By now VAT may have become a common term for all businessmen. VAT was implemented in UAE on January 2018. Businesses should register for VAT if they get a turnover exceeding AED 375000 per year. If the firm’s VAT application needs to Amend VAT Registration, some adjustments may be made. All the amendments made must be informed to the Federal Tax Authority within 20 days from the day of change made. Nowadays all these can be done online. Some of the changes may need approval from the FTA and some may not require permission. Know more about this from Right Way Accounting and Bookkeeping in Dubai.
Here's how to make revisions that don't require approval:
- First, visit the online portal of FTA’s VAT registration.
- You can find your approved VAT registered application under the dashboard tab.
- Click the ‘Edit’ button to add any information like,
1.Addition of changes related to business activities.
2.GCC activities of the firm
3.Information about customs registration can be edited or updated. - After Amend VAT Registration click the ‘submit’ button. The changes will be automatically made.
Here’s how to make revisions that require approval:
- The first step to Amend VAT Registration is to notify the FTA about the changes made.
- Changes will be made only if the FTA approves.
- Click on the ‘amendment’ button after approval and make the following changes, 1.Business details 2.Bank details of the business 3.VAT applications can be modified 4.Can update the declarations 5.Business relations can be updated 6.Changes regarding financial transactions 7.Changes regarding import and export
- After making all the changes in Amend VAT Registration click on the ‘review and submit button.
Direct amendments are prohibited in certain fields
Here is a list of fields where direct amendments are prohibited,
- In the ‘About the VAT Application’ section the ‘Exception from VAT registration’ cannot be changed directly.
- The ‘Notification language change’ field in the declaration section cannot be changed directly.
- The firm cannot update the communication preference section directly.
If the businessmen failed to update the FTA regarding the changes within the given time, then they are liable to penalties and fines of about AED 5000. The amount will increase to AED 15000 if the repetition was made. Therefore all business firms must be aware of VAT registration Services in UAE. Making amendments at the right time will help avoid paying huge fines.
How Right Way can help?
Right Way, Accounting in Dubai will provide you with many customized services like internal auditing, tax auditing, management accounting, bookkeeping services, and other services too. At Right Way, we assure you of a cost-effective and affordable service. If you want to know more about making changes in VAT registration contact us. We are here to help you.