Vat consultants in UAE

1. Get Good Tax Consulting From Xcel Accounting What is VAT? VAT is basically called Value Added Tax which is imposed on goods and services. It is a consumption tax that undergoes increase according to the increase in the value of the product (which is taxable) during the production process. A number of steps may be involved in the production process and each of them adds on to the production value. The VAT for the product is calculated on the basis of that. VAT can also be a destination dependant tax. The venue of the product selling will determine a changed product value. This is included in its VAT. For a business, you will need VAT consultancy. And if you are a UAE based company then rest assured because Xcel Accounting is here. You can get the best VAT consultancy services in UAE from Xcel Accounting. Some of the best, experience and knowledgeable VAT consultants in UAE have been brought on-board by the company. 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). There are two ways of VAT calculation. (i) Credit Invoice or the Invoice based method – This method of VAT calculation is used by all national VATs excepting that in Japan. Subtraction or Accounts-based method – This method of VAT calculation is used by businesses for calculation of 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. (ii) VAT has different standard rates in different countries. The standard VAT in the UAE is 5%. The VAT that was levied in the UAE on the 1st of January 2018 had certain criteria to be fulfilled by running businesses. There are a number of reasons why you need tax consultancy services for your business. Make sure you know these facets of your business and get hold of good VAT consultant in Dubai (if you are a Dubai based company) from Xcel Accounting. •Any small of big business will need to register for VAT, if the annual VAT taxable turnover of the company exceeds a certain value. In terms of the threshold value for compulsory registration, it stands at AED 375,000. •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.