Opening : Mon-Fri 08:00 – 17:00
May 2, 2018 by James Wright
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May 22, 2018 by Letizia Biafore
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Jun 9, 2018 by Delinda Cammarata
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Jun 9, 2018 by Delinda Cammarata
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Complex Tax Calculations
Errors in tax filing can lead to penalties, audits, and reputational damage.
Frequent Changes in Tax Regulations
Non-compliance due to outdated knowledge can result in fines and legal issues.
Data Collection and Organization
Disorganized data can cause delays, errors, and missed filing deadlines.
Reconciliation of Income and Expenses
Mismatched data can lead to incorrect tax claims and potential financial losses.
Missing or Incomplete Invoices
Incomplete records can result in disallowed expense claims and penalties.
Language and Documentation Barriers
Miscommunication or incorrect documentation can lead to compliance failures.
Meeting Filing Deadlines
Late submissions can attract heavy fines and interest charges.
Audited Financial Statements and Trial Balance
We ensure accurate calculations and compliance with corporate tax laws, including a thorough review of the balance sheet and ledgers.
Income Ledgers
Income ledgers must match the amount received in the bank, with the remainder in receivables. Ensure alignment with VAT output and corporate tax reporting.
Expense Ledgers
Expense ledgers must match bank outflows, intercompany payments, or payables. Verify taxable VAT aligns with VAT input claims and corporate tax deductions.
VAT Workings
Reconcile VAT input and output with revenue and tax-claimed expenses. Ensure VAT liability matches corporate tax liability calculated on profit and loss.
Bank Statements
Bank statements should reconcile inflows (reducing receivables) and outflows (reducing payables). Scrutinize expenses and allocate remaining amounts to partner accounts, intercompany transactions, or other payables/receivables for tax accuracy.
Employee WPS Details
Employee expenses should align with WPS records. Ensure proper calculation of gratuity and leave salary. For group companies, verify cross-invoicing or expense adjustments for corporate tax compliance.
Allowed and Disallowed Expenses Schedule
Conduct a thorough review of the balance sheet and ledgers to verify claimable expenses. Add back non-claimable expenses as per FTA guidelines and strategically plan corporate tax savings within legal boundaries.
Complex Tax Calculations
Errors in VAT filing can lead to penalties, audits, and reputational damage.
Frequent Changes in VAT Regulations
Non-compliance due to outdated knowledge can result in fines and legal issues.
Data Collection and Organization
Disorganized data can cause delays, errors, and missed filing deadlines. Incomplete records can result in disallowed input VAT claims and penalties.
Documentation Barriers
Miscommunication or incorrect documentation can lead to compliance failures.
Meeting Filing Deadlines
Late submissions can attract heavy fines and interest charges.
Cross-Border Transactions
Incorrect handling of international VAT can lead to double taxation or penalties.
Sales Invoices
Ensure all sales invoices a comply with FTA requirements and are issued within the defined timelines.
Purchase Invoices
Scrutinize purchase invoices to maximize VAT claims and suggest strategies to minimize VAT loss by ensuring proper invoices from vendors.
Depository
Safely store and digitize records for 5 years to meet FTA audit requirements and provide invoices upon request.
Input and Output VAT Ledgers
Ensure completeness by categorizing all expenses and maintaining accurate VAT records.
VAT Audit
Assist in organizing and digitizing the last 5 years of records to ensure compliance and readiness for any FTA audit.
VAT Certificate
Set calendar reminders to meet deadlines and keep both parties notified for timely compliance.
Imports/Exports Documents
We ensure your import and export documents comply with FTA regulations.
Trade Licenses
Ensures vendors are legally authorized to perform their activities, reducing risks of non-compliance with DLD and RERA regulations.
Tendering
Guarantees fair pricing and transparency in vendor agreements, as per DLD’s Munaqasat portal requirements.
Allocation
Ensures proper distribution of funds between reserve and general accounts, as mandated by RERA.
Expenses
Validates expenses based on historical data or justified estimates, ensuring compliance with RERA’s budgeting guidelines.
Justification of Increase or Decrease
Provides transparency and accountability for budget adjustments, as required by RERA.
Vendors Trade Licenses
Why: To verify vendor legitimacy and compliance with Dubai’s business licensing laws.
How: We cross-check licenses through the DLD portal and ensure they match the scope of work.
Contracts and Quotations
Why: To ensure competitive and fair pricing through the Munaqasat portal.
How: We validate contracts and quotes against market rates and ensure they align with DLD’s procurement guidelines.
Cost Allocation and Reserve Fund Study
Why: To comply with RERA’s fund distribution guidelines.
How: We review allocation studies and validate fund splits to ensure they meet RERA’s standards.
Non-Contract Expenses
Why: To justify expenses and ensure transparency.
How: We analyze last year’s actuals or estimates and ensure calculations are accurate and aligned with RERA’s requirements.
Last Year Budget Review Repot
Why: Last year budget review report to provide clarity and compliance for budget changes.
How: We prepare detailed explanations with supporting data, ensuring alignment with RERA’s guidelines.
Financials
Ensures financial statements are audited and comply with RERA’s Strata Law.
Budget vs Actual
Ensures service charge collections and expenses align with the approved budget.
Payable
Ensures payables are accurately recorded and supported by valid documentation.
Receivable
Ensures receivables are collected on time and reconciled with bank deposits.
Banks
Ensures all transactions are processed through the OA’s official bank account. Ensures alignment between bank records and financial statements.
VAT Workings
Ensures accurate VAT input and output calculations and compliance with FTA rules.
List of Invoices to be Paid
Ensures timely payments to vendors and proper documentation.
Last Year Audited Financial Statements
Why: To confirm financial accuracy and compliance.
How: We ensure statements are audited by a RERA-approved auditor and uploaded to the DLD portal.
Approved Service Charge Budget
Why: To validate compliance with RERA’s Strata Law.
How: We verify the budget is approved by the OA and uploaded to the DLD portal.
Vendors SOA
Why: To ensure payables are accurately recorded.
How: We verify payables are supported by valid contracts and invoices.
Receivable Balances Mollaq
Why: To ensure receivables are accurately recorded.
How: We reconcile receivables with bank deposits and service charge invoices.
Bank Statements
Why: To ensure all transactions are processed through the OA’s bank account. o ensure alignment between bank records and financial statements.
How: We reconcile bank statements with financial records.
VAT Input and Output Records
Why: To ensure accurate VAT calculations and compliance with FTA rules.
How: We reconcile VAT input and output with invoices issued and received.
List of Invoices to be Paid
Why: To ensure timely payments to vendors.
How: We verify the list matches vendor SOAs and is approved by the OA.
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