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Need Vat Consulting? Get Help From Xcel Accounting

By Author: aniket vichare
Total Articles: 19

VAT is the particular tax which is imposed on all goods and services and the full name is basically Value Added Tax. It is in fact a consumption tax. This tax faces increment on the basis of the increment of product value during the actual process of production. Also VAT is levied as a destination-based tax, i.e. the value of the tax would depend mostly on the location of the customer or buyer or the product or services. VATs face an increase of a fifth of total tax revenues, worldwide. By 2018, a total of 166 countries (out of a total of approximately 193 countries) have levied a VAT worldwide (which is inclusive of the sales tax).

One can calculate VAT in two different ways. One is the credit-invoice or invoice-based method while the other is the subtraction or accounts-based method. The former is used by all national VATs excepting Japan. The latter is however used by businesses to calculate the value of all taxable sales and then subtracting the sum of all taxable purchases which is followed by the VAT rate being applied to the difference.

It has standard rates in different countries. 5% is the VAT rate in the UAE.

So if you want to take help of VAT consultancy services in UAE, Xcel Accounting is your answer. You can rest assured that with Xcel Accounting you are seeking assistance of some of the best VAT consultants in UAE.

To run a business smoothly, you will in fact need VAT consultancy services. The VAT that was levied in the UAE on the 1st of January 2018 had certain criteria to be fulfilled by running businesses. They are –

Any business, big or small, is supposed to register for VAT, if the annual VAT taxable turnover of the company exceeds a certain value. AED 375,000 is this compulsory limit.

If there is a voluntary registration for VAT, it will only be possible if the turnover of the said business is below the aforementioned mandatory registration threshold. But in this case, the turnover of the business should exceed a total amount of AED 187,500.

VAT is a pressing finance problem that is a concern for all. Up and coming businesses need to register for VAT before time and thus for that more than often they require services of VAT consultancy firms, luckily, for people of the UAE, there is Xcel Accounting, with which you will have the best VAT consulting in Dubai.

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