Understanding your VAT registration requirements and liaising with the FTA authorities can become complex and time-consuming, depending on your structure, the location of your bank account, and operations. There are instances where firms are required to register but can request an exception from registration.
There are other issues where the effective date of registration/de-registration stated in the application could be incorrect, leading to penalties from FTA or insufficient documents submitted to FTA, leading to rejection/ resubmission of the form.
Delays in submitting VAT registration or de-registration applications can indeed result in penalties from the FTA and can negatively affect the business.
While the actual submission of registration and de-registration applications to the FTA may be relatively quick, the preparatory work, accurate declaration of the business activity, and communication with the FTA can often be the most time-consuming aspects of the process.
Re/think has the expertise to help you navigate the registration and de-registration process and ensure regulations are followed and risk is minimalized.
