The registered person must ensure to issue the tax invoice within the time format prescribed by the law, i.e., 14 days from the supply of the goods and services. It must include the name, address, and tax registration number of the supplier along with the unique number, date of the issue, price of the supply, quantity, rate of tax, the amount payable, etc.
• Adherence to specific deadlines
It is always the best course of action to appoint an auditing and accounting firm that can assist you with filing the VAT returns, remitting taxes, etc. on time. By doing so, the firm can avoid huge penalties that may be imposed due to delay in any of the compliance procedures. The firm can also adhere to the deadlines.
• Stay updated regarding the UAE VAT law
The registered person must study the VAT law and must have adequate knowledge regarding its implementation. He must also try to stay updated regarding the different alterations that may be made to the laws.
• Adopting accounting and invoicing software like Spancom Accounting App
The firms or the entrepreneurs should disburse adequate funds for the installation of accounting and invoicing software like Spancom Accounting App. Installing these will help the firm to facilitate efficient accounting with a minimum of human errors. Adopting Spancom Accounting App will help the comp to issue an invoice on time without delay and file returns as well.
