Is an Outsourced Accounting Firm a Good Decision for Your Company?
I am frequently asked whether hiring an accounting firm as opposed to hiring an in-house bookkeeper is a good decision. Having worked as an in-house accountant (finance manager, to be precise), freelance accountant, and now as the owner of an accounting firm, I strongly believe that the accounting firm route is not for every small or medium-sized business (we will leave big companies aside, the ones that need not just one accountant but rather a whole department). However, if you are a small or medium-sized company where one accountant is enough, please read on.
Corporate Tax in a nutshell
Since its initial introduction, Corporate Tax has been the talk of the UAE with laws, guides, ministerial decisions and quite a few workshops all happening within the short space of a few months. This blog will help break down everything we know about it thus far as it is important for (almost) all businesses in […]
Payment gateways in the UAE
The most crucial part of any transaction is the payment and with technology advancing everyday the process for accepting payments has changed a few times over the last years. Payment gateways come into play as they provide a “gateway” to accept debit or credit card purchases from customers. This is not only in physical stores […]
Changes to Tax Procedures Every UAE Business Owner Should be Familiar With
Last week UAE FTA issued a new Tax Procedures Regulation which repealed Cabinet Decision No. 36 of 2017 on the Executive Regulation of Federal Law No. 7 of 2017 on Tax Procedures that was issued back in 2017. The new regulation comes into force on the 1st of August 2023 and contains some very important updates that every business owner should be compliant with.
Financial statements you need to know
It is always important to keep track of your finances when running a business and whether you have an accountant doing that for you or you are doing it yourself, there are 4 statements that can really help with this process. In this blog we will be looking at the basic statements all businesses should […]
Cabinet Decision No. 56 of 2023 on Determination of a Non-Resident Person’s Nexus in the State for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses
Summary: This decision, issued by the Cabinet, provides clarity on the criteria for determining a non-resident person’s connection to the state regarding the taxation of corporations and businesses. It outlines definitions and rules related to immovable property and taxable income. The decision also addresses artificial transfer of property rights and the requirement for non-resident persons […]
What you should know about Direct debit in the UAE
It was recently announced that the UAE Central Bank has approved of a direct debit marketplace making it easier for both merchants and customers to make their monthly payments. Before we look at this any further we need to know, what is direct debit?When you allow for direct debit it means that you give a […]
What you should know about UAE Tax Invoices
As in many other countries, in the UAE there is a Value Added Tax (VAT) charge on most goods and services provided and once your business has exceeded the mandatory registration threshold of AED 375,000 you are required to register for VAT. Thus you become what is referred to as a registrant and now you […]
Opening a bank account in the UAE is not a walk in the park, or is it?..
Due to our field of work, we know all the insights about bank accounts in the UAE. Our clients have accounts opened in different UAE banks and we know pros and cons of nearly half of the banks operating in our region – we know about their charges, about their functionalities and how our clients […]
UAE Insurance for involuntary loss of employment
Starting from 1 January 2023 the UAE introduced Involuntary Loss of Employment (ILOE) Insurance. What is ILOE?ILOE stands for Involuntary Loss of Employment. This unique scheme provides security for employees who lost their jobs due to reasons other than disciplinary action or resignation until they find a new job. Who is eligible for subscription? All […]