Accountant’s Box Newsletter: Is ‘Once Year Accounting Package’ suitable for you?

Once Year Accounting Package 

  • Are you a Start-up/SME business owner who spends so much time selling your product/service and building your client base that you simply don’t get time to do your firm’s accounting?
  • Even if you try to do accounting on your own, the additional workload will not be sustainable for long considering the business growth.
  • Do you want a solution wherein you get your expenses and invoices organised and get financial reports showing top line summaries which will help you take decisions based on the big picture?

Our ‘Once a Year’ accounting service package is designed for all such blooming SME entrepreneurs.

We offer the following services therein:

  • Entering your accounting transactions
  • Preparing financial reports
  • Reviewing reports with you

This Month Focus Blog: Things To Know Before You Register For VAT

VAT registration is mandatory on reaching the required threshold.

Here are a few things you need to know before you register for VAT:

  • Knowing when to register for VAT
  1. Mandatory Registration: When the turnover in the past 12 months exceeds or is likely to exceed (in next 30 days) AED 375,000
  2. Voluntary Registration: When the turnover/expenses in the past 12 months exceeds or likely to exceed (in next 30 days) AED 187,500
  • VAT Registration rules in respect of a Natural Person: A natural person is also required to register for VAT if his taxable supplies exceed the mandatory threshold
  • Not all goods and services are subject to VAT. Some are exempt or zero-rated from VAT.
  • Free Zones: There are certain free zones commonly known as Designated Zones who qualify for a special VAT treatment.
  • Documents required for VAT Registration in UAE
  1. Copy of trade license
  2. Passport copy of business owner and partners
  3. Copy of Emirates ID held by owner and partners
  4. Memorandum of Association (MOA) of the company
  5. Company’s contact details
  6. Bank account details
  7. The income statement for the last 12 months
  8. Nature of business and activities performed
  • VAT Registration Process: To initiate VAT registration in UAE, fill the VAT Registration form online and submit the essential documents to attain VAT Number. 
  • A person can hold only one TRN for VAT purposes at any given point of time.

This Month We Are Promoting: Nudge For Better

NUDGE FOR BETTER is a purpose-led initiative to raise awareness, influence attitudes, provoke thought and inspire action on issues that affect us all; to create avenues for everyone to make positive impact in their lives and in their communities. NUDGE will connect people to authentic products and stories that raise awareness on critical issues and build positive habits for conscious living through playful, educational and interactive experiences. Overtime, NUDGE will bring to life vibrant, innovative products connected to various themes and audiences.

‘Beyond’, the first dimension of NUDGE is a range of distinctive, joyful products for young children that will not only build awareness around global themes but also shape the change makers of tomorrow. An effort to ignite young minds beyond the confines of home, school and the playground.

Our first beyond theme is “World without hunger”.

The world without hunger activity kit consists of

  • 20 flash with facts and activities for the children to watch, to and learn from
  • A stunning jigsaw puzzle
  • A trophy for the champion of change.
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