Everything that is beneficial for us in our business we should implement in our business. VAT is also a one important thing which is beneficial for us in business but unfortunately majority of people doesn’t know about VAT and its benefits. VAT is basically a tax that buyer pay while purchase anything for their business. It stands for value added tax. If we want to take benefit from VAT then first we need to register ourselves from VAT. After get VAT registered number from VAT department we are eligible for getting benefit from VAT. Actually the purpose of VAT is to refund of our paid tax and it can become possible after VAT registration. If anyone does not know about VAT then he/she can avail services from any VAT consultancy firm. One company that I remember is IAXCESS.net which is the best value added consultancy service provider in UAE. Once I need some confusion about VAT then I consult it to IAXCESS and I fully satisfied from their services. We can get number of benefits from VAT in our business.
Get VAT registration number:
When you will register yourself from VAT then they will give you a VAT registration number. Now you can get benefit from VAT registration number after displaying it on your documents, websites etc. this can be very beneficial for your business. It will reduce your business expenses and reduce your business overheads. It adds credibility to your business and gives you more professional and trustworthy image. It can be surely beneficial for your business.
Reclaim VAT from the past:
If you want to reclaim for VAT from past 4 years then it will be surprise for you that VAT allow you to reclaim for past 4 years but it is mandatory for you to register yourself from VAT before VAT refund claim. One other thing which is compulsory for you is that you should keep your purchase invoices etc.
Maximize business profit:
VAT can maximize our business profit. In VAT we pay tax and these taxes are just overhead for us if we don’t claim for these taxes. But when we register ourselves from VAT then we are able to reclaim for these taxes. And we can get huge money from VAT department after reclaim for our paid taxes.
Claim for VAT refunds:
After registering yourself from VAT you can claim for VAT refund. Actually you become eligible for value added tax refund after VAT registration. Now you can reclaim for everything that you buy for your business. These things can be any goods and services. If you invest in plant, machinery or IT then it will be surprise for you that after VAT registration you may be able to reclaim a large amount of value added tax.
Improve your business image:
VAT plays a vital role to create a good image for your business. If you have a small business then VAT can be very beneficial for you because most of the money we pay in shape of taxes. If we avail the option of tax refund then it will be beneficial for our business and we can easily reduce our business cost and give benefit to our customers. In this way we can improve our business image. People always remember those products or services which is less costly.