accounting

Our firm was established in 1998 as “Haris & Associates” in Dubai, providing Audit Assurance and Accountancy services on an efficient and cost-effective basis around the region. Through our professional and best practices we have extended our services into more areas. In UAE, we have offices in Dubai, Abu Dhabi, and Sharjah.

Now we provide services of Auditing, Accounting, Taxation, Payroll Outsourcing, Financial, Business, and Management Consultancy, Legal and Judicial services, Training on professional courses, New business set-up services and IT related services including ERP implementation in Dubai, Abu Dhabi, Sharjah and all over the UAE.

Our services, we provide through a well ordered and finely refined structure that intends to promote expertise in all disciplines practiced by the firm. All services are performing by using methodologies and best practices in accordance with global standards of excellence. This we achieve through continuous training of staff, on the job training, regular updating of local legislative developments and the use of the latest information technology tools available.

OUR SERVICES

Auditing & Assurance

Audits serve important functions for the company and add value for all its stakeholders. As one of the leading audit firms in the UAE, we take pride in tailoring our approach to meet our client’s audit requirements. Our audit and assurance practice provides both financial statement verification and integrated audit services.

We provide auditing services in Dubai, Abu Dhabi, Sharjah, Free Zones and all over the UAE.

Accounting Services

The success of a business depends on the Accounting. A competent professional accountant in a business is an invaluable asset to the company. Join us and get services from highly qualified and experienced accountants.

Haris & Associates is one of the leading accounting firms in Dubai, Abu Dhabi, and Sharjah. We provide Accounting & Bookkeeping outsourcing services to many companies in UAE.

Taxation

The UAE is going to start implementing a value-added tax (VAT) rate of five percent from 1st January 2018 and it will be applying all over the states in the UAE including Abu Dhabi, Dubai and Sharjah

Haris & Associates, provides VAT, income tax & corporate tax advisory, planning and preparation services in Dubai, Abu Dhabi & Sharjah.

Management Consultancy

A firm may need help with developing corporate strategy, re-positioning and restructuring. We can help with our team of consultants who have experience over many fields and industries can provide insight and know-how to achieve your company’s goals.

Haris & Associates provides management consultancy, financial and business advisory and consulting services in Dubai, Abu Dhabi, Sharjah, Free Zones and all over the UAE.

Payroll Outsourcing

Is your payroll function ineffective? Has your payroll become a hassle? Pass your hassle to us. Our payroll experts will handle your payroll expeditiously and cost effectively.

Outsource your company’s payroll services with us and save your time and money. Our payroll experts will handle all your company’s payroll work expeditiously and cost effectively.

Training & Accreditation

Haris & Associates Training Division a global private training company, has opened its office in Abu Dhabi where it offers professional and highly specialized courses in all business-related fields, such as: management, human resources, public relations, health care, marketing, accounting, advertising, secretarial skills and office management, tourism, finance, audit, banking and technical courses. We offer our courses in both Arabic and English language.

We offer training on various business and professional courses in Dubai, Abu Dhabi and all over the UAE.

New Business Set up Services

The World Bank has identified the UAE as one of the least cumbersome countries in which to set up a new business. According to it’s 2016 Doing Business ranking, United Arab Emirates is ranking 31 out of 189 economies in the world and first in the Arab world for the 3rd year in a row.

Haris & Associates UAE, one of the leading professional firms in UAE, provides a spectrum of services for business set-up in Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah, Ajman, Fujairah and Umm-al-Quwain including all Free Zones in UAE.

Company Setup in Free Zones

The Free Zones have been set up to encourage investment and the procedures for establishing a business are relatively simple. Foreign investors and expatriates can have 100% shareholding in the Free Zones of UAE.

Every state in the UAE has it’s own Free Zones with unique rules and regulations.

Haris & Associates will help you to set up Free Zone and Offshore Companies in Abu Dhabi, Dubai & Sharjah.

Islamic Economy & Finance

Islamic finance is the fastest-growing segment of the global financial system. We offer wide range of Islamic Finance Advisory services to our clients.

Our Islamic finance experts will help you in planning, managing and operating your businesses in compliance with Islamic Shari’a.  We offer wide range Islamic Finance Advisory services to our clients.

Legal & Judicial Services

We provide Legal consultancy, advisory services on UAE federal commercial companies law & labor law and arbitration services in Dubai, Abu Dhabi & Sharjah.Haris & Associates is the approved arbitration financial expert by Courts of Abu Dhabi and Dubai.

VAT IN UAE – IMPORTANCE OF ACCOUNTING RECORDS

Consultation and Guidelines

Value Added Tax (VAT) is a tax on consumption and it applies to almost all goods and services. As most of the management of the companies might be aware of the fact that as part of diversifying the economy and revenue generation, the GCC governments have decided to adopt Value Added Tax (VAT). UAE is also going to adopt VAT which applies to almost all goods and services except basic food items, healthcare, and education. Though the burden normally lies on the ultimate consumer the business entities need to change the systems, processes, and procedures to comply the new legal requirement which is expecting to be implemented by the government effective from 1st Jan 2018.

Normal requirements under VAT system the companies have to comply:

  • At the time of purchase of goods or availing of services – Ensure that in the case of taxable items whether tax has been properly charged (input tax) by the supplier and details given in the invoices.
  • At the time of sale or provision of services – Apply the rate on the sale value and reduce the amount of input tax to arrive the amount.
  • Make the payment of tax computed and due within stipulated date to Govt.
  • Filing the VAT returnsto the Govt authorities by providing the relevant information requesting by the GOVT, within the stipulated period.
  • Maintain proper stock, invoices, accounts, VAT returns, and other relevant records to justify the tax paid at the time of purchase.

The above requirements demand more control and safety on stock, invoices, and records, ensure proper filing system, modification/ upgradations of software, compliance of due dates for collection, payment, and remittance of tax, the filing of VAT returns to govt etc. Then the role of the accountant will be very important for the compliance of VAT. Maintenance of accounts and records is also important as per new company law etc.

Requirement of New Commercial Company Law No.2 of 2015

As per Article 26 of the Company Law – every company shall keep the accounting records for a period of 5 years from the end of the financial year of the company.

Article 348 – For failure to keep the accounting record to explain the entity’s transactions (Fine Aed 50,000 to Aed 500,000).

Article 349 – If the company fails to keep the accounting records for the period stipulated (5 years). (Fine will be Aed 20,000/-to 200,000/- will be as imposition.

Amendment of Memorandum

The Company Law also requires that all the mainland companies have to ensure their Memorandum and Articles are in accordance with the new law before June 30, 2016.

Please contact Xtreme Solutions for any assistance. [email protected]

How to Register for VAT in the UAE?

For VAT registration in the UAE, the entity should complete an online VAT Registration form which is expecting to be available through Federal Tax Authority online portal by mid of September 2017. The Voluntary Registration could start in the third quarter of 2017 itself, however, it is mandatory to register in the fourth Quarter. Once the registration is complete, a Tax Registration Number (TRN) will be provided to the applicant.

Matters to consider and documents required for VAT Registration in the UAE.

Before starting VAT Registration in the UAE, the following points, an applicant should consider;

  1. Are you registering voluntarily or mandatorily?
    2. Are you applying for Group registration or as single?
    3. Supporting documents or information required for VAT Registration in the UAE:
  2. Trade license
    b. Certificate of incorporation
    c. Emirates ID
    d. Articles of Association
    e. Bank Account details
    f. Description of business activities
    g. Last 12 months turnover
    h. Projected future turnover
    i. Expected values of imports and exports
    j. Expecting any GCC supplies
    k. Details of Customs Authority Registration

It is advisable to have all the above documents and information in hand prior to starting the VAT Registration.

Steps for VAT Registration in the UAE
VAT Registration should be doing through FTA Online Portal. Once the registration is open, the steps to complete the VAT registration are outlined below:

  1. Create a new account to login
  2. Provide name and other basic details and set new password
    b. Verify the email
  3. Once login, user can register for VAT. Complete the registration form and on successful registration, Tax Registration Number (TRN) will be provided to the user.

Who should Register for VAT?
Every taxable person who is a resident in the UAE and whose value of annual supplies in the UAE exceeds or expects to exceed the mandatory registration threshold will have to register for VAT in UAE. The threshold limits for VAT registration are as follows:

Mandatory VAT Registration Threshold AED  375,000/-

Voluntary VAT Registration Threshold AED 187,500/-

For VAT registration in UAE, the total value of taxable supplies made for the current month and previous 11 months shall consider for calculating the annual supplies. Also, the expected value of supplies for next 30 days will have to consider to determine if the annual supplies will exceed the threshold.

No threshold will consider for a non-resident taxable person (taxable person without having fixed establishment) to determine his VAT registration in UAE. Such taxable persons have to register mandatorily.

Xtreme’s Consultants  are the TAX Experts providing VAT Consultancy, VAT Advisory and Implementation Services in the UAE. For more information and for VAT registration purpose, please contact our below representatives.

TAX agent in the UAE as per Federal Law No. (7) of 2017

In accordance with the Federal Law No. (7) of 2017 on Tax Procedures in the UAE Part Two of Chapter three describes Appointment of a Tax AgentTax Agent’s Registration procedure & conditions to be fulfilled for registering in the register of Tax Agents.

Who is a Tax Agent?

As per the definition under the Article (1), chapter one of the Tax Procedures Law of the UAE, Tax Agent is a person who registers with the Authority in the Register, who is appointing on behalf of another Person to represent him before the Authority and assist him in the fulfilment of his Tax obligations and the exercise of his associated tax rights.

What is meant by the Register of Tax Agents?

As per the Article (12) of part two chapter three, register of tax agents is a document established or maintained by the Federal Tax Authority and in which all the matters related to Tax Agent’s professional conduct shall be lodged.

Who can practice as a Tax Agent?

As per the Article (13) of part two chapter three, only a person who is listed in the register of tax agents established by the Authority can practice as Tax Agent. However, such person should also obtain a license from the Ministry of Economy or from a competent local Authority for the purpose of practicing/working as Tax Agent.

What are the conditions or criteria to be satisfied to work as a Tax Agent?

As per the Article (14) of part two chapter three, there are four conditions to be satisfied for a person to get registered in the register of Tax Agents:

  • Tax Agentshould be of good conduct and behaviour and never have been convicted of a crime, prejudicial to honour or honesty, notwithstanding that he may have been rehabilitated.
  • Tax Agentshould hold an accredited qualification from a recognized university or institute showing his specialization and practical experience as specified in the Executive Regulations of this Law.
  • Tax Agentshould be medically fit to perform the duties of the profession.
  • Tax Agentshould hold professional indemnity insurance.

Who can appoint a Tax Agent?

As per the Article (15) of part two chapter three, a taxable person may appoint a Tax Agent to act on his behalf with regard to his tax affairs with the authority. However, by appointing a tax agent the taxable person’s responsibility with the authority will remain.

The tax agent must provide all the information, documents, records, and data if the Authority ask for.

Steps to be taken while implementing VAT in the UAE:

In the UAE, VAT is expected to be implemented from 1st January 2018. The proposed VAT rate is 5%. VAT is one of the most common types of consumption tax found around the world. Value Added Tax is an indirect tax that is collected incrementally, based on the value added, at each stage of production or distribution/sales. Now, as per the latest study, more than 50% of the companies are ready to implement VAT in the UAE. But the question is among the SMEs how many are ready to implement VATin their businesses.

The procedure to implement VAT effectively into the business operation of a company are the following:

  • Understanding the UAE VAT lawand its provisions applicable to the industry the company operates.
  • Proper study on the business of the company including the transactions process and flow.
  • Review the existing contracts with customers, suppliers and other parties and learn the impact on the business.
  • Provide VATAwareness/training to the employees.
  • Understand the impact of VATin business.
  • Apply for registration for VATonce the online portal is active.
  • Educate the customers that the VATis not a cost to the business.
  • Identify the issues and to resolve them.
  • Develop an Implementation plan.
  • Provide guidance to the employees and software team.
  • Review the effects in accounting ledgers and to reconcile for differences.
  • Make a trial run and to determine VATpayable or refund.

Xtreme Solutions has a separate wing for handling Taxation including VAT in the UAE. We support the client by conducting various VAT awareness programs/seminars/workshops, advising customers on the impact of VAT on their business, supporting the customers for implementing VAT in their business, registering the businesses for VAT and helping the business for filing their VAT returns.

Our motto is to provide best price and best service to our clients in UAE. Try us once and feel the difference…..