VAT Filling & Accounting

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MHM Accounting

MHM is a registered tax agent with a team of experienced VAT accountant. As a result of implementing VAT in UAE since the start of 2018, correct documentation and record keeping needs more focus now. Our VAT accountants will ensure that all your VAT reports are comply with the requirements of Federal Tax Authority (FTA).

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MHM Accounting

Who is eligible for VAT in UAE?

Mandatory

Businesses having taxable supplies and imports above AED 375,000.

Voluntarily

Businesses having taxable supplies and imports between AED 187,500 and 375,000.

Not Required

Businesses having taxable supplies and imports less than AED 187,500.

MHM has been a leader player in providing Taxation services for corporates. Our team of VAT experts will support you to the VAT process and frame it in the most beneficial way to reduce your cash outflow during tax payment stage, through delivering a wide range of services in VAT

MHM Accounting

Frequently Asked Questions

Below you'll find answers to the questions we get asked the most , and Got a question? We're here to answer! If you don't see your question here, drop us a line on our Contact Page.

How long should I retain VAT invoices for?

Any business should retain VAT invoices for at least 5 years.

When to use VAT number?

A customer VAT number will be needed to enable a supplier of goods and services to a recipient in another GCC country to invoice without VAT.

Is there a penalty for not keeping proper records?

Yes, a Penalty of AED 10,000 is required to be submitted in case of failing to keep a track of proper records and if repeated a sum of AED 50,000 needs to be paid.

What is out of scope VAT in UAE?

When goods are imported from an overseas supplier to be sold to an overseas buyer without being brought in UAE, its excluded from VAT. Also, if a VAT registered business in UAE supplies goods or services to a VAT registered business in GCC, the sale is excluded from VAT.

MHM Accounting

Our Services

Data Migration

We assist you with migrating your data into new systems, add tax to your existing customers’ profile and allow your customers to pay taxes for subscriptions and collect any credit. We guide you to incorporate changes in the billings, accounting, and other administrative procedures so that existing plans created without the VAT can be updated with applicable taxes.

Invoicing Under VAT

Our team assist to make your invoices VAT compliant as per the requirement by UAE VAT law. We provide guidance and training so that departments connected to sales can incorporate VAT in their transaction without any hassle.

Calculating & Paying Vat

Our qualified and experienced team in producing accurate VAT calculations and we can assist business of any scale. We report the VAT paid for your supplies and to be charged for your sales and assist you with paying the VAT to the government.

Record Transactions

We record your input and output taxes in an organized manner and, record business transactions ensuring compliance with the new VAT laws and regulations. These records are accessible by as and when required.

Staff Training

We equip your staff with the required knowledge about the concepts of VAT implementation and compliance in the UAE. We provide training to your staff from all departments that will deal with VAT in their business operations and address issues they might face.