INDIRECT TAX
Indirect taxes are levies imposed on the consumption of goods and services, rather than directly on income. Common examples include sales tax, value-added tax (VAT), and excise duties.
VAT RETURN FILING & REFUND CLAIM
Indirect taxes are levies imposed on the consumption of goods and services, rather than directly on income. Common examples include sales tax, value-added tax (VAT), and excise duties.
VAT Return Filing & Refund services in UAE involve several steps to ensure compliance with the Federal Tax Authority (FTA) regulations. Here’s an overview of the process:
What is a refund?
A refund occurs when the input tax is greater than the output tax on a VAT return. The taxpayer can request a VAT refund after filing their VAT return.
Timeline for refunds
The FTA will process and review the refund application within 20 business days of submission. The taxpayer will be notified regarding the FTA’s decision to accept or reject the claim. If the process exceeds the timeline of 20 days, the FTA will notify the taxpayer regarding the extension of the deadline.
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Chart of Accounts
- Asset Accounts
- Liability Accounts
- Equity Accounts
- Revenue & Expense Accounts
Journal Entry Posting
- Asset AccoJournal Account Codingunts
- Approvals
- Posting
- Filing
Expense Allocations
- Obtain Approvals
- Record Expenses with Allocations
- Estimate expenses incurred but not billed
Period End Closing
- Period End Close Checklist
- Record Goods Shipped & Issue Invoices
- Record Goods Received & Record Expenses Finalize
- Finalize P&L and Balance Sheet
GENERAL ACCOUNTING AND BOOKKEEPING
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Quality-Assured Accounting & Bookkeeping Solutions
Expertise Accelerated’s (EA) bookkeeping solutions are geared at providing high value-for-money accounting & bookkeeping solutions to US SMEs. Companies generally explore the option of outsourcing bookkeeping to shift the focus closer to tactical and strategic decision-making and away from mundane tasks.
Companies outsourcing bookkeeping services to third-party service providers are generally concerned about quality. However, being a quality-centric service provider, EA assures service quality through rigorous procedures as reflected in its service doctrine, EA’s Bookkeeping Services USA. Clients interested in leveraging outsourced bookkeeping services can bank on EA for a quality-assured and affordable service.
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