FAQ

Accounting & Auditing Services in UAE include many important financial Audit in UAE. Expert Evaluation Services ,management tasks that are necessary for businesses to be successful. Accounting is the process of keeping correct financial records by writing,

analysing, and reporting financial events in a planned way. On the other hand, accounting makes sure that these records are accurate, meet legal requirements, and give a good picture of the company’s financial health. A well known name in the UAE, Live Auditing focuses on customising its accounting and auditing services to meet the needs of each customer.

From keeping the books to making the financial statements, Live Auditing makes sure that everything is clear and in line with the rules. This helps businesses make smart choices that will lead to long-term growth.

The “UAE Chartered Accountant (CA) body” is the most important governing body in the field of Accounting and Auditing Services in UAE. Live Auditing is a respected
organisation that oversees and controls the accounting and auditing industry in the UAE.

With a focus on upholding the highest standards of skill and honesty, the UAE CA body is a key part of making sure that financial reporting across many businesses is accurate and of high quality.

Businesses and experts depend on its advice and certification to maintain high standards in accounting and audits, which builds trust in the UAE’s financial system.

The job of an inspector is complex and important in the fast-paced world of Accounting & Auditing Services in UAE, especially during Live Auditing.

Auditors in the UAE are responsible for carefully going over financial records to make sure they follow both local and foreign rules. They are very important for making sure that financial reporting is honest and accurate, and they give consumers and decision-makers useful information.

Auditors help build trust in the UAE’s business environment by doing thorough reviews and close attention. This helps companies that do business there grow and progress in the long term.

The International Financial Reporting Standards (IFRS) are the most commonly used accounting standard in the UAE’s Accounting and Auditing Services industry. Companies and groups in the UAE follow these internationally recognised standards to make sure their
financial reports are consistent, clear, and easy to compare.

They do this with the help of Live Auditing. IFRS makes it easier for countries to follow the best practices used around the world. This makes financial accounts more credible and trustworthy.

When businesses in the UAE use IFRS, they can clearly tell stakeholders about their financial health and success. This builds trust in the country’s financial markets and helps the economy grow as a whole.

A Chartered Accountant (CA) plays many important parts in Accounting and Auditing Services in the UAE, especially when it comes to Live Auditing. CAs are very important to companies and organisations in many different fields when it comes to financial management, auditing, taxes, and consulting. They make sure that rules set by regulators are followed, give professional financial advice, and help make smart decisions. CAs help improve performance, lower risks, and make operations more efficient by carefully analysing and making sense of financial data. Their knowledge and skill are very important for keeping financial practices honest and open, which builds trust and confidence in the UAE’s business
atmosphere.

Live Auditing follows the International Financial Reporting Standards (IFRS) as the main accounting standard in the UAE’s Accounting and Auditing Services industry. These internationally recognised guidelines make sure that financial reporting for companies and organisations in the UAE is consistent, clear, and easy to compare across different sectors. By using IFRS, organisations can make sure that their financial records are in line with best practices around the world. This increases their trustworthiness and makes it easier for stakeholders to understand. Live Auditing’s attention to IFRS shows that it is committed to keeping the highest standards of skill and honesty in accounting, which builds trust and faith in the UAE’s financial system.

Let a professional do a professional’s job. If you are like most business owners and CEOs, you take full pride in the services or products your company provides. You want to focus your time and energy on business strategy and goals. Outsourcing the accounting department to a dedicated, highly skilled professional services firm allows you to do exactly that you’ll save valuable time in your day, reduce operating costs and gain peace of mind

There are multiple ways to minimize your small business risk. First, cash flow is extremely important. You should have the correct controls in place to have a proper cash flow within your business. About every month you should calculate how much cash your business has on hand as well as determining all the accounts payable you have on your books. Improper cash flow is the number one risk for most small businesses. Second, you should have the appropriate insurance for your specific business risks. You should have standard insurance as well as insurance for your own set of specific risks. Third, you may even consider utilizing contractual indemnification clauses to protect you from potential damages caused by other businesses which you rely on frequently for your business.

You should consult an Auditor to assist with these complex and specialized matters.

CFO is a financial expert who provides financial strategy services on a part-time or project basis. An Outsourced CFO can also help a company resolve challenges such as cash flow issues, raising capital, solving tight margins, implementing more efficient systems, or preparing for growth.

Live CFO Services has experience in distressed situations and crisis management.  Our turnaround experience will identify the root causes of the problem, gain a handle of the cash position and cash flow of the business, develop and implement a turnaround plan, and communicate and work with outside parties (bank partners, suppliers, other creditors, customers, legal counsel, etc.) to gain support for the plan. We provide senior-level financial management and accounting services to small and mid-sized public and private companies.

Strong business processes are crucial for organizations to run their business effectively. Having good processes help organizations reduce their dependency on individuals. Good processes also help companies to scale up their operations and to be equipped to take on emerging market opportunities. Management consultants help organisations to solve issues, create value, maximize growth and improve business performance. They use their business skills to provide objective advice and expertise, and help an organization to develop any specialist skills that it may be lacking.

Live CFO Services has experience in distressed situations and crisis management.  Our turnaround experience will identify the root causes of the problem, gain a handle of the cash position and cash flow of the business, develop and implement a turnaround plan, and communicate and work with outside parties (bank partners, suppliers, other creditors, customers, legal counsel, etc.) to gain support for the plan. We provide senior-level financial management and accounting services to small and mid-sized public and private companies.

The person who is registered under VAT in UAE has to pay VAT on goods/services imported into UAE on Reverse Charge Basis. This is in addition to the customs duty levied on imports. The tax is to be paid by the recipient of the supply and the same will be eligible for input tax recovery.

The Free Zones that are listed in a Cabinet Decision is known as Designated Zones and is eligible for special VAT treatment subject to fulfilment of some criteria. The effect for businesses operating in Designated Zones will be that many supplies of goods will be outside the scope of UAE VAT, subject to strict criteria and detailed record keeping. However, supplies of services are subject to the normal UAE VAT rules.

A registered business can recover the VAT paid on purchase of goods and services used for business purposes and subject to certain conditions.

Tourists & Visitors can claim refund on VAT paid on purchases they made during their stay in the UAE. Recovery of payment will be done through a fully integrated electronic system which connects retailers registered in the ‘Tax Refund for Tourists Scheme’ with all ports of entry and exit from the UAE.

It is optional to register for VAT if you believe your taxable supplies and imports may exceed the threshold limit of AED 187,500 during the next 30 days. It is mandatory to register if the taxable supply & import exceed AED 375,000.

When it comes to accounting software, the name that comes to our mind is TALLY. The Tally Prime is one of the best accounting software that can be used in all sorts of businesses

The main purpose of the ESR is to comply and bring specific requirements for the entities incorporated in the UAE to demonstrate that the companies are carrying out the actual economic activity in the State that achieve economic substance interest and the basis to support that the incorporation in the UAE was not driven solely to benefit from the privileged tax regime.

The relevant activities are listed below:

• Banking Business
• Insurance Business
• Investment Fund management Business
• Lease – Finance Business
• Headquarters Business Shipping Business
• Holding Company Business
• Intellectual property Business
• Distribution and Service Centre Business

Yes, it’s applicable for both free zone as well as main land companies.

Corporate Tax is a form of direct tax levied on the net income or profit of corporations and other businesses. Corporate Tax is sometimes also referred to as “Corporate Income Tax” or “Business Profits Tax” in other jurisdictions.

A competitive CT regime based on international best practices will cement the UAE’s position as a leading global hub for business and investment, and accelerate the UAE’s development and transformation to achieve its strategic objectives Introducing a CT regime reaffirms the UAE’s commitment to meeting international standards for tax transparency and preventing harmful tax practices.

Most countries in the world have a comprehensive CT regime, including most of the GCC Member States.

The UAE CT regime will become effective for financial years starting on or after 1 June 2023.

The UAE CT is a Federal tax and will therefore apply across all Emirates.

The Federal Tax Authority will be responsible for the administration, collection, and enforcement of UAE CT

The Ministry of Finance will remain the ‘competent authority’ for purposes of bilateral/multilateral agreements and the international exchange of information for tax purposes.