1st step: Understanding your business and the impact of VAT:
- Identification and analysis of the VAT impact on your business
- Outline the VAT registration obligations
- Review and amendment of contractual arrangements with customers and suppliers to properly map out all transaction types
- Analysis of IT system and accounting requirements
- Ensure that business is structured in such a manner to avoid unnecessary cash outflow, or absolute VAT costs arising, particularly on intercompany transactions
2nd step: VAT Implementation:
Based on the outcome of the 1st step, our finance and tax teams will be available to implement changes in your IT systems and throughout your organization.
- We will make sure that the relevant books and records are maintained in the appropriate and compliant manner
- Ensure that the accounts payable function evidences that Input VAT paid is recovered where permitted as quickly as possible
- Ensure that the accounts receivable function understands when Ouput VAT should and should not be charged and it is accurately accounted for at the correct rates
- Update of the invoice templates to ensure that all relevant information for VAT Invoices are included
- Assist with the VAT registration with the relevant authority
For small SMEs, we can provide a set-up of a simple accounting systems and implementation of VAT rules, through our accounting services.
For larger SMEs, we can assist your finance team with the implementation and provide outsource CFO or Finance Manager services on a monthly basis in order to strengthen your team.
3rd step: VAT Training and Post Implementation Support:
We understand that change can be a difficult thing that is why we will deliver tailored VAT training for your teams to assist with the transition into VAT. Our specialist VAT advisory team will also be on hand to provide post implementation support and guidance during the project to ensure all agreed deliverables are met.
4th Step: VAT Compliance:
- Advise on the application of the rules, especially on available exemptions, VAT treatment of intra-GCC transactions, imports and exports;
- Preparation and filing the VAT returns
- Assistance in claiming VAT refunds
- Assessment of the VAT implications relating to new business models, elaborated supply chains, asset purchases and transfers, M&A, etc.