Transactions of up to AED 1,000 need evidence supported by a receipt. Receipts must be in the name of the business. They must include the date of issue, signature of the person issuing the receipt, and recipient.
You must also indicate the amount and nature of the transaction. The details are essential for proof of transactions. They also improve accounting accuracy.
All bank transactions need the support of a bank statement. The statement must include the date of the transaction and the name and address of the business receiving the funds. You also need to include the amount and nature of the transaction.
Companies can keep an electronic record of the statements. Keeping these records helps in accurately preparing an annual budget and profit and loss accounts.
Businesses operating in UAE must comply with Value Added Tax (VAT) regime, effected on January 1st 2018. The new tax applies to all companies in UAE, whether your services are local or outside UAE.
Businesses are required to register for VAT if they meet the eligibility criteria. Taxes in Dubai can be a complex matter. As such, your business should adopt a VAT Return Policy that makes sense. It should be in line with industry best practices.
Other supporting documents include invoices, credit notes and contracts. Also, include bank statements for businesses that are not registered for VAT.
The above documents should be in their original form. Copies of the documents are not acceptable.
Although outsourcing business accounting services in Dubai is beneficial, you need to work with the best to enjoy the benefits.
Ibara offers reliable business support services to help your business realise its potential. Our team can help you with accounting, bookkeeping, payroll, and VAT. Our goal is to offer advisory services and allow you to focus on your business.
Book a free consultation with one of our company specialists.