The business environment in the United Arab Emirates has recently undergone a huge transformation.
With the introduction of Value Added Tax (VAT) from the very starting of 2018, most of the business
owners had to bring some changes into their style of working. We are here to make your journey through
VAT smoother.
With the introduction of Value Added Tax (VAT) from the very starting of 2018, most of the business
owners had to bring some changes into their style of working. We are here to make your journey through
VAT smoother.
Here is everything you need to know to implement VAT in your Laundry or Dry Cleaning Business.
- Is it necessary for you to implement VAT?
First off you
would have to determine if your business falls under the compulsory VAT
registration category or not.
A business must
register for VAT if their taxable supplies and imports exceed the mandatory
registration threshold of AED 375,000. Although if your business does not fall
into the above category but if your taxable supplies and imports exceed AED
187,500, you may voluntarily choose to register under VAT. But it is not
necessary.
- VAT registration
If you do have
to register for VAT, you can easily do so by logging on to the FTA’s website.
- Computation of VAT
From 1st Jan
2018, businesses will start charging VAT from you on every input you purchase
for your business. Be it machines, chemicals or other small inputs.
Alternatively, you may collect VAT
(5%) on the Laundry or Dry Cleaning service from your customers.
If the amount of
tax that you collect is more than the amount that you pay in tax, then you have
to pay the balance to the government. Although if the amount of tax that you
pay is more than what you collect, then you may claim the difference amount
from the FTA.
- VAT payment
The tax returns
have to be filed on the 28th of every
month. The return would have to filed online by filling up a form provided
by the Federal Tax Authority
Now that you know everything, how are you planning on to take on this humongous task over and above what you already do?
Don’t worry, Quick Dry Cleaning Software is all set to make your Laundry Business VAT enabled.
With our VAT compliant automated Accounting, Reporting and Invoicing, making your dry cleaning business and laundry business VAT ready would be no problem at all.
- Print VAT enabled invoices in Arabic
- Take out monthly VAT compliant reports to make VAT filing a breeze
- Automatic computation of VAT makes it super easy for you to become VAT compliant.
Here at Quick Dry Cleaning Software, the success of our
customers is of the utmost importance
for us and all our efforts go into making
your lives easier by automating your business processes.
Do you want to make your Laundry and Dry Cleaning Business
VAT enabled?
It was very useful for me. Keep sharing such ideas in the future as well.
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