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
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:
