We provide a full service accounting department located in the cloud
How it Works
We provide paperless virtual bookkeeping, helping you understand numbers.
“Get organised and go paperless”
Types of Services
We offer a full range of Bookkeeping services. Complete business setup and support, data entry, reconciliation of accounts, completion of balance sheets and financial report through virtual and onsite visits.
You can benefit from our services to enjoy improved efficiency, cost saving, and access to financial / management expertise not available in-house.
We offer the following services:
The Bookkeeper can help your company to comply with the new VAT requirements
Value Added Tax (VAT)
Value Added Tax or simply VAT is an important milestone in UAE which UAE Ministry of Finance has announced to be implemented with effect from 1st January 2018.It is a consumption tax imposed on a product at each stage of production, before the final sale.
To enable
VAT will apply to the majority of transactions in goods and services. A limited number of reliefs may be granted. However it is expected that only utilities like healthcare and education may be exempted from the tax. The VAT rate is expected to be low at around 5%.
A business must register for VAT if their taxable supplies and imports exceed the mandatory registration threshold of AED 375,000.
Knowledge Performance Indicator
Our Clients
Testimonials
The Bookkeeper has lifted our company not only for bookkeeping since we signed up with them they have restructured our company for budgeting, staff performance, sales module also maintain the relationship with insurance companies, And the adding value was they increase our profit form savings in provisions and expenses and reconcile with all our suppliers which is very inspirable and hence trustable for our future business relationship.
The Bookkeeper has lifted our company not only for bookkeeping since we We developed a great partnership with The Bookkeeper when it comes to accuracy in terms of managing our budget, optimal expenses along with maintaining our cash flow cycle. we appreciate their attention to details and their approaches for managing the entire books so efficiently..
Outsourcing is an important work for your business, like accounting is a bit risky. As it can result both in the loss of time and money. However, the bookkeeper has fully satisfied me in terms of pricing and services I am impressed to have such a dedicated service with friendly budget without adding a cost of hiring an employee on board.
The bookkeeper has done the fantastic job, it is quick, efficient, and very professional. I am very much satisfied even in the current situation of globe they can keep track and updates the record remotely by going virtual.
We have outsourced before but The Bookkeeper is different. Our experience with the them has been fantastic. The attention to detail and the care they provide to our numbers is exceptional. We believe our relationship is our future advantage.
Since we started dealing with The Bookkeeper and have continuously received excellent service. From the initial startup to the constant follow up and communication, the team at The Bookkeeper has exceeded our expectations. My directors and I would not hesitate in recommending The Bookkeeper to anyone who is interested in securing an outsourced solution with a professional and caring company. A big thank you for your assisted efforts in helping our company expand as our business continues to grow.
I really like the fact that we have an entire accounting team to depend on instead of depending on a single person. My services are seamless, even if someone from my team is out on vacation or unavailable.
I’ve never had an in-house bookkeeper because I didn’t want the distraction and it’s hard to find good people. The people at The Bookkeeper are all seasoned and skilled — you can’t find one person who can do all that my The Bookkeeper team does.
Professional and to-the-point. The Bookkeeper focuses on getting the job done, with a main goal of achieving client success. They have been of great value to us in accounting. Our jobs are now imperatively much easier and we can focus more on other managerial tasks.
FAQ Bookkeeping
We charge for the bookkeeping depends on your monthly transactions and sometimes based on your annual turnover, for other services you will have to contact us.
We create a share folder between The Bookkeeper and our client to share information back and forth, in addition to that we are using trusted online accounting software.
Yes, we provide license and user to our clients on the accounting software where he/she can check his reports whenever and wherever he/she wants.
Yes, we care about security as much as you do; and we do it well.
No, the software is complimentary by The Bookkeeper.
Yes, we assign senior accountant for advice, weekly, or monthly upon your request with extra charge.
We do internal audit, but we refer you to class A, B, or C Auditor if needed for Audited financial statements.
Yes! Any small or medium sized business can benefit from The Bookkeeper services. Whatever is the nature of your business, be it retail or a restaurant or a trading company, The Bookkeeper can manage your accounting needs. If you are still not sure, just give us a call or drop us an email and we will be happy to help.
FAQ VAT
A business must register for VAT if their taxable supplies and imports exceed the mandatory registration threshold of AED 375,000.
Furthermore, a business may choose to register for VAT voluntarily if their supplies and imports are less than the mandatory registration threshold, but exceed the voluntary registration threshold of AED 187,500.
Similarly, a business may register voluntarily if their expenses exceed the voluntary registration threshold. This latter opportunity to register voluntarily is designed to enable start-up businesses with no turnover to register for VAT.
All businesses in the UAE will need to record their financial transactions and ensure that their financial records are accurate and up to date. Businesses that meet the minimum annual turnover requirement (as evidenced by their financial records) will be required to register for VAT. Businesses that do not think that they should be VAT registered should maintain their financial records in any event, in case we need to establish whether they should be registered.
VAT-registered businesses generally:
- must charge VAT on taxable goods or services they supply;
- may reclaim any VAT they’ve paid on business-related goods or services;
- keep a range of business records which will allow the government to check that they have got things right
If you’re a VAT-registered business you must report the amount of VAT you’ve charged and the amount of VAT you’ve paid to the government on a regular basis. It will be a formal submission and it is likely that the reporting will be made online.
If you’ve charged more VAT than you’ve paid, you must pay the difference to the government. If you’ve paid more VAT than you’ve charged, you can reclaim the difference.
Concerned businesses have time to prepare before VAT will come into effect in January 2018. Businesses will need to meet requirements to fulfil their tax obligations. Businesses should have started so that they will be ready later. To fully comply with VAT, we believe that businesses may need to make some changes to their core operations, their financial management and book-keeping, their technology, and perhaps even their human resource mix (e.g., accountants and tax advisors). It is essential that businesses try to understand the implications of VAT now and once the legislation is issued make every effort to align their business model to government reporting and compliance requirements. We will provide businesses with guidance on how to fully comply with VAT once the legislation is issued. The final responsibility and accountability to comply with law is on the business.
Businesses are required to keep records which will enable the Federal Tax Authority to identify the details of the business activities and review transactions. The documents which are required and the time period for keeping them is clarified in Federal Law no. (7) of 2017 on Federal Tax procedures and the Cabinet Decision No. (36) of 2017 on the Executive Regulation of the Federal Law No (7) of 2017 on Tax Procedures.
Any taxable person must retain VAT invoices issued and received for a minimum of 5 years.
Can businesses offset customs duty against VAT payments?
VAT shall be payable in addition to the custom duties paid by the importer of the goods and cannot be deducted. VAT shall be computed on the value that includes the customs duties.
VAT will be charged at 0% in respect of the following main categories of supplies:
- Exports of goods and services to outside the GCC;
- International transportation, and related supplies;
- Supplies of certain sea, air and land means of transportation (such as aircrafts and ships);
- Certain investment grade precious metals (e.g. gold, silver, of 99% purity);
- Newly constructed residential properties, that are supplied for the first time within 3 years of their construction;
- Supply of certain education services, and supply of relevant goods and services;
- Supply of certain Healthcare services, and supply of relevant goods and services.
The following categories of supplies will be exempt from VAT:
- The supply of some financial services (clarified in VAT legislation);
- Residential properties;
- Bare land; and
- Local passenger transport
Businesses that satisfy certain requirements covered under the Legislation (such as being resident in the UAE and being related/associated parties) will be able to register as a VAT group. For some businesses, VAT grouping will be a useful tool that would simplify accounting for VAT.
VAT will not be deductible in respect of expenses incurred for making non-taxable supplies. Furthermore, input tax cannot be deducted if it is incurred in respect of specific expenses such as entertainment expenses e.g. employee entertainment.
VAT on expenses that were incurred by a business can be deducted in the following circumstances:
- The business must be a taxable person (the end consumer cannot claim any input tax refund).
- VAT should have been charged correctly (i.e. unduly charged VAT is not recoverable).
- The business must hold documentation showing the VAT paid (e.g. valid tax invoice).
- The goods or services acquired are used or intended to be used for making taxable supplies.
- VAT input tax refund can be claimed only on the amount paid or intended to be paid before the expiration of 6 months after the agreed date for the payment of the supply.