VAT Accounting Software
Value-Added Tax or VAT is a simple tax paid on the use of goods and services impose at the point of sale. VAT is a structure of roundabout tax and is used in more than 180 countries around the world. Value Added Tax (VAT) is a more stylish tax and overcomes many challenges that affect the general sales tax.
Tally.ERP 9, QuickBooks and Sage 50(Peachtree) are some of the VAT Accounting Software
FTA Approved Accounting Software
It is significant to know any possible obligations you or your business may have under the UAE VAT Law. The FTA is dedicated to providing widespread support and direction to assist with this. The FTA does have the power to carry out audits on taxable persons and later impose punishing measures on those that are not compliant with the law. The Federal Tax Authority (FTA) is the government body responsible for the collection and management of federal taxes, was established in 2016
FTA Approved Accounting Software:-
1. Sage 50:- Sage 50, a provider of cloud accounting and payroll systems, value-added tax-(VAT) compliant products have been officially qualified by the UAE Federal Tax Authority (FTA) and will be on the list of approved tax accounting software.
2. Tally:- Tally Solutions, a leading international accounting and compliance software provider, has received the Federal Tax Authority (FTA) official approval in the UAE, recognising its promise to value-added tax (VAT) operations.
3. Zoho Books:- Zoho Books is FTA Approved VAT Accounting Software which is obtainable on annual based Subscriptions. You can download 14 days free trial of Zoho books. You can work together with your colleagues, accountants, and customers with Zoho Books.
4. Reach ERP:- Reach Accountant software is well designed to match all the needs for successful running of the business. The software can be used in different industries ,traders ,manufacturers, retailers, workshop ,business projects etc. It is an accounting software that can automatically manage your book of accounts, taxes, inventory, sales, purchases and more online quickly and securely. IT is FTA Approved VAT Accounting Software.
The following are some of the key benefits of FTA Accredited Tax Accounting Software.
• 1. generate VAT compliant tax invoice, Debit note and Credit note
• 2. Automatic generation of VAT return form (VAT 201)
• 3. Auto-generation of FAF (Audit File) in the arrangement prescribed by the FTA with zero-efforts
• 4. With the inherent capabilities to prevent, detect and system-assisted alteration, you can be rest assured, VAT returns and audit file generated will be complete and error-free.
• 5. On-Time filing of VAT returns since the VAT returns and audit file can be generated smoothly
• 6. Saves you from paying hefty penalty starting from AED 1000 to AED 50,000 which will be applicable for non-adherence for various compliance requirements
• 7. Maintaining books and all other VAT records for a period of 5 years or 10 years as appropriate.
• 8. With the computerization of all tax based responsibilities, it helps in reducing the compliance cost for businesses
• 9. While all the VAT reports are always ready (automated), it creates a platform which makes it easier for you as well as FTA to help in areas such as audits.
• 10. With all these benefits, it gives the business owner’s peace of mind and allows you to spend more time absorbed towards your business growth rather than get stuck in the compliance grid.
The FTA’s objectives:
• Give a quality service
• Maximize tax revenues within the range of the tax legislation
• Operate powerfully
• Enhance the rank of the UAE
As more companies open their offices in Dubai, the need for dependable IT services is growing daily. That is why our team works hard to guarantee quality and solutions for every individual and business.
Give us a call today or visit our Website to tell us about the exacting solution that you’re looking for. We’re ready to help out you without delay.