Tax and Accounting Services Package for UAE Businesses

Running your business successfully in a global market like the UAE is more than a great idea knowing that complying with the UAE regulations is very important, especially in evolving tax regulations in the UAE. Knowing the requirements required for a business to ensure regulatory compliance, we have designed an inclusive package as the Tax and Accounting Service Package which is tailored to your business needs. Subscribing this package from Flying Colour Tax Consultant LLC will allow you to focus on the core business matters and leave the regulatory side to us.

In this article, we will explain to you the services included in this package, how this package can benefit your business and why this package is the ultimate solution for your accounting and tax requirements.

What Does the Package Include?

This comprehensive package is carefully made after understanding the market and the feedback from our valuable existing clients. Let us read the services covered in the Tax and Accounting Package.

1. Accounting & Bookkeeping

We maintain your books of accounts as per the International Financial Reporting Standards (IFRS).

• Why It Matters: The maintenance of proper books of accounts as per the accepted accounting standard in UAE will make sure that the business is ready to answer to authority for the questions related to finance.
• Our Approach: We have a dedicated qualified accountant who handles your books through the software accredited by the Federal Tax Authority. We meticulously prepare the financial statement which is reviewed by a senior accountant to make sure the report is error-free.

2. Live Invoicing

Our team assists with live invoicing to streamline your billing process. Do not worry when you require an invoice to provide to your clients. Our team can extend the services to you by providing the live invoice. You can reach out to the dedicated accountant with your requirement of invoice and we will get it done in no time.

• Why It Matters: Real-time invoices to your clients will gain confidence and help to manage the positive cash flow through timely payments from your clients.
• Our Approach: We handle your invoicing needs with no hassle, ensuring accuracy and professionalism. For each invoice, we make sure that it is as per Value Added Tax Law and Regulations

3. VAT Registration and Return Filing

VAT Law introduced in the UAE with effect from 01 January 2018. All businesses that are subject to VAT must register and file tax returns on time to comply with the tax laws and procedures.

• Why It Matters: Once your business crosses the registration threshold, the application is to be done for VAT registration with the Federal Tax Authority within 30 days from the date of exceeding the threshold in order to avoid an administrative penalty for late registration which is AED 10,000. Once registered, the business is required to submit the VAT returns, generally quarterly, with no error. Error in tax reporting may lead to legal complications like tax evasion proceedings.
• Our Approach: We analyze your VAT liability in UAE and subject to the threshold condition make sure that your business is getting registered on time. Our VAT expert team works on your VAT file to make sure the correct tax report before the deadline. The team continuously monitors the deadlines and follows up with you to get the documents to make sure our clients are paying no penalties.

4. Corporate Tax Registration and Filings

With the recent introduction of corporate tax in the country, it is too critical to make sure that your business is not violating any tax rules.

Why It Matters: Unlike VAT, no threshold is applicable for companies to get registered for Corporate Tax. Any new business must apply for Corporate Tax registration within 3 months from the date of issuance of a license in order to avoid the late registration penalty of AED 10,000/-. More than registration, Corporate Tax filing is crucial. The authority keeps updating regarding the Corporate Tax Law and it is very important to make sure that your business is complying with the latest Corporate Tax updates.

Our Approach: Our corporate tax expert team, who are up to date on the tax regulations, can manage your tax registration and prepare your corporate tax. A tax expert working on your tax always makes a difference from an accountant working on the same. We make sure that an expert is deployed to guide you on your corporate Tax matters and make sure that your tax registration and filings are taken care of before the specified deadlines.

5. Zoho Subscription

We provide the accounting software subscription which is Zoho Books. The software is cloud-based and has a mobile application that will allow you as a business owner to see the accounting reports in real-time

• Why It Matters: Zoho Books simplifies financial management by offering features like expense tracking, bank reconciliation, and reporting. Zoho Books is the FTA-accredited software that can generate the FTA Audit File (FAF) in case of any tax audit from the authority. In the light of announcement of e-invoicing, it is very important for businesses to make sure that the books are maintained in FTA-accredited software.
• Our Approach: Our accounting team understands your business and set up the chart of accounts in Zoho which covers your business requirements.

6. Customized MIS Reports

You may not be an accountant who understands accounting reports and if you prefer to know the Management Information Report which can give you an immense understanding of your business, this Tax and Accounting Service Package is the best option.

• Why It Matters: MIS reports provide key insights about the business and understand the various aspects including SWOT analysis.
• Our Approach: We create custom reports based on the business model and requirements of business owners.

7. Monthly Reporting of Books

Keeping updated about the financial status of your business is very important. We provide comprehensive monthly financial statements in order to review and take either the next level decision or take corrective measures.

• Why It Matters: Monthly reports provide continuous insights about the financial health of your business.
• Our Approach: Our team delivers accurate financial reports in a timely manner. We have made a maker and checker system in order to make sure that the reports are reaching the business owner with no errors.

8. Tax Advisory (2 Hours per Month)

Keeping updated and clarifying your queries regarding taxation is critical to ensure compliance. Your dedicated tax advisor can provide professional tax advisory and tax optimization.

• Why It Matters: Timely tax advisory helps to optimize and plan your taxation and make sure that tax compliances have been taken care of.
• Our Approach: We offer advice on Value Added Tax, Corporate Tax, and Excise Tax which is relevant to your business model. We can answer your queries which are related to DTAA and international taxation.

9. Monthly Client Meetings

We do not stop our services by sharing the financial statement and tax reports. We make sure that we meet you in person, either face to face or e-meet, to discuss your financial and tax reports and make sure that you are aware of what is happening in your books of accounts.

• Why It Matters: Regular communication ensures that no important aspects of your financial matters and tax compliances are missed and helps to make timely decisions for the businesses.
• Our Approach: Our team book a meeting with you on your availability and explain and discuss with you the financial statements shared and give insights on the next steps to be taken.

10. Appointment of Tax Agency

Every business must have an official Tax Agency appointed to handle the tax matters. While having the Tax Agency and Tax Agent is on place, business owners can be relaxed on the compliance side as the subject matter expert is handling.

Why It Matters: Appointing a tax agency ensures that the matters with the Federal Tax Authority including answering the questions from authority as well as representation in front of authority.

Our Approach: While making sure the timely tax registration, tax filings, refund applications, etc., we make sure that we are representing your business in front of the Federal Tax Authority.

11. Audit Assistance through Registered Firms

Most of the free zones require audited financial statements to renew the trade license, Corporate Tax has the requirement to submit the audited financial statement for the businesses whose turnover is more than AED 50 Million. We understand the regulatory requirements as well as to ensure the transparency of the financial statements prepared.

Why It Matters: Audits are essential to comply with regulations as well as to substantiate the transparency of financial statements.  

• Our Approach: We provide comprehensive support by coordinating with the independent auditor for a smooth and efficient audit. We select auditors depending on the business needs, regulatory requirements, etc.

Benefits of Choosing Our Package

1. Comprehensive Coverage

Our package can manage all your financial requirements, live invoicing, tax matters, annual audit assistance, etc. which will make sure that the business is complying with the rules and regulations of the UAE.

2. Time and Cost Efficiency

By outsourcing your financial requirements, you are not dependent on one person and it will ensure the timely submission of reports and filings to tax authorities. Also, the overhead of appointing multiple people to handle the accounting, and tax matters can be avoided which includes but not limited to salary, end-of-service benefits, office space, visa cost, etc.

3. Compliance and Peace of Mind

While the accountant takes care of the bookkeeping matters which is finalized by the senior reviewer, tax experts handle the filings and compliances, audit team coordinates with an independent auditor, as a business owner, you can be relaxed as all the matters are worked by experts which will help to keep your company compliant with the laws and regulations.

4. Strategic Insights

Customized report which is part of the package can help you make strategic business decisions and prevent unexpected financial crises.

5. Enhanced Operational Focus

By signing up with Flying Colour Tax Consultant for the Tax and Accounting Service Package, business owners can focus on business development and other operational aspects.

Why This Package is Ideal for UAE Businesses

The UAE’s evolving tax landscape demands proactive actions and approaches to financial management and compliance requirements. The Tax and Accounting Service Package is designed after deep research on the requirements and challenges faced by businesses in the UAE including;

• A timely update on the financial status.
• VAT compliance
• Adopting Corporate Tax regulations and optimizing the tax for the businesses.
• Management Information System report for strategic decision.
• Audit the books for regulatory compliance and confirm the transparency

Whether you are a startup or growing enterprise or an owner who plans to start operations in the UAE, this package is suitable for your financial and compliance matters.

Why Choose Flying Colour Tax Consultant?

At Flying Colour Tax Consultant LLC, we bring years of expertise in accounting and taxation, a deep understanding of UAE regulations, and a commitment to helping your business succeed. With a client-first approach, we ensure that you receive personalized, reliable, and efficient services.

At Flying Colour Tax Consultant LLC, using our industry expertise in accounting and taxation, we served more than 18000+ clients over a period of 20 years. We assign a dedicated accountant, review member, client manager, tax expert, etc. for each client to make sure that all our client’s queries are addressed in no time.

Frequently Asked Questions

1. Is the package customizable?

Yes, each business can have different requirements and this package is customizable.

2. What industries does this package serve?

Our package is suitable for businesses across most of sectors, especially service industries and trading companies.

3. How are additional tax-related tasks billed?

All the additional tasks are discussed with the business owner to define the scope and involvement. Based on the requirements, we propose a fee for such tasks.

To learn more about Comprehensive Tax and Accounting Services Package for UAE Businesses, book a free consultation with one of the Flyingcolour team advisors.

Disclaimer: The information provided in this blog is based on our understanding of current tax laws and regulations. It is intended for general informational purposes only and does not constitute professional tax advice, consultation, or representation. The author and publisher are not responsible for any errors or omissions, or for any actions taken based on the information contained in this blog.