Accounting Firms should prepare accounts properly. This accounting consulting service covers the different typologies that business economic activity can adopt (business activities of a commercial nature, business activities that are not commercial and professional activities). It is complemented by accounting advice and management for the resolution of accounting inquiries supported by the specific regulations and tax advice that allows the preparation of the taxes to which the activity of the activity is subject.
Tax settlement in Accounting Firms
Our Accounting Firms within the recurring tax advice are responsible for the preparation and presentation of VAT and Income Tax, Corporation Tax and their corresponding instalment payments. All this within the accounting consulting service that allows obtaining the faithful image of the financial situation of the activity. We prepare the annual declaration of operations with third parties concerning the purchases and sales made in the activity and the rest of the statements’ annual summaries and any other type of tax to which the activity is subject. In short, it is a tax advisory service specialized in small companies and professional activities.
Effective business management is based on the proper management of your accounting by analyzing the accounting data, the economic reality of the company is known. For this, we offer a daily accounting keeping service that allows us to have all the updated balances.
Preparation of financial statements
With this service of the accounting consulting area, we offer an analysis of the financial information of the company with a solid base and thus minimize the chances of management errors. It is another step in the concept of accounting advice and consulting. It thus constitutes an important source of information for the entrepreneur, which will allow him to know the greater or lesser success in his performance.
Also Read: Do you need a VAT Registration in UAE?
Legalization of accounting books
We take care of preparing the accounting books, such as the daily book, the inventory book and annual accounts, and those that as a result of the activity is deemed convenient to facilitate a better understanding of it. Subsequently and within the legally established period, we proceed to its presentation in the corresponding Mercantile Registry. This service is included in our recurring accounting advice.
Bookmaking tax records
We prepare the mandatory tax books referring to VAT and personal income tax:
• Record book of issued invoices.
• Book record of invoices received.
• Record Book of investment goods.
• Record the book of certain intra-community operations.
• Sales and Income Book, Purchase and Expense Book, Investment Property Book and Fund Provision Book. This service is included in our recurring tax advice.
Preparation and deposit of accounts
We prepare the annual accounts (Balance, Profit, and Loss Account, Report, Statement of Changes in Net Equity, as well as the Statement of Cash Flows) that must be formulated by the employer or administrators within a maximum period of three months, a count from the end of the year. Once formulated and approved by the General Meeting of Partners or Shareholders, we proceed to deposit them in the corresponding Mercantile Registry. Within the accounting consultancy, we provide support to the companies subject to auditing of accounts either voluntarily or obligatorily in the preparation of their annual accounts.
For Societies and Individuals Obliged to keep Accounting and we are responsible for making monthly, semi-annual and annual tax returns:
• Tax return
• Declaration of Annexes
• Tax Updates
• Administrative Claims (undue payment, overpayment) or Income Tax or Value Added Tax
• Advice and control of compliance with regulatory standards
• Tax declaration
• Statement of withholdings at source
• Income tax
• Other taxes, fees, and obligations required.
Income Tax Refund
It is the right that every taxpayer has to ask for the refund of the securities he has in favour. ETIC CONSULTING makes these claims for either undue payment or overpayment.
This procedure for returning VAT paid on purchases and imports can be submitted according to the corresponding regulations.