KWS Fintech Services

VAT Return Filing

KWS Fintech Services is one of the leading independent specialist VAT firms in the UAE.

VAT Return Filing

The VAT return filing refers to the submission of a form containing information regarding sales and expenses related to VAT and have been made during a specific tax period.

VAT (Value Added Tax) liability of a business for a specific period, typically a month, a quarter, or a year. It provides details of the VAT collected on sales and VAT paid on purchases during that period. VAT return filing process may have specific variations and requirements depending on the country. Therefore, it is recommended to consult the official guidance provided by your local tax authority or seek assistance from tax professionals to ensure compliance with the specific VAT return filing process in your jurisdiction.

Every registered tax payer in the UAE is required to generate and file a VAT return once every tax period. The tax period is either a month or a quarter (3 months) depending on the prescriptions given by the FTA on your VAT certificate. The last day to file any VAT return, be it monthly or quarterly, is the 28th.

If you don’t submit your VAT return to HMRC on time, you’re not just liable for a late payment penalty. You’ll also have to pay interest on that too until you pay it. However, depending on your previous VAT payment history, you could receive a Surcharge Liability Notice (SLN) instead. If making payments on account and submitting quarterly VAT returns does not suit your business you can choose to make VAT returns and payments monthly. To make the change to monthly returns you can either: apply online to change your registration details.

VAT will be paid only by the final consumer as registered companies will be able to claim back any VAT paid.

If you pay your VAT monthly or quarterly, the deadline for submitting your return and paying any VAT you owe is one calendar month and seven days after the end of the VAT period. For example, for the quarter ending 31 March 2017, your return must be submitted and payment cleared in HMRC’s account by 7 May 2017.

Benefits of VAT Return Filing Services in Dubai

Outsourcing VAT return filing in Dubai, Sharjah, Abu Dhabi, and any other emirate is the best option for compliance. Our VAT consultants in the UAE have expert knowledge of the authorities and years of experience in all major industries. Support and guidance in preparing your VAT return will benefit you in many ways. As below:

  • Opportunity to save excess VAT
  • Check all your VAT transactions
  • Raise the status of your business
  • Compliance of transactions with VAT laws
  • Partners feel confident about their transactions
  • Reduced likelihood of errors in submitted documents
  • Protect your revenue from VAT penalties

Frequently Asked Questions

A VAT return is a document that summarizes the VAT liability of a business for a specific period, typically a month or a quarter. It includes information on sales made during the period, VAT collected from customers, VAT paid on purchases, and any adjustments or refunds applicable

Businesses that are registered for VAT and meet the threshold set by the tax authorities are required to file VAT returns. The threshold can vary between countries. Small businesses or businesses below the threshold may be exempt from VAT registration and filing.

The frequency of VAT return filing depends on the regulations of the tax authority in your country. In some jurisdictions, VAT returns are filed monthly, while in others, they are filed quarterly or annually.

A VAT return typically includes the following information:

  • Total sales made during the period
  • VAT collected from customers
  • VAT paid on purchases
  • VAT on importation of goods or services
  • VAT adjustments, if applicable (e.g., bad debts, corrections, exemptions)
  • Total VAT liability or refund due

VAT liability is calculated by deducting the input VAT (VAT paid on purchases) from the output VAT (VAT collected on sales) made during the reporting period. The resulting amount represents the net VAT liability or refund due.

The deadlines for VAT return filing vary by jurisdiction. It is important to comply with the deadlines set by the tax authority to avoid penalties or late filing fees. It is recommended to check the specific deadlines applicable to your country or consult with a tax professional.