If you run a business and need to file VAT returns for your business, then the best thing that you can do is to take on the services of one of the best VAT consultants in Abu Dhabi to ensure that you will reap maximum benefits out of your business VAT returns. However, if you are determined to file the VAT returns of your business on your own, then the following tips will help you a great deal in saving money and in filing your VAT returns by putting in minimum efforts.
1- File your VAT returns in a timely manner
One of the biggest advantages of filing your VAT returns in a timely manner is that it will prevent you from facing penalties due to late payment of your business VAT. Yes, you will have to pay extra amount of money as fine for late VAT payments. You can easily avoid such penalties by paying your VAT in time. To minimize your efforts that you will have to put to file your VAT returns, it is highly recommended that you pay your VAT online.
2- Make sure that you are calculating your VAT accurately
Another important tip for you is that you should make sure that you are calculating VAT for your business using accurate percentages that are applicable on your business. This alone can help you save a significant amount of money on your VAT payment. For instance, if you believe that you have to calculate VAT at 8% but your business type is exempted or have a much lower VAT rate, then you will be paying much more as VAT than what you actually have to pay.
3- Opt for an annual accounting scheme if your business is eligible for it
If you run a small or medium size business and your business is eligible for availing annual accounting scheme, then it is highly recommended for you to opt for this option. Doing so, you will be able to pay a major part of your VAT in installments which means that you will not have to pay a big amount of money as VAT. It will not only help you plan your cash flow easily but will also save your time and efforts that you will have to spend in calculating your annual VAT. You can also see this here to find out more information about filing VAT returns.