I registered for VAT voluntarily as my turnover was more that Dh187,500 per year but less than Dh375,000. I filed my first return but can now see an action box next the return that says “Submit Voluntary Disclosure”. I am confused as to what this is and whether I need to do anything further because I registered voluntarily. EM Abu Dhabi
The recent appearance of the Submit Voluntary Disclosure box is confusing many people, especially those who were below the mandatory registration limit and registered voluntarily. This disclosure requirement has nothing to do with your VAT return or voluntary registration. The voluntary disclosure referred to is only to be used in the following circumstances if you later discover an error in a VAT return previously submitted.
The law says that if a taxable person becomes aware that a return submitted to the Federal Tax Authority is incorrect, resulting in a calculation of the payable tax being less than required by more than Dh10,000, they can make a voluntary disclosure to the authority within 20 business days once they become aware of the error. This is when you would use this tab and make a voluntary disclosure.
The law goes on to say that if a taxable person becomes aware that a return is incorrect, resulting in a calculation of payable tax being less than required by less than Dh10,000, they can correct the error in the return for the tax period in which the error has been discovered.
The only exception is If there is no later tax return after the error was discovered. This could occur if the registrant had made an error and then deregistered for VAT. In this case they should make a voluntary disclosure within 20 business days from the date of becoming aware of the error regardless of its size.
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Read more:
VAT q&a: 'Do I have to pay VAT twice on an item posted to the UAE?'
VAT q&a: 'Can a UK business visitor reclaim VAT on UAE spending?'
"Do I have to pay tax on UAE income when I return to the UK this summer?"
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When claiming input tax paid on goods bought before registration, is it necessary to hold goods after registration to claim that tax or it is possible to claim even if the goods are consumed in business? AM Dubai
The law that covers when you can reclaim input tax paid prior to VAT registration is covered in Article 56 of the Decree Law. It says that you may recover VAT paid on goods and services, or paid on the import of goods charged in the previous five years, provided that these goods or services were used to make supplies that give the right to input tax recovery upon registration.
If we consider goods, services and capital assets separately - for capital assets you can reclaim the proportion that relates to the undepreciated amount at the point you are VAT registered. For example, if you purchased an asset with VAT charged on January 1 and that asset would be used for five years to generate vatable sales, then you could reclaim nine tenths of the VAT you paid in your first return.
If you paid VAT on goods before you registered, you may reclaim it on any that you sell and charge the tax after registration. Any goods sold pre registration, where VAT would not have been charged on the sale, are not eligible for input VAT reclaim. Many businesses will purchase identical products at different times. Some may have been purchased before the introduction of VAT and some after. For the purposes of determining whether goods on hand were purchased with or without VAT you should assume that the goods purchased first were sold first, using the principle of first in first out.
Similarly if you paid for a service with VAT, which is used after registration as part of your taxable supplies then a portion of the input VAT may be reclaimed. An example here might be VAT on commercial rent where a portion of the lease period was before registration, and cannot be reclaimed, but you could reclaim the portion relating to the post registration period.
As a final point you should remember that all goods sold post registration are subject to output VAT (unless of course they are exempt) regardless of whether you paid input VAT at the time of purchase.
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Read more:
VAT q&a: 'What is the best way to make a VAT payment to the Federal Tax Authority?'
VAT q&a: 'A GIBAN number appears on my FTA page. What is that?'
VAT Q&A: 'Can a restaurant charge VAT after a two-for-one voucher has been used?'
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My landlord has invoiced me for the security deposit and added VAT, is this correct ? FS Fujairah
No, this is not correct. Taking a refundable deposit does not create a taxable supply and under the VAT legislation, VAT is only due on taxable supplies.
Lisa Martin, a chartered accountant with more than 20 years commercial finance experience, is the founder of accounting, auditing and VAT consultancy, The Counting House. Email any VAT queries to pf@thenational.ae
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
RESULT
Bayern Munich 5 Eintrracht Frankfurt 2
Bayern: Goretzka (17'), Müller (41'), Lewandowski (46'), Davies (61'), Hinteregger (74' og)
Frankfurt: Hinteregger (52', 55')
MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
More from Aya Iskandarani
The specs
Engine: 2.9-litre, V6 twin-turbo
Transmission: seven-speed PDK dual clutch automatic
Power: 375bhp
Torque: 520Nm
Price: Dh332,800
On sale: now
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
FIXTURES
All times UAE ( 4 GMT)
Saturday
Fiorentina v Torino (8pm)
Hellas Verona v Roma (10.45pm)
Sunday
Parma v Napoli (2.30pm)
Genoa v Crotone (5pm)
Sassuolo v Cagliari (8pm)
Juventus v Sampdoria (10.45pm)
Monday
AC Milan v Bologna (10.45om)
Playing September 30
Benevento v Inter Milan (8pm)
Udinese v Spezia (8pm)
Lazio v Atalanta (10.45pm)
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
HER%20FIRST%20PALESTINIAN
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
More coverage from the Future Forum
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
AIDA%20RETURNS
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
More from Neighbourhood Watch:
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. THE CARD
2pm: Maiden Dh 60,000 (Dirt) 1,400m
2.30pm: Handicap Dh 76,000 (D) 1,400m
3pm: Handicap Dh 64,000 (D) 1,200m
3.30pm: Shadwell Farm Conditions Dh 100,000 (D) 1,000m
4pm: Maiden Dh 60,000 (D) 1,000m
4.30pm: Handicap 64,000 (D) 1,950m
RACE CARD
5pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Purebred Arabian Cup Conditions (PA); Dh 200,000 (Turf) 1,600m
5.30pm: Sheikha Fatima bint Mubarak Cup Conditions (PA); Dh 200,000 (T) 1,600m
6pm: Sheikh Sultan bin Zayed Al Nahyan National Day Cup Listed (TB); Dh 380,000 (T) 1,600m
6.30pm: Sheikh Sultan bin Zayed Al Nahyan National Day Group 3 (PA); Dh 500,000 (T) 1,600m
7pm: Sheikh Sultan bin Zayed Al Nahyan National Day Jewel Crown Group 1 (PA); Dh 5,000,000 (T) 2,200m
7.30pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Handicap (PA); Dh 150,000 (T) 1,400m
8pm: Wathba Stallions Cup Handicap (PA) Dh 100,000 (T); 1,400m
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Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
