By LEDGERS team
The most important thing is that now tax systems are getting complex, especially with the implementation of the Corporate Tax in the UAE. Businesses must maintain error-free data for tax calculations because tax authorities have the right to audit your data which needs to be adequately maintained to avoid any penalties. Tax-Filing can be scary, time-consuming and stressful. Businesses are often tearing through their office to find the paperwork needed for Tax Filing.
Instead of sifting through a pile of documents to get the documents you need, bookkeeping ensures that this information is organised correctly beforehand. With a Bookkeeping system, you’ll always have the financial information ready for Tax Filing.
Apart from this, inconsistent bookkeeping can easily lead to missing out on the claims of your expenses due to unorganised and missing paperwork. As per UAE law, the authorities have every right to deny a deduction you claim if the paperwork is not maintained for the required time.
Moreover, your business will always be prepared to hand over financials to the Auditors. This will help ease the stress of the Audit Process. The employees will not have to invest additional time and hours simply to organise and keep data ready for the Auditors.
Having Bookkeeping in place will give you the peace of mind to easily navigate the Tax Filing and the Audit process.
