A VAT health check is a type of VAT audit used to detect any risks and errors in the VAT by studying and evaluating the previously filed VAT returns and VAT refunds. It is important to ensure that this is both accurate and current. If not, your business may employ outdated client information and consequently, make a financial loss. The taxpayer is responsible for ensuring that all their items are aligned with FTA guidelines.
How your Business Benefits
There are various benefits of VAT health checks in the UAE. Your business can avoid all kinds of VAT fines from FTA after conducting a complete VAT health check process. Here are some of the advantages of VAT health checks in the UAE:
Benefits of VAT Health Checks
- Effective VAT planning
- Avoiding VAT penalties and fines
- Ensuring timely VAT submissions
- Identifying alternative VAT programs
- Organized VAT audit files and records
- Ensuring accuracy of VAT calculations
- Avoids potentially heavy administrative costs
Businesses looking to enhance their VAT compliance and readiness can benefit from working with an external auditor. At CTC, we can audit your VAT filings and verify if your previous VAT returns are correct or not, while proposing several solutions to ensure compliance. For any assistance concerning VAT checks, tax or accounting, contact us here.