VAT refers to Value Added Tax. It has been considered as a mandated consumption tax on goods and services. At present, almost 160 countries have levied this concept in their country law and the increasing rate of VAT acceptance has resulted in a higher number of VAT Consultancies all across the globe. If your business hasn’t been registered for VAT services, this is the first crucial job that needs to get done.
VAT Record Keeping
Maintaining VAT records is done for tracking up-to-date information regarding VAT filing and to avoid unnecessary tax payment. Any company registered under VAT Law shall maintain its book of records for a minimum period of 5 years. The core essentials of this book include:
- Sales and purchase invoice
- Debit and credit notes
- Import and export notes
- Accounting books
- Zero-rated supplies and
- Goods issued for private use
Business Impact of VAT
Since VAT is an additional charge that needs to be paid, it has certain impacts on the business front. Let’s have a look where it impacts the most:
The changes or implementation of VAT will be having an effect on company structure, dealing with customers and suppliers will turn out to be crucial.
The financial front will definitely be impacted since it would deal with the cash flow and proper allocation of cash to minimize the cash outflow.
Business processes and functions are to be made VAT-ready before the implementation takes place.
Business relations are impacted by both the suppliers and customers’ side.
Thus, you have seen the various impacts that VAT have on the different segments of a business entity. Now, it becomes extremely important to manage the VAT books in a proper way so as to avoid any mishaps. At this crucial point, a VAT consultant is what you need. A VAT consultant would help you deal with the best possible way to prepare the VAT structure that eases out the entire VAT filing process. Are you confused about choosing the best VAT consultancy in Dubai? Well, the answer to your query lies in the next step.
Ogedengbe Blessing & CO VAT Consultancy Services in Nigeria
At Ogedengbe Blessing & CO, we understand the business complexities ranging from accounting, taxation and VAT services. We provide the best VAT consultancy services in Nigeria, which include:
- VAT compliance and control
- Filing and payment
- Data recording and management
- Supplier management
- Customer management
Why Ogedengbe Blessing & CO?
Ogedengbe Blessing & CO is a platform that has been dealing in providing accounting and taxation services to start-ups and established businesses at a global level. We have a large number of satisfied clients at a global reach ranging from small and medium to multi-national businesses. We have been providing one of the best VAT consultancy services in Nigeria. If you are looking for a VAT consultant, you can count on us. To initiate your steps towards VAT filing, do contact us – we’d be glad to assist you.