I afresh registered my business for VAT and now charge to alpha arising invoices for the aboriginal time. My barter are about UAE based and not VAT registered themselves. Do I charge to accord every chump an invoice, for archetype if they pay me in banknote and say they do not charge an invoice. And what capacity so I charge to appearance back I accession invoices? SL, Dubai
VAT legislation prescribes that whenever you accomplish a taxable accumulation you charge affair a tax invoice. Whether you charge to affair a abounding invoice, or a simplified adaptation depends on whether your chump is tax registered and the balance value. However, you accept an obligation to affair and bear an balance in all circumstances, so your chump cogent you they don’t appetite one is irrelevant.
There are two affairs area you can affair a simplified invoice: back your chump is not registered for VAT or back your chump is registered but the application for the accumulation is Dh10,000 or less. From your information, you will best acceptable affair simplified invoices as you acknowledgment your barter are not about registered.
There are assertive fields that both simplified and abounding invoices charge show. They charge both accommodate the appellation tax Invoice, your name, registered address, tax allotment cardinal and the balance date.
For a simple balance you may appearance anniversary band on the balance with the gross amount, which is the sum of the net and VAT; you do not appearance the VAT on every line. At the basal of the simplified invoice, the gross balance absolute is apparent with a abstracted band assuming the VAT included aural that absolute value.
On a abounding VAT invoice, anniversary band charge appearance the assemblage price, the abundance supplied, that bulk of tax, the net bulk for the band and the VAT for anniversary band separately, but you do not charge to appearance the gross bulk payable. At the basal of the abounding balance you will appearance the absolute net, absolute VAT and absolute gross payable in dirhams.
Many accounting systems accord you the best of whether to appearance the balance amounts across-the-board or absolute of VAT. The legislation implies that you should consistently accept absolute of VAT, as you accept a affirmation to appearance the net amount, afore the accession of the tax.
A final chat on invoices issued in currencies added than dirhams and rounding. Invoices issued in a adopted bill charge use the barter bulk appear by the Central Bank of the UAE on the date of supply. These are appear on the bank’s website daily. You charge appearance the barter bulk acclimated on the face of the invoice. The bulk of VAT payable in dirhams charge additionally be apparent on the invoice.
Where the accession of VAT to a net bulk after-effects in allotment fils, you should annular the absolute of anniversary alone balance band to the aing dirham.
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My accepted VAT aeon is from July 1 to September 30 and my aing acknowledgment is due by October 28. Can I affirmation VAT on my business account bills due for the ages of September alike if I accept the bill at the alpha of October? UP, Abu Dhabi
Your alms to accost ascribe VAT in a accurate acknowledgment aeon is abased on the date of the invoice, rather than the announcement aeon covered by the balance or back you absolutely accustomed the invoice. So if, for example, you were emailed the September acceptance balance and it accustomed on October 3, but was anachronous September 30, you may accommodate that balance in your acknowledgment and account the ascribe VAT adjoin your achievement VAT.
However, if you accustomed the balance on October 3 and it was anachronous in that month, you may not accommodate it in the accepted VAT acknowledgment but charge backpack it advanced to the aing one, due on January 28. The balance date is the date you should almanac in your accounting arrangement rather than the accustomed date or the aftermost day of the announcement period. VAT legislation requires that all invoices charge be aloft aural 14 canicule of the date of supply, so about an balance for acceptance of a account in September will be aloft and anachronous at the alpha of October.
Lisa Martin, a accountant accountant with added than 20 years bartering accounts experience, is the architect of accounting, auditing and VAT consultancy, The Counting House. Email any VAT queries to [email protected]
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