VAT Consultancy Service
Knight Associates specialises in provision of management consultancy services and has an international team of qualified Chartered Accountants from UK and Pakistan. The Company has close tie up with a firm of UK Chartered Accountants and Registered Auditors. It also has presence in Saudi Arabia and Pakistan. With such an international reach, the company can call upon an extensive network of highly qualified and experienced professionals to serve the needs of its customers.
With the introduction of VAT in UAE and Saudi Arabia from 1st January 2018, Knight Associates is uniquely placed to help its customers navigate through the challenges posed by this new way of doing business. We can call upon our extensive network of highly qualified and experienced professionals to provide the best in class advice at competitive rates. The implementation of VAT requires every business to be ready to apply this new tax. Here at Knight Associates, we are committed to being at the forefront of efforts to achieve full VAT compliance by the start of next year.
The introduction of VAT will have wide ranging implications for all businesses, large and small. Successful implementation of VAT by businesses is heavily dependent on having clarity and structure to VAT readiness preparations. Throughout 2017, Knight Associates has been working hard in ensuring that its customers have a smooth, seamless, transition to this new tax regime.
One significant change that everyone will notice will be the application of 5% VAT on a significant number of products and services. This 5% tax will be collected by VAT registered businesses and passed on to tax authorities. Assuming your business is also VAT registered, you may be able to claim this VAT as input tax against your tax liability. Where this is the case, the net effect should be zero. We strongly recommend you conduct a through business impact analysis in order to determine the best options.
VAT is a complex subject and, as we progress through 2018, businesses in UAE and Saudi Arabia will develop their understanding, as well as recalibrate their systems and processes.
We are here to help our customers minimize the impact of adopting the VAT regime.