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VAT Voluntary Disc...

When you voluntarily disclose a VAT (Value Added Tax) error or omission to the tax authority, you will typically need to provide specific information to rectify the situation and ensure compliance. The contents of a VAT voluntary disclosure can vary depending on the country and tax regulations, but here are the general contents you might need to include: Voluntary Disclosure Letter: Write a formal letter addressed to the tax authority explaining your voluntary disclosure. Include your business details, such as legal name, address, VAT registration number, and contact information. Description of Error or Omission: Clearly describe the nature and extent of the error or omission in your VAT records or returns. Explain how the error occurred and provide any relevant details regarding the transactions or circumstances involved. Time Period and VAT Returns Affected: Specify the time period(s) during which the error or omission occurred and the VAT returns that are affected. Provide the relevant VAT return periods and any other supporting documentation that helps identify the specific returns requiring correction. Calculation of Correct VAT Liability or Refund: Calculate the revised VAT liability or refund amount based on the corrected figures. Provide a breakdown of the revised values, explaining how you arrived at the corrected amounts. Supporting Documentation: Attach any supporting documentation that substantiates your voluntary disclosure. This may include: Invoices, receipts, credit notes, or any other relevant financial documents. Contracts, agreements, or correspondence related to the transactions in question. Bank statements, purchase records, or sales records that support the correction. Any other relevant information that helps explain the error or omission. Explanation of Corrective Actions: Outline the steps you have taken or will take to rectify the error or omission and prevent its recurrence in the future. This may include implementing new internal controls, conducting additional training, or seeking professional advice to ensure compliance. Deadline for Response: Request a specific deadline for the tax authority to acknowledge and respond to your voluntary disclosure. This will help ensure that your case is processed in a timely manner. Declaration and Signature: Sign and date the voluntary disclosure letter to confirm its authenticity and accuracy. see more...

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Accounting

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position, and cash flows. see more...

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Excise Tax

Excise Tax was introduced across the UAE in 2017. Excise tax is a form of indirect tax levied on specific goods which are typically harmful to human health or the environment. These goods are referred to as “excise goods” see more...

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External/Statutory...

An external or statutory audit is a thorough examination of an organization's financial records, statements, and systems conducted by an independent and qualified auditor. The purpose of an external audit is to provide an objective assessment of the organization's financial position, performance, and compliance with applicable laws, regulations, and accounting standards. The auditor evaluates the accuracy, completeness, and reliability of the financial information, ensuring that it fairly represents the organization's financial activities. The external audit process involves analyzing financial statements, verifying transactions, assessing internal controls, and conducting substantive tests. The auditor then issues an audit report, which outlines their findings, opinions, and any areas of concern or improvement. External audits provide assurance to stakeholders, such as shareholders, investors, lenders, and regulatory authorities, regarding the organization's financial integrity and transparency. It enhances confidence in the reliability of financial information and helps identify any potential risks or irregularities that may impact the organization's reputation or operations. see more...

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Internal Audit

What is Internal Audit ? Internal audits evaluate a company’s internal control, including its corporate governance and accounting processes. These types of audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection. Internal auditors are hired by companies who work on behalf of their management teams. These audits also provide management with the tools necessary to attain operational efficiency by identifying problems and correcting lapses before they are discovered in an external audit. see more...

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ESR Advisory

The Objective of this ESR is to determine the requirements and set out the criteria that confirms that a Licensee that is carrying on an activity in the State has economic substance. see more...

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