This video talks about the impact of VAT on UAE businesses and in particular on the Finance department and what are the areas to pay attention, in order to comply with UAE VAT .
VAT Action Plan- Part 1- Finance Department
Introduction - VAT Series
This video highlights about VAT series launched by Legends Accounting Services to Empower SMEs and Businesses in UAE. Some of the topics covered in VAT series are VAT impact on businesses, Record keeping, TAX invoice format, Cash flow impact and planning. Please do subscribe as we will be launching these videos on regular basis and if there is any specific topic you want us to cover, please write to us at firstname.lastname@example.org
This video covers the VAT rates- Standard rated, Zero rated and Exempt. The concept and impact of these on profit and loss of businesses is explained by way of simple examples.
Scope of VAT, Thresholds for Registrations, Returns and Tax Payment
This video talks about scope of VAT, thresholds for registrations and the way to calculate the same. Also it highlights the monthly or quarterly returns and the time frame for returns and tax payment.
TAX Invoice Checklist
This video states the necessary things to be mentioned in the VAT Tax invoice. It gives you the checklist to make sure that the TAX invoice is VAT compliant. This is based on Legends experience with VAT in other jurisdictions. However there might be some updates after Executive regulations are out.
VAT Action Plan- Part 2 Procurement, HR & Customer Service department
This video is in continuation of the Action Plan that was covered in Part 1. Here the other three departments which will be impacted by VAT are covered- Procurement department, HR department and Customer Service department.
Cash Flow Planning and Bad Debts
This video is very important as it talks about the back bone of any business- Cash flow planning. Here Legends is providing some tips which will help the businesses to stay on top of the cash flow. It also talks about the Bad debts and impact of VAT on Bad debts.
VAT Treatment - Advances and Deposits
This video highlights the VAT treatment of Advances and Deposits with examples.