

Startups are gaining so much of importance these days because people are becoming more money oriented. The reason behind it is that people want to make more money and while doing a job, it is nearly impossible to become rich. If you do a business, you can get a good package of salary but you cannot get rich. This is because the salary is a fixed amount of money but while doing a business, you can get more money than you expect if you work hard for it.

Vat savvy for your startups in UAE

Here are some of the tips shared by VAT agent in Dubai, UAE to help us in a good way;

Calculation of VAT

First of all, all the people interested in a startup should test their system. To calculate VAT, you can use different sorts of invoices so that you can calculate it in an accurate manner. Dummy sheets and invoices will help you in the manual calculation. It is to be noted here that VAT will be charged as well and the payments of it are to be paid beforehand or in advance.

Staff’s training

As the VAT has got implemented, so it has become necessary for everyone to have the knowledge regarding it. All the employees, as well as the employers, should have a great idea about what VAT actually is. Your staff should be trained properly and should know what the purpose of VAT is and how is it paid. Training the staff is important or else you can get a penalty for it.

Software

Whenever you get time, do focus on developing your business. There is different software that are helping the people in their works a lot.

Some people might think that this software is expressions but they are actually not. They are really cheap and offer monthly subscriptions at low prices as well. small business owners or entrepreneurs can get them easily.

The FTA has extended that deadline for the registration of VAT. Not just this but also have relaxed the timeline for SMEs as well. people can get registered for VAT until 30th April and can file the return of VAT before or until 28th June.

Cash flow and its management

Cash flow is the basic requirement of every business. This is why people actually do businesses. If the cash flow is not smooth, there is no reason for doing a business at all. All the people or businessmen must analyses their financial statements so they can get to know about the shortages in their cash. To review the claims of refunds, FTA will take almost 20 days and it will take 5 days to complete all the payments of the refund.

How to avoid VAT or how to save corporation tax should not even be a question. It is nothing bad at all. If you will not pay it, you will have to pay penalties instead.