Company must ensure that they apply the correct Value Added Tax (VAT) rates while calculating them. The company must accurately do the calculations otherwise it will result in huge costs such as fines and penalties. The company must always...
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There are some of the common errors made by the registered entities while filing the VAT returns (1)
• Not recording Zero Rated and Exempted salesAll the entities may correctly file the output and input VAT along with the VAT payables and receivables but they may miss out to record and file the zero rated and tax-exempt...
Value Added Tax commonly known as Value Added Tax was introduced in UAE on January 1st 2018, which instructed all the business entities to comply with the requirements of the new Value Added Tax Law. Filing of tax returns...
Accounting system analysis plays an important role for the business, some of the crucial advantages are listed below:• It provides a better understanding of the business:Analysis of the accounting system will provide the business with a big picture of...
An accounting system analysis includes three main parts which are as follows:• AnalysisThe accounting system is the concrete base on which every business company is dependent. It is through the accounting process by which the performance and the financial...
Every business company follows a particular accounting system that is set up to keep the records of all the transactions of the business. Accounting and bookkeeping are one of the core functions of a business and it must be...
The Key to Successful Online BusinessWant a long life business? So you have to be smart about managing your finances. You can start by applying the following tips:• Create a Special AccountBusiness accounts must be separate from personal funds....
The following questions related to the respected audits must be kept in mind while making decisions regarding the selection of Audit.Financial Audit• Do you want to assess the financial health of the company and use it as an assistance...
For the common man both the Audits may seem to be similar but there are quite precise differences between these two Audits which are listed below• Mostly a financial audit is conducted annually or when the company is in...
A financial audit is mainly conducted with the main objective of evaluating the financial statements of the company to know the prevailing financial position as well as to check the accuracy of the statements and records. The financial audit...