VAT Voluntary Disclosure is a process or a form introduced by the Federal Tax Authority (FTA) for the taxpayers to notify any error or omissions in the tax that they have already submitted. If the taxpayers get to identify some mistakes in VAT calculation or documents, it is the option for them to rectify along with the supporting documents. Mostly taxpayers try to avoid the process to save their expenses but they need to understand if the authorities come to know about the same, they have to suffer from huge penalties. So, the taxpayers must go for VAT Voluntary Disclosure within the specified time provided by the authorities.
VAT health check-up is all about knowing the VAT status of the business and stay updated about the same. The professional accountants help the taxpayers to know what is right and wrong in the VAT status and what changes are required. The taxpayers need to maintain the right record of the business accounts so that there are fewer chances of the mistake at the year-end. They need to keep documents for every business transaction so that it is easy to calculate the tax amount and compile the documents when required. The combined effort of the taxpayer and the professional accountant help in maintaining the right VAT health check-up.
Every taxpayer is not so well-versed with the concept of the VAT like a professional accountant or financial consultant. The business owners know that they have to pay VAT at the end of the financial year but they do not know why and how they have to pay the same. They are even not aware of whether they are eligible for the same or not. In these regards, the taxpayers should go for professional VAT training. It will help them run their business accounts smoothly and minimize the mistakes. Further, it will also help the taxpayers to confidently represent their financial status to the shareholder and other important people.