Running your own business really changes your perspective on the VAT you pay. In addition to affecting the company’s accounting and cash flows. Also, keeping accounting books alone leads to a greater burden on the facility. And it gets more complicated when your business is huge and not just local transactions. Therefore, we at Moaz’s office relieve you of these burdens by managing it for you and helping you recover the value of this tax if it is due as well.
What is the value added tax due on your business?
Value added is a form of consumption tax applied to purchases of goods or services and other taxable supplies. For businesses and establishments, This tax plays an important role and can be imposed on a range of goods and services for your business. Areas subject to VAT include:
Sales of goods and services
Rent or lend goods
Staff sales
Sale of business assets
While companies pay the value-added tax to the Zakat, Tax and Customs Authority, the actual cost has already been paid by the customer, covered by the purchase price of the goods or services purchased with it. In this way, It is an indirect tax but businesses still have to report and pay it. This will require you to charge this tax on all services or goods provided by your business.
When is value-added refund due to your business?
Establishments that pay VAT can claim a refund in some exceptional cases. The most important rule is that you can only claim VAT on goods and services that are used exclusively for the business purpose of your facility. It is recovered through a VAT tax return, It is submitted to the Zakat, Tax and Customs Authority.
Some goods and services are purchased solely for the purpose of business. Examples might be office supplies, computers and equipment, travel and transportation costs, and services such as accounting. Your business can recover the added value if these goods and services are purchased for business use only. For other expenses, such as mobile phone bills, a portion of the cost may be incurred for non-commercial use. Otherwise, some types of business purchases are not eligible for a refund of this tax, including anything purchased for private use and commercial entertainment.
How can we help you in Moath’s office to recover the added value?
In order to recover value-added, you must keep a complete record of all purchases at your facility, with receipts for value-added, and show how to calculate the percentage of the total that is used for the business. Generally speaking, value-added tax returns are submitted.
Since this tax is a very complex area, there are a number of exceptions and special cases for a refund, as some items are not subject to VAT, or are charged at a non-standard price. It’s important to calculate tax accurately, as there may be penalties for inaccurate returns, and you’ll have to repay anything found owed.
To help you get out of this complex circle and devote yourself as a business owner to operations and management, we at Moaz office do all the calculations for you and submit tax returns to the Zakat, Tax and Customs Authority to ensure that you are in a safe zone and that your business is proceeding legally. We will also know for you the VAT refunds applicable to you and perform refund procedures for you. Thus, you can rest assured that you are in the safe hands of the best experts in this field, and thus focus your efforts on other responsibilities in your work.
Some goods and services are purchased solely for the purpose of business. Examples might be office supplies, computers and equipment, travel and transportation costs, and services such as accounting. Your business can recover the added value if these goods and services are purchased for business use only. For other expenses, such as mobile phone bills, a portion of the cost may be incurred for non-commercial use. Otherwise, some types of business purchases are not eligible for a refund of this tax, including anything purchased for private use and commercial entertainment.
How can we help you in Moath’s office to recover the added value?
In order to recover value-added, you must keep a complete record of all purchases at your facility, with receipts for value-added, and show how to calculate the percentage of the total that is used for the business. Generally speaking, value-added tax returns are submitted.
Since this tax is a very complex area, there are a number of exceptions and special cases for a refund, as some items are not subject to VAT, or are charged at a non-standard price. It’s important to calculate tax accurately, as there may be penalties for inaccurate returns, and you’ll have to repay anything found owed.
To help you get out of this complex circle and devote yourself as a business owner to operations and management, we at Moaz office do all the calculations for you and submit tax returns to the Zakat, Tax and Customs Authority to ensure that you are in a safe zone and that your business is proceeding legally. We will also know for you the VAT refunds applicable to you and perform refund procedures for you. Thus, you can rest assured that you are in the safe hands of the best experts in this field, and thus focus your efforts on other responsibilities in your work.