- Maintain Proper Records: Books of accounts and bookkeeping shall be done in a manner to substantiate the eligibility criteria for relief. Annual Reporting: The businesses shall prepare and submit reports to FTA, confirming that revenues remain below AED 3 million. VAT Registration: If required under the law, such businesses have also to comply with the Value Added Tax and file VAT returns well in time. Audit and Review: The businesses are required to seek the services of professionals for accounting and taxation to ensure complete compliance with laws and regulations and avoid penalties.
Why is professional help required?
The rules and regulations regarding corporate tax and VAT are hard to comprehend by small businesses and start-ups. Professional accounting firms would, in this case, assist in the following:
- Ensuring the correctness of the financial reporting and book-keeping.
- Assisting with tax registrations and orderly submissions.
- Advising on the best options to enhance cash flow in business and reduce expenses.
Take Action to Claim Your Relief
The UAE's Small Business Relief program indeed brings a well-deserved and timely opportunity for companies to minimize their tax burden while focusing on growth. The key toward benefiting from the relief, however, lies in early registration and timely compliance supported by efficient financial management.
Small businesses in Dubai, and indeed across the UAE, should not delay their registration for corporate tax. This is beneficial as, with proper planning and seeking of professionals, it will ensure compliance, hence a good positioning to take advantage of the reliefs available to propel their growth ambitions.
Ready to transform your business?
Industry-leading consulting firm with innovative solutions
Tax registration and filing
Healthcare Management
Business consultancies service
Ready to transform your business?
Industry-leading consulting firm with innovative solutions
Tax registration and filing
Healthcare Management
Business consultancies service
Ready to transform your business?
Industry-leading consulting firm with innovative solutions
Tax registration and filing
Healthcare Management
Business consultancies service