Best Tax compliance services
Small businesses can suffer heavy administrative fines for late VAT returns and not being aware due to outsourced communication data on the eServices site. As a consequence, the owner ignores emails and phone calls from the Federal Tax Authority (FTA). Small businesses should take the following steps to monitor their tax compliance. The FTA regularly updates registered taxpayers about their monthly VAT return deadlines. After submitting a VAT return or making a tax payment, an acknowledgment is sent via email and SMS. So small businesses should verify that their registered phone numbers and email are accessible through the eServices site.
If they do not have access, they must quickly modify the communication information on the site. Small businesses may establish new login credentials to use the site in exceptional circumstances. Fortius offers professional tax compliance services to maximize your company's financial potential. It is essential to review the eServices portal regularly to stay up to date on the status of compliance. The portal's 'My Payments' area offers information on VAT declarations, tax payments, and fines imposed by the Federal Tax Authority (FTA).
The 'VAT Transaction History' table contains accurate information, such as the date and time a certain tax return was filed, when a tax payment was received, and when a penalty was imposed. Businesses must assess their 'VAT Transaction History' on a regular basis. It is also necessary to review the VAT returns that have been submitted. Business owners should focus on their core business and outsource non-core functions, but it is prudent to thoroughly audit the figures on VAT returns.
A simple check should help identify whether the figures correspond to actual sales and purchases. If the FTA discovers inaccuracies in VAT returns, stiff fines can apply. Small businesses need to take charge of their tax compliance by making sure their registered phone numbers and email are accessible, updating the eService's portal, and evaluating their VAT returns. Failure to do so may cause financial loss and jeopardize business continuity.
Visit Us At:
Fortius Consulting and CFO Services L.L.C-FZ
The Tower Plaza,
Office No: 23-05, Sheikh Zayed Road,
(Opp. Emirates Towers Metro Station)
Dubai, UAE
Call Us » +971 58 539 7665
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Map Plus Code:
679H+38 Dubai - United Arab Emirates
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