Lootah Management and Consultancy provides a unique set of corporate accounting services customized for clients special needs. As financial services continue to recover and gain momentum, the focus remains on compliance with standards, regulations, and cost reduction. At Lootah Management & Consultancy, we are dedicated and passionate about helping our people to achieve their potential. When our people achieve their best, so do the clients
Services included are :
• Book-Keeping Services
• Data Entry.
• General Ledger Maintenance, Reconciliation and Supervision.
• Accounts Payable Reporting & Cash Disbursements.
• Accounts Receivable Reporting & Cash Receipts
• Activity-Based Costing & Management Reporting.
• Application of New Accounting Principles & Regulations.
• Bank and Investment Account Reconciliations.
• Budget Formulation & Monitoring.
• Cash Management and Cash-Flow projections, Pro-forma BS, Pro-forma Income Statement.
• Compliance with local and international accounting framework and regulations.
• Monthly Income Statement, Balance Sheet, Cash Flow, Trial Balance.
The first meeting
Understanding the Problem
The second meeting
Business Plan Consultant
The final meeting
Lootah Management and Consultancy is passionate to give its clients the best professional services for VAT/ Excise and related Tax Consultancy in a systematic manner, following compliance with FTA rules and Regulation. Our Services Includes VAT laws to be followed to its core, clarify ambiguities and uncertainties, avoid penalties due to errors, judgments and enhance and educate VAT understanding in a simplified manner.
- Setup for VAT and the related operational considerations in order to assist businesses to successfully implement the tax and manage VAT post implementation.
- Assessment and Registration.
- Online Submission of VAT returns
- Computation of VAT
- Refunds Claims
- VAT Audit
Frequently Asked Questions
What is the VAT Return?
The official document to be completed by the Taxable Person and submitted to the Federal Tax Authority (“FTA”) at regular intervals detailing any output tax due and input tax recoverable and including any other information that is required to be provided, In this guide, we will refer to it as the “VAT return”. (Source FTA)
Who is Taxable?
A business must register for VAT if their taxable supplies and imports exceed the mandatory registration threshold of AED 375,000.
Furthermore, a business may choose to register for VAT voluntarily if their supplies and imports are less than the mandatory registration threshold, but exceed the voluntary registration threshold of AED 187,500.
The standard Tax Period shall be a period of three calendar months ending on the date that the FTA determines.
- The FTA may, at its discretion, assign a different Tax Period other than the standard one, to a certain group of Taxable Persons. (Source FTA)
- A Tax Return must be received by the FTA no later than the 28th day following the end of the Tax Period concerned or by such other date as directed by the FTA. Where a payment is due to the FTA, it must be received by the FTA by the same deadline. (Source FTA)
A Taxable person needs to submit VAT return in UAE in accordance with the form, specified by the Federal Tax Authority (FTA). (Federal Law No. (7) of 2017 on Tax Procedures)