How to file VAT Returns in UAE?

Learning what is VAT is the first thing before you turn your pages to the other things that comes under it. After the theory, comes the practical part. VAT returns is one of practical parts after registration.
Every company is required to file VAT Returns from time to time that is every quarter or monthly as per the rule depending on the turn of verifying of the business. In the end date of the filing period the business must compile the data on tax paid, tax collected and file the returns following the computation guidelines. A tax liability can ensue as per the given date on which the order advance is received, in case no advanced is received then the date of delivery or the invoice will be taken into consideration. The companies are to maintain a strict physical record of all the purchases and supplies and also complete registration details of suppliers and customers. There will complete electronic form for VAT filling but the government will expect companies to provide a full proof of returns.
In case of sales returns companies are allowed to reverse the tax paid on sales returns and if it is a daily debt the law will step in to recover the tax paid.

When to file VAT ?

Each and every registered business and individual must file for VAT Returns and submit quarterly or monthly records show as the timely submission returns maintains the company’s name in the good book for the tax authorities. If you are not paying the VAT you must at least apply Nil if your business  has been registered under VAT.
Procedure:
In order to file VAT Returns is going to begin when the VAT will be implemented and the duration will likely be 3 months that will come to 4 times and if it is more they it will be 12 times a year. Registered business has a simple way of filing it digitally using the services of the Federal tax authority portal. Since the VAT is in the picture the guidance is extremely necessary because of it being a new subject and every tax payer will require a thorough lesson inch by inch.
The e-filing will be active on the portal of Federal Tax authority www.tax,gov.ae. The manuals won’t the accepted as everything will have to be filed online hence every registered business will have to go through online procedures for filing VAT Returns as the e-filing will provide VAT return option. There will been consequences if the filing is delayed hence it is advisable to be punctual to avoid penalties.

Importance of filing VAT Returns

VAT Returns is a formal way of providing the records of VAT paid during a particular period. It is suppose to be submitted as per the documents in the record, ledger and the financial statements. The central purpose of filing a return is to show the summary of the VAT to the authorities as returns are necessary for auditing and VAT law enforcements.
The accountant or a tax consultant is to manage it all following all the VAT rules, be it registration, VAT Returns or payment.

How to calculate VAT in UAE using Reach Accounting Software?

Reach accountant software is one of the best accounting software that is build especially to manage a business from all the sides and keep an account of all the details in the business. It is said a software that suits 21 different businesses and is easy to implement, can be easily integrated and is also user friendly. It automates your business and keeps track of every detail that includes the VAT and makes filing VAT Returns simple.
Reach automates you business, hence, it makes all the functions simple and makes it easy for you to extract information and also helps in doing all the accounting work faster without any manual time consuming trouble.

As mentioned earlier VAT Returns is to be filed electronically and Reach takes care of all the tax and accounting work hence, being VAT ready you can use Reach for filing VAT Returns easily digitally. Reach has a VAT Calculator that takes calculates all your VAT paid and VAT taken by your business and keeps the record accordingly without missing a minute detail. This way you can file and accurate VAT Returns with no mistake and makes your VAT task easier also keeps you from any VAT authority’s trouble. You can keep a copy of manual record but as per the filing as it must be done electronically only hence your Reach accounting software will take care of the entire process easily by making the procedure as simple as possible without nay time consumption.

Top 5 VAT Software in UAE

There are several accounting software that one can turn to for managing their business and with VAT being brought in, the requirements of accounting software is going to be a necessity with registering and filing of VAT Returns being asked to do online.

1. Quick books
Quick book is widely known for its best business management apps. It has a user friendly interface and is used by several professional accounting organisations. It can customised providing customised solutions for a business. It is mainly used for medium and small business, using quick books you can directly send your data to your accounting devices and a subscription option helps you to access your data anytime anywhere.
Features:
• Generate reports
• Create an invoice
• Create and track budgets
• Bookkeeping
• Billing
• Invoicing
• Payroll software
• Mobile apps
• Online banking
Pricing:
AED 949

2. SAP ERP
SAP software is one of the leading software in the market as it is a complete management solution and is very well known in the UAE market. SAP provides business management for human resource, product planning, finance functions and other specific management departments. It removes all the global barriers which is one of its greatest pros that makes it easy to do business with international clients and to use it for branches in other countries .
Features:
• Procure to pay
• Plan to product
• Order to cash
• Request to service
• Core human resources
• Core finance
• Technical capabilities : applications, cloud, mobile app, database and technology, multilingual
Pricing:
AED 438

3. SAGE ERP
SAGE is mainly built to simplify the complexity of the other ERP software, therefore it will be safe to say that SAGE is a simple ERP software. It has an advanced interface that offers functions that are for professionals though one can fully customise it for better results for their business a daily is expandable with the business growth.
Features:
• Manage accounting and finances
• Manage people and payroll
• Business management solutions
• Business intelligence
• CRM solutions
Pricing:
AED 899 single user
ADE 1,099 professional

4. Tally ERP 9
Tally ERP comes in several variants and every variant is configured for certain purpose and type of business. It is one of the most widely known software, therefore, the users tend to choose it more often. It is also known as complete business solution and has close to one million users worldwide. It is designed to adapt and meet all the specific needs and demands of a company.
Features:
• Accounting
• Apps, data and security
• Budget and controls
• Business management
• Connected capabilities
• Integrations and extensions
• Inventory management
• Manufacturing
• Payroll
• Purchase management
• Sales management
• Tax compliance
Pricing:
AED 6,372 multi user
AED 2,250 single user

5. Reach accountant
Reach is a unique accounting software that can be used by 21 different businesses and is a one stop solution for your business. It can be easily customised and is user friendly. Although it is an easy to use software it is highly capable of managing your us in essence from all the sides and can take care of all the departments along with VAT Returns online. It is a cloud based software hence it has a good backup and makes everything easier for you to access it from anywhere.
Features:
• Accounting
• Purchase management
• Sales management
• Branch management
• User management
• Mobile app
• Sales team management
• Project management
• Production planning
• Bank reconciliation
• Inventory management and much more
Pricing:
AED 1800 single user, per year
AED 3600 five users, per year
AED 5000 unlimited users, per year

For more information action about Reachaccountant click here