FAQ’s Related to Corporate Tax Services.
A resident juridical person including the free zone persons are supposed to register within the below provided deadlines if the date of issue of the License falls before 1st March 2024
| Month of license issuance | Deadline for CT registration |
| January or February | 31st May 2024 |
| March or April | 30th June 2024 |
| May | 31st July 2024 |
| June | 31st August 2024 |
| July | 30th September 2024 |
| August or September | 31st October 2024 |
| October or November | 30th November 2024 |
| December | 31st December 2024 |
For businesses which have an incorporation date after 1st March 2024 the deadline for registration would be 3 months from the date of incorporation or license issue date.
A Government entity and government-controlled entity A person who conducts an extractive or non-extractive business activity, meeting the requirements of corporate tax law. A non-resident person that derives only state sourced income and doesn’t have a Permanent Establishment in the state.
We cater to a diverse range of industries across the UAE, including but not limited to retail, hospitality, real estate, technology, manufacturing, and service sectors. Our services are adaptable and tailored to suit your industry’s specific requirements.
Absolutely. Our team of skilled tax professionals specializes in creating customized tax optimization and corporate tax planning strategies. We help you minimize tax liabilities while ensuring compliance with UAE tax laws.
All taxable persons are required to register for corporate tax i.e, all business entities must register for corporate tax. Those in the free zones are also required to register for corporate tax within the specified deadlines.
Corporate tax is a tax levied on the net income or profits of an organization i.e, the revenue minus all the expenses incurred by a business.
Tax period is the period for which the taxable income is calculated for the entities. The UAE follows the Gregorian calendar year i.e, from 1st of January to 31st of December of the respective year. However, the calendar year may vary for different entities like 1st April to 31st March or 1st July to 30th June etc.
Corporate tax is levied at 9% on the profits of a business i.e, 0% up to AED 3,75,000 and 9% above 3,75,000.
Corporate tax return is to be filed only once in the relevant tax period and should be filed and paid within 9 months of the end of the tax period.
For Example: If a company falls under the tax period of 1st January 2024 to 31st December 2024, then the tax return must be filed and tax that is due must be paid by 30th September 2025.
FAQ’s Related to VAT Services.
A VAT return must be filed within 28 days from the end of the tax period.
We offer expert VAT registration, filing, and consultation services, ensuring that your business adheres to UAE VAT regulations. Our team assists you in understanding your obligations, making accurate calculations, and meeting submission deadlines.
Yes, even if the business makes only zero-rated supplies the taxable person is under the obligation to file a VAT return.
All taxable supplies which are not exempt supplies are taxed at 5%.
Yes, VAT needs to be paid by the importer under Reverse charge mechanism before the goods are cleared at the customs.
Yes, you can voluntarily register for VAT under if the taxable supplies or imports (taxable expenses) have exceeded AED 1,87,500 in the previous twelve months or are expected to exceed in the coming 30 days.
Value added tax (VAT) is the tax that is levied on consumption of goods and services at each stage of the supply chain.
If your business exceeds the mandatory threshold i.e, if in the previous twelve months, the taxable supplies and imports have exceeded AED 3,75,000 or expected to exceed in the coming 30 days then you are bound to register for VAT.
FAQ’s Related to Accounting Services.
We understand that small businesses in the UAE operate under diverse structures. Freezone (operating within the Free Zone or outside the UAE) and Mainland (operating freely in the UAE without any restrictions).
At Business One Tax and Accounting, we definitely offer customized accounting solutions to different types of small businesses in the UAE.
Yes, accounting is mandatory in the UAE. In the UAE, businesses are required to maintain their accurate financial records and comply with accounting standards, which the UAE authorities have set.
Businesses need professional accounting services in Dubai for the following reasons:
- It ensures financial stability and legal compliance.
- Further, it allows businesses to maintain accurate financial records and effectively manage their cash flows.
- Also, it allows for timely tax filing in compliance with UAE regulations.
- Furthermore, professional support helps businesses minimize errors, avoid penalties, and save valuable time with tax filing.
- Last but not least, it allows businesses to focus on their core operations while leaving financial complexities to experts.
At Business One Tax and Accounting, short for Business One Tax and Accounting, we have a team of chartered accountants. As expert accountants, we take pride in keeping your financial transactions and business records up-to-date and accurate. Our highly experienced chartered accountants provide a wide range of accounting services in the UAE tailored to small business needs. Here is a list of accounting services we provide small businesses as accounting and tax experts:
- Advisory and Consulting
- Budgeting and Forecasting
- Corporate Tax and VAT (Value-added Tax) Solutions
- Financial Statement Preparation
- General Ledger Maintenance
- And Various Others
Not to mention, we provide these services while ensuring compliance and accuracy.
The financial statements represent your financial performance throughout the year. At the same time, they predict your future performance and let you make informed business decisions. Here is how Business One Tax and Accounting can add value to your accounting and financial reporting as a small business:
- We design a financial system for recording your entries and documentation of all your transactions, with the goal of preventing your business from fraud and errors.
- We set up accounting procedures and software that let you carry out all your financial activities aptly.
- In addition, we manage your data entry tasks and handle all your accounts on a regular basis.
- Our team can supervise and check for you from time to time whether your financial processes are followed accurately or not.
- Most importantly, we can prepare your income statement, balance sheet, cash flow statement, and statement of equity, quarterly and annually for regular analysis of your financial performance.
FAQ’s Related to Bookkeeping Services.
In general, bookkeeping services are performed after the prior month has ended. In the UAE, we work behind the scenes on the books of accounts for small businesses. Here is a general summary of bookkeeping services in the UAE, which we provide small businesses:
- Meticulous Recording of Financial Transactions
- Reconciling, Reviewing, and Supplying Financial Reports
- Tracking and Categorizing Business Expenses to Help Businesses Manage Budgets
In general, you need both a bookkeeper and an accountant even if you have an accountant. The reason for this is that the roles these two professionals play for businesses are different. To help you better understand their difference, we have mentioned their roles below for you:
Role of a Bookkeeper
- Regularly compile data.
- Categorize expenses within the ledger.
- Review the overall ledger for accuracy.
- Reconcile bank statements against the overall ledger.
- Generate financial statements.
Role of an Accountant
- Analyze the financial data of the company.
- Prepare tax returns.
- Provide tax planning advice.
At Business One Tax and Accounting, we believe in the quality of work we provide small businesses in the UAE. Our price range for bookkeeping services is not fixed, as it depends on the requirements and scope of work we need to do for small businesses.
Yes, Business One Tax and Accounting provides customized bookkeeping solutions to businesses in Dubai. Our team works closely with you to comprehend your financial needs. Then, we come up with a tailored bookkeeping package for your business, meeting your requirements and budgets.
Bookkeeping is the process of recording and managing financial transactions of companies, including income, expenses, and assets. In Dubai, UAE, accurate bookkeeping is important for the following reasons:
- It allows businesses to track their financial performance.
- It ensures businesses are in compliance with tax laws.
- Also, it facilitates informed decision-making for businesses.
FAQ’s Related to Payroll Services.
At Business One Tax and Accounting, our team is always up to date with UAE payroll regulations, including the following:
- WPS (Wage Protection System) Compliance
- End-of-Service Gratuity Calculations
- Statutory Leave Entitlements
We use advanced payroll software that ensures us all our calculations are accurate. At the same time, it assures us that they are in compliance with the local laws in the UAE.
Here are the key benefits of outsourcing your payroll to Business One Tax and Accounting instead of managing it in-house:
- It saves you time.
- It ensures accuracy in calculations.
- Also, it ensures compliance with tax laws.
- In addition, it provides you access to specialized expertise.
Moreover, outsourcing payroll to professionals allows you to focus on core business operations while reducing the risk of errors. So, you may outsource your payroll to experts for reasons we have shared with you already.
Payroll services in the UAE definitely charge you fees. However, comparing them to the cost of penalties or fines resulting from mistakes in managing payroll on your own, outsourcing payroll is cheaper, as it saves you money in the long run.
When choosing a payroll outsourcing company in the UAE, there are certain factors to keep in mind. Here are those factors:
- Experience and Expertise
Make sure the company you choose has the right experience and expertise. That is experience in working in your industry with praised assistance from past clients for its work.
- Services Offer
Ponder the payroll services that the company offers. You will certainly want to work with the company that offers payroll services tailored to your needs.
- Robust Security
Make sure the company you choose to work with implements robust security measures for payroll management. It ensures the protection of your sensitive employee data.
- Positive Reputation
Choose a payroll company with a good reputation for its customer service in the past.
So are you looking for a payroll outsourcing company in the United Arab Emirates? Contact Business One Tax and Accounting today and learn how our tailor-made payroll solutions can help you streamline your important business operations.
Payroll services ensure employees are paid on time and accurately. However, the scope of payroll can include additional services, too, which we offer at Business One Tax and Accounting, such as:
- Keeping Track of Employee Attendance
- Making Adjustments to Deposit Accounts
- Ensuring Correct Deductions
- Calculating Benefit Plans
- Providing Electronic Payroll Records
