Key benefits of outsourcing accounting services!

accounting services in Sharjah

Outsourcing is the practice of giving some of your work to a company other than your own to advance professionally. Outsourcing accounting services in Sharjah may be the finest choice for complicated financial reporting and accounting services. The following are the main advantages of outsourcing accounting.

 

  1. High profitability: The delays, errors, and review requirements of the internal accounting staff led to a great deal of dissatisfaction among businesses. By expecting efficient work that was jointly agreed upon and firmly enforcing regulations, outsourcing services may be helpful. To boost your company’s profitability, you may outsource while keeping your resources to a minimum and focusing on your strengths.
  2. Lower prices: One of the key benefits of outsourcing accounting services is the cost-effectiveness of the services. Savings on expenses can be substantial. Through outsourcing, you may select only the services you need. The business will be able to reduce some wasteful expenses.
  3. Reduced risk: Financial transaction reviews may be time-consuming, and reporting mistakes can be quite costly. A group of experts who work for outsourcing firms can manage all documents efficiently and with the fewest mistakes.
  4. Fraud check: In fact, outsourcing accounting services to trustworthy companies can help avoid and reduce employee fraud. If accounting tasks are managed internally, internal employee fraud is a possibility.
  5. Help in decision making: Delivering higher quality accounting information more quickly, effectively, and efficiently might take some time. Working with accounting professionals may help you obtain more reliable information that may speed up the process of making better business decisions.

Services - Accounting Services in Dubai, Sharjah, Abu Dhabi, Ajman from Dubai United Arab Emirates | ID - 2724532

Why outsource accounting services from RBS?

An accounting department should be included in every business organization. Organizations look for accounting solutions that are affordable while still hoping to add value to enhance results. Outsourcing accounting services might help you identify the primary areas of activity for your company.

Outsourcing accounting services in Dubai, United Arab Emirates is a sensible way to handle accounting duties because skilled accounting professionals are readily available there. RBS is a reliable accounting company that can handle all accounting tasks and assist with establishing financial transactions.

 

RBS maintains client accounting records in a way that allows MIS to be generated from the accounting system to check on the health of the company regularly. To free up the client to concentrate on their main business, we handle the bank, vendor, and customer reconciliation process. Another one of our services is assisting you in hiring your accounting team. Due to our extensive accounting work expertise, you will profit.

 

We are a reputable accounting business in Dubai, United Arab Emirates, with years of service. We have developed relationships with various business leaders in the UAE. RBS offers our clients a comprehensive package of services including financial consulting, business establishment, tax services, UAE free zone company liquidation, and more, making accounting and bookkeeping easier for SMEs. We are regarded as one of the top audit firms in UAE. Like accounting firms, our goal is to set up accounting procedures for our clients in compliance with their rules and specifications as well as with regional accounting regulations.

 

 

 

 

Are you looking for an audit and accounting solution in Dubai?

Auditing

Businesses in Dubai are required to keep a consistent Book of Accounts. If your company lacks a professional team to manage its records and finances, you may get charged with incorrect Bookkeeping and VAT return filing. Regardless of your business size, accounting is critical for decision making, budget and cost planning, and monitoring economic performance. And hence you need Accounting Firms In Dubai.

What are the Accounting Procedures?

There are two main types of accounting:

 

1. The Accrual Accounting Method

Revenue is recognised as it is earned, and expenses are recognised as they are incurred. The accrual method is considered the most theoretically correct, but it requires extensive accounting knowledge, so it is more likely to be used by larger organisations. Nevertheless, this method is ideal for publicly traded companies and businesses that want to have their financial statements audited.

 

2. Cash Accounting Method – Revenue is recognised when customers pay in cash, and expenses are recognised when suppliers pay in cash.

 

There is also a hybrid accounting method, which combines the accrual and cash methods. In exceptional circumstances, this may be acceptable, but it will not result in auditable financial statements.

 

Why Choose RBS Auditing Firm?

inexpensive Services – When you hire Accounting Services In Dubai, you will only have to pay a fixed monthly fee that is tailored to your company’s specific needs. This is more cost-effective than hiring a dedicated or full-time accountant in-house. You will spend this money on their monthly salary, travel expenses, OT benefits, etc.

Adaptability and time savings – By outsourcing your accounting and bookkeeping functions to RBS Auditors, you can focus on more important tasks like business development, saving you valuable time. In addition, we can come to your office and work on your book of accounts based on your preferences and schedule.

Advantage of Expertise – You benefit from the expertise of RBS’s team of professionals who are certified accountants.

scalability – When faced with increased production, your company can grow within the context of business strategy without being hampered by its structure or available resources.

 

Contact us if you are professionally or personally considering a thriving future. Regarding Audit Firms In UAE, accounting, taxes, or business consulting, we have a team of dedicated accounting specialists on hand, and one phone call can make all the difference.

Get benefits of Vat and excise services in Dubai!

Excise Tax Registration And Return Filing

Businesses must select the right firm for Vat & Excise Consulting In UAE, based on various factors such as the tax consultant’s experience, finance, IT, operations, VAT computation, VAT refunds, and tax filing. A VAT consultant who is well-versed in all technological advancements in the field can easily verify reports, claim refunds, fill out forms, and handle any complex VAT issues.

RBS Auditing has a qualified team of VAT consultants who have local knowledge of VAT accounting, VAT filing, VAT refunds, and all other VAT laws and regulations in the UAE. In addition, RBS Auditing was Established in 2014 as a traditional accounting firm to provide accounting and outsourcing services in Dubai, UAE. Later, the firm was liquidated after establishing a full-fledged accounting and auditing firm known as RBS & Abdulrahman Auditing.

 

VAT Consultants in Dubai Provide the Following Major VAT Compliance Services:

 

-Ensure that VAT returns and reconciliation are submitted on time.

-VAT records, returns, and reconciliation

-Advising on client clarifications on FTA notifications

-Representing clients in tax matters before the FTA

-Source document review and customization

Documents Required for UAE VAT Registration

The following documents get required for applying for VAT Registration in the UAE:

-a copy of the trade licence

-Copy of the business owner’s and partners’ passports

-Copy of the owner’s and partners’ Emirates ID

-The company’s Memorandum of Association and Articles of Association.

-Contact information and address for the company

-Account information

-The FTA format monthly income statement for 2017 to date

-The nature of the business and the activities carried out

-Turnover is expected in the next 30 days.

-Customs registration information (if applicable)

-Signatories with authority Emirates identification, passport, and authorization documents

 

Hiring the Best VAT Services in Dubai will help you steer your business smoothly.

 

Businesses in the UAE are having difficulty preparing for VAT and the ever-changing tax laws and regulations. If you are looking for the best VAT Consultants in UAE to assist you with VAT consistency, look no further. Connect with RBS Auditing, the best FTA registered tax agent with a strong presence throughout the country. 

We provide the best Vat & Excise Advisory In UAE and a wide range of TAX Services tailored to the client’s specific business needs. We have a specialized team with extensive knowledge and expertise in VAT rules and regulations.

 

If you are also looking for Excise Tax Registration And Return Filing, RBS Auditing does that also! So, Get in touch with us right now!

Why should you trust Auditing firms in Dubai?

Professional Auditing Services In Dubai

Auditing is simply the process of double-checking and verifying books of accounts and recorded financial data prepared by an organization’s accountant against the source documents from which they were designed, as well as examining whether the organization is operating following industry standards and another stated purpose. Professional Auditing Services In UAE analyses, the company’s financial data to ensure that the financial statements and reported data are accurate and transparent to the relevant stakeholders.

Auditing services:

RBS Auditing offers various audit services for both small and large organizations. Among the benefits are:

Internal auditing – refers to assessing the company’s internal position and control.

Internet audits assure businesses that their risk management strategies, corporate practices and methods, and internal control processes are effective. In addition, it improves the credibility of financial reports and reports to shareholders and management.

External auditing – This is auditing a company’s financial records to ensure the transparency, dependability, and accuracy of financial data. An external audit gets performed by a third party who has no affiliation with the organization and aids in discovering any frauds, misstatements, or miscalculations. In addition, external auditors will report on the business’s progress to management, assisting them in making future decisions and strategies.

Statuary Audit- This type of audit gets required by law and communicates financial information to all stakeholders such as investors, shareholders, the general public, and so on. This audit aims to reassure the government and other stakeholders that all financial data representation is accurate and honest.

Why do Abu Dhabi businesses require Auditing Firms?

  • Audit firms and Best Auditing Services In Dubai assess your company’s market reputation and dependability. Firms with successful audit reports will appeal to stakeholders because they will be assured of the business’s performance and transparency.
  • The business operations will be guaranteed to pressure groups such as the government.
  • Hiring audit firms gives the company access to specialized teams and individuals who can assist the company in various areas such as taxation, profit and loss analysis, fraud prevention, etc.
  • It contributes to the stakeholders’ continued trust.

Why choose RBS Auditing?

RBS Auditing is a top professional Accounting, Tax, and Auditing firm with a full-fledged professional team with qualifications and experience in Accounting, Auditing, Taxation, Management Consultancy, and Business Advisory Services. RBS Auditing is a leading service provider with a fully qualified professional team ready to assist clients in risk management and operations improvement. So, if you are looking for Professional Auditing Services In Dubai, You have just landed on the right page. Get in touch with RBS Auditing now!

Best Audit Firms UAE for your Business

Audit-firms-in-UAE

RBS auditing delivers top-notch audit, outsourced accounting & payroll, consulting and tax services with a spotlight on client-focused, business-centric solutions. On RBS Audit firms in UAE, Organisations trust our team of skilled advisers for high-value recommendations grounded on world experience and native insight.

Audit firms in UAE
Audit firms in UAE

Mutually of the most important freelance audit, accounting, consulting and tax corporations within the UAE. RBS auditing presently has several partners with many employees members severally specialising in audit and assurance, entry strategy, company formation, risk consultatory, tax consulting & compliance, outsourced accounting & payroll, consulting, business consultatory and company finance.

RBS auditing is the leading accounting, auditing, management and money consulting company in United Arab Emirates’ capital, UAE. Managed by skilled accountants and auditors, consultants altogether aspects of the auditing and money consulting services have helped RBS auditing to supply applicable and useful auditing services and advice for your business. we tend to be the simplest, most trusty and leading professionally managed audit and business practice firm in United Arab Emirate’s capital.

With expertise in our field of operations, RBS auditing has emerged as a pacesetter among accountants and accounting corporations in UAE and incorporates vast people to corroborate this reality. the right combination of non-public attention with due diligence, resources and skill have helped RBS auditing stand out from the group of chartered accountants in UAE. Our main ability is having the ability to reply to shopper needs quickly and resolutely.

RBS auditing offers a comprehensive variety of services within the areas of Audit & Accounting, Business consultatory, company consultatory, Family workplace, Finance & disposition Services, money Services, rhetorical Accounting, service industry, consultatory services, IT services, Payroll services Superannuation Solutions, and Taxation Consulting.

Based mostly in UAE, the corporate has a workplace in United Arab Emirates’s capital with enlargement plans to the remainder of UAE. The firm’s excellence in giving accounting, audit services that include: statutory, internal and management audits and a bunch of monetary practice services has created RBS auditing a distinguished audit firm within the UAE.

 

Our Services

RBS auditing provides skilled Auditing Services In Dubai to purchasers everywhere in the UAE. As a city & United Arab Emirate’s capital based mostly and registered audit & business firm, RBS auditing’s audit, accounting and tax consultants ideally placed to assist purchasers accommodate all domestic and statutory audit & tax laws in city and United Arab Emirates’s capital.

UAE to introduce 9% corporate tax on business profits from June 1, 2023

corporate-tax

Ministry of Finance to introduce federal corporate tax on business profits, effective for financial years starting on or after 1 June 2023

ABU DHABI, 31st January, 2022 (WAM) — The Ministry of Finance has announced that the UAE will introduce a federal corporate tax on business profits that will be effective for financial years starting on or after 1st June 2023. Businesses will become subject to UAE corporate tax from the beginning of their first financial year that starts on or after 1st June 2023.

The UAE corporate tax regime has been designed to incorporate best practices globally and minimise the compliance burden on businesses. Corporate tax will be payable on the profits of UAE businesses as reported in their financial statements prepared in accordance with internationally acceptable accounting standards, with minimal exceptions and adjustments. The corporate tax will apply to all businesses and commercial activities alike, except for the extraction of natural resources which will remain subject to Emirate level corporate taxation.

With a standard statutory tax rate of 9 percent and a 0 percent tax rate for taxable profits up to AED375,000 to support small businesses and startups, the UAE corporate tax regime will be amongst the most competitive in the world.

No corporate tax will apply on personal income from employment, real estate and other investments, or on any other income earned by individuals that does not arise from a business or other form of commercial activity licensed or otherwise permitted to be undertaken in the UAE.

“As a leading jurisdiction for innovation and investment, the UAE plays a pivotal role in helping businesses grow, locally and globally. The certainty of a competitive and best in class corporate tax regime, together with the UAE’s extensive double tax treaty network, will cement the UAE’s position as a world-leading hub for business and investment”, said Younis Haji Al Khoori, Undersecretary of the Ministry of Finance.

Younis Haji Al Khoori further adds that “with the introduction of corporate tax, the UAE reaffirms its commitment to meeting international standards for tax transparency and preventing harmful tax practices. The regime will pave the way for the UAE to address the challenges arising from the digitalisation of the global economy and the other remaining BEPS [Base Erosion and Profit Shifting] concerns, and execute its support for the introduction of a global minimum tax rate by applying a different corporate tax rate to large multinationals that meet specific criteria set with reference to the above initiative.”

Recognising the contribution of free zones to the UAE’s economy and competitiveness, the UAE corporate tax regime will continue to honour the corporate tax incentives currently being offered to free zone businesses that comply with all regulatory requirements and that do not conduct business with mainland UAE.

Given the position of the UAE as a global financial centre and an international business hub, the UAE will not impose withholding taxes on domestic and cross border payments, or subject foreign investors who do not carry on business in the UAE to corporate tax.

As an international headquarter location, a UAE business will be exempt from paying tax on capital gains and dividends received from its qualifying shareholdings, and foreign taxes will be allowed to be credited against UAE corporate tax payable.

The UAE corporate tax regime will have generous loss utilisation rules and will allow UAE groups to be taxed as a single entity or to apply group relief in respect of losses and intragroup transactions and restructurings.

The UAE corporate tax regime will ensure the compliance burden is kept to a minimum for businesses that prepare and maintain adequate financial statements. Businesses will only need to file one corporate tax return each financial year and will not be required to make advance tax payments or prepare provisional tax returns. Transfer pricing and documentation requirements will apply to UAE businesses with reference to the OECD Transfer Pricing Guidelines.

“The introduction of a corporate tax regime will help the UAE achieve its strategic ambitions and incentivise businesses to establish and expand their activities in the UAE,” said Younis Haji Al Khoori.

UAE businesses will be given ample time to prepare for the introduction of corporate tax in the UAE. The UAE Ministry of Finance plans to issue further information on the UAE corporate tax regime toward the middle of the year to help businesses get ready and be fully compliant.

*For further information, please visit the Federal Tax Authority website: https://tax.gov.ae/en

Courtesy:-  https://wam.ae/en

Redetermination of penalties equal to 30% of the total unpaid penalties, pursuant to Cabinet Decision 49 of 2021 on the Administrative Penalties for Violation of Tax Laws in the UAE:

Tax Reduction in the Penalties

 

Redetermination of penalties equal to 30% of the total unpaid penalties

31 December 2021 is the due date to avail the benefit of the Tax Penalties Amnesty or Redetermination of penalties pursuant to Cabinet Decision 49 of 2021 (the Redetermination of penalties equal to 30% of the total unpaid penalties).

To benefit from the tax penalties amnesty or redetermination, all of the following conditions have to be met according to Article 3 of Cabinet Decision 49 of 2021 on the Administrative Penalties for Violation of Tax Laws in the UAE:

  1. Any of the administrative penalties set out in Cabinet Decision No. 40 of 2017 have been imposed on the person before the effective date of Cabinet Decision No. 49 of 2021 (i.e. before 28 June 2021);
  2. The person has not settled all the administrative penalties imposed on it as per Cabinet Decision No. 40 of 2017 in full before 28 June 2021
  3. The taxable person has undertaken all of the following:
  • Settled all payable tax, i.e. the registrant shall ensure that by 31 December 2021, no payable tax is still outstanding whether such tax was payable before or after 28 June 2021, and that all such amounts have been received by the FTA by 31 December 2021; and
  • Settled 30% of the total unsettled administrative penalties referenced above which were imposed before 28 June 2021, no later than 31 December 2021.
  • In order to avail the tax amnesty benefit, ensure that all of the above mentioned conditions are fulfilled.
  • All payable taxes is the tax payable (based on tax returns submitted and any adjustments due to voluntary disclosures or tax assessments) that is still outstanding whether such tax was payable before or after 28 June 2021.
  • 30% of the total unsettled administrative penalties refer to the administrative penalties imposed prior to 28 June 2021 pursuant to Cabinet Decision No. 40 of 2017.
  • All the payable taxes and 30% of the administrative penalties must be settled by 31 December 2021.
  • The amount to be settled as per Cabinet Decision No. (49) of 2021 may be viewed by logging into your E-services account and by clicking the option: “Click Here” to view the Amendment of Administrative Penalties imposed as per Cabinet Decision No. 49 of 2021.
  • Please ensure that the payment transfer(s) reflect on the FTA portal by 31 December 2021 and the payment receipts are available to substantiate the transfer.

AML/CFT COMPLIANCE AND CERTIFICATION SERVICES IN UAE

services

AML/CFT COMPLIANCE AND CERTIFICATION SERVICES IN UAE

Anti-money laundering law comprises the laws, regulations, and procedures to curb the disguising of illegally obtained funds through market manipulation, trading of illegal goods, corruption, tax evasion, terrorism, etc. AML is targeting to identify and prevent the methods to launder the illegally obtained funds.

Anti-money laundering and counter-financing of terrorism (CFT) are now global concerns. And all individuals and firms in the UAE shall adhere to the rules and regulations to avoid legal consequences.

In UAE to develop the legislative and legal structure of the nation to ensure compliance with international standards on anti-money laundering and countering the financing of terrorism Federal Decree-law No. (20) of 2018 on ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM AND FINANCING OF ILLEGAL ORGANISATIONS has been implemented.

The law aims to:

(a) Combat money-laundering practices.

(b) Establish a legal framework that supports the authorities concerned with anti-money laundering and crimes related to money-laundering.

(c) Counter the financing of terrorist operations and suspicious organisations.

The UAE AML Law (Cabinet Decision No. 10 of 2019) outlined following categories as Designated Nonfinancial Businesses and Professions (DNFBPs) in Article 3.

Anyone who is engaged in the following trade or business activities shall be considered a DNFBP:

  • Brokers and real estate agents when they conclude operations for the benefit of their customers with respect to the purchase and sale of real estate.
  • Dealers in precious metals and precious stones (any single monetary transaction or several transactions that appear to be interrelated or equal to more than AED 55,000).
  • Lawyers, notaries, and other independent legal professionals and independent accountants, when preparing, conducting, or executing specific financial transactions for their customers.
  • Providers of corporate services and trusts upon performing or executing the specific transaction on behalf of their Customers.
  • Other professions and activities shall be determined by a decision of the Minister.

Statutory obligations of DNFBPs are:

  • Appointment of an AML/CFT compliance officer
  • Performing customer due diligence (CDD) measures
  • Suspicious transaction reporting to the Financial Intelligence Unit (FIU)
  • Subscription to the automatic reporting system for sanctions lists

To fulfill these statutory obligations, DNFBPs should ensure that they have adequate internal policies, procedures, and controls in place, commensurate with the size and nature of the business. DNFBPs that fail to follow with these rules shall be subject to various administrative and financial penalties ranging from Dh 50,000 to Dh 5 millions. This law and framework have been established to detect, discourage and prevent financial crimes and reporting suspicious transactions.

WHAT RBS CAN DO FOR YOU?.

Anti-Money Laundering Compliance Advisory

With the continuous changes in the regulatory framework and more stringent AML Rules and regulations, it is becoming difficult for Financial institutions and DNFPBs to implement new regulations and design complete compliance framework.

We help our customers and provide advisory services on –

  • Registering in GoAml portal’
  • Identifying and assessing ML/FT risks
  • AML Governance Framework,
  • Assurance Reviews and Agreed Upon Procedures
  • Compliance Remediation,
  • Financial Crime Prevention Framework.
  • Putting in place an adequate governance framework for AML/CFT
  • Comply with the directives of the Competent Authorities of the State in relation to the United Nations Security Council resolutions under Chapter VII of the Charter of the United Nations, and in relation to Cabinet Decision No. (20) of 2019 Regarding Terrorism Lists Regulation and Implementation of UN Security Council Resolutions.
  • Providing outsourced compliance officer services and AML consulting services.
  • Extending all the necessary guidelines to your team in keeping and maintaining the books and records in relation to the law in a manner that is best suited to your line of business

UAE AMENDED SOME ADMINISTRATIVE PENALTIES FOR VIOLATION OF TAX LAWS IN THE UAE

UAE Tax penalty
Cabinet Decision No. 49 of 2021 on Amending some Provisions of Cabinet Decision No. 40 of 2017 on the Administrative Penalties for Violation of Tax Laws in the UAE
In accordance with Cabinet Decision No 49 of 2021 on Amending some Provisions of Cabinet Decision No. 40 of 2017 on the Administrative Penalties for Violation of Tax Laws in the UAE, which will be effective from 28 June 2021, the FTA would like to inform you that it has released two Public Clarifications, which you can view on the FTA website.
With respect to TAXP002, and if you had any outstanding balances, you would have previously been able to see such outstanding balance on the returns page. From Wednesday 23 June, you will be able to see how much of your balance is related to tax and how much is related to administrative penalties on the My Payments page when you log into E-Services. This link will open a window that will include the following:
  • Tax Payable – this is the outstanding tax balance (based on tax returns you submitted and any adjustments due to voluntary disclosures or tax assessments) and will be updated on a daily basis until 31 December 2021, for you to know how much tax is outstanding and is subject to late payment penalties if not settled by payable date, and needs to be settled in full before 31 December 2021 to benefit from the redetermination of administrative penalties in accordance with Cabinet Decision No 49 of 2021.
  • Late Registration Penalty – this is the outstanding unpaid late registration penalty, if available.
  • Other Penalties Payable – this is the outstanding unpaid administrative penalties balance (other than late registration) and may increase if new administrative penalties are applied or decrease if payments are made or penalty reversed. The balance on 28 June 2021 will be subject to redetermination if conditions stated in Cabinet Decision No 49 of 2021 are met.
  • Net Payable Amount – this is the total amount of Tax Payable and Penalties Payable outstanding at any time.
  • Total Credit – this is the amount of credit that the registrant has with the FTA. FTA will be launching a full dashboard with your Tax Payable and Administrative Penalties