Accounting and Tax Services
In today’s challenging business environment, management needs to focus on driving business growth. However, critical management time is often taken up with complex local and multi-territory demands across the finance function, particularly in relation to local accounting and tax compliance. We are here to help you focus on what is important.
Our team is ready to take on the role of your accounts department. We offer you confidentiality and experience, together with accuracy and timeliness. However, first and foremost, we offer commitment rather than mere involvement in your tax and accounting process. In this way, you can retain control over accounting compliance work and have access to skilled accounting resource with local expertise, who are familiar with local accounting compliance requirements and keep abreast of any changes in local regulation.
Rosemont Partners offers a wide range of accounting, bookkeeping and tax services tailored to meet your business needs and local compliance. We prepare monthly and annual reports for group and management reporting purposes, file vat returns and provides outsourced auditing service.
How Rosemont Partners can help you:
Accounting and Bookkeeping
A company which is registered in the UAE, is required to maintain its commercial books, which includes the management and recordings of a business’s financial transactions on a daily, monthly and quarterly basis. Being such a time-consuming task, Rosemont Partners takes away the burden from you while ensuring your business remains compliant, and up to date. Below are some of the main services which are covered under accounting and bookkeeping.
Assistance in the initial set-up (chart of accounts, accounting policy, software, etc.)
Bank reconciliations
Sales and expenses reports
Compilation of management accounts.
Preparation of monthly, quarterly, and annual financial statements
Audit
It is good practice for annual governance reasons to maintain your business’s books on records. Furthermore, certain UAE Free ZoneS, it is a mandatory requirement that you complete an annual audit which is then submitted to the Free Zone where your business is registered.
To enter into the Saudi Arabia, foreign companies which are non- GCC owned, are required to submit the audited financial accounts, amongst a list of other documents as per the Ministries criteria.
Rosemont Partners are regularly assisting businesses with completing annual audits for the above reasons. We would welcome the opportunity to assist you too.
Assisting with groups audits
Preparation of financial statements for audit
Outsourced auditing service
Attestation of Annual Audit – required to enter Saudi Arabia
Value Added Tax (Vat)
Value- Added Tax (Vat) is tax which is added to the goods or services and generally bared by the end consumer. It is important to be aware that only businesses which are VAT registered will need to charge and account for VAT.
To register for VAT in the UAE, there are two considerations.
Mandatory Registration – A business is required to register for VAT if their taxable supplies and imports exceed the mandatory registration threshold of AED 375,000.
Voluntarily Registration – A business may choose to register for VAT voluntarily where the total value of its taxable supplies and imports (or taxable expenses) is in excess of the voluntary registration threshold of AED 187,500.
Given the complexities of VAT and CIT, it can be overwhelming to find out if you are required to register or not. Rosemont Partners Tax and Accounting team can provide professional guidance to ensure your business is remains compliant and up to date with the every-changing landscape in the UAE. Here are some of the services, but not limited to the following:
Vat registration
Vat return filing
Vat refunds
Vat registration amendment
Vat de-registration
