Forensic Auditing Services in UAE

Welcome to Adepts Chartered Accountants, your trusted partner for comprehensive Forensic Auditing Services in the UAE. Our expert team specializes in uncovering financial discrepancies and mitigating risks through meticulous analysis and investigative techniques.

Welcome to Adepts Chartered Accountants, your trusted partner for comprehensive Forensic Auditing Services in the UAE. Our expert team specializes in uncovering financial discrepancies and mitigating risks through meticulous analysis and investigative techniques.

What is Forensic Auditing?

Forensic auditing is a specialized branch of auditing that involves the systematic examination of financial records, transactions, and documentation to uncover fraud, financial irregularities, or misconduct within an organization. It goes beyond traditional auditing practices by applying investigative methodologies and forensic tools to gather evidence that can be used in legal proceedings or to strengthen internal controls.

Why Choose Adepts for Forensic Auditing?

At Adepts Chartered Accountants, we pride ourselves on our deep industry knowledge and our commitment to delivering accurate and actionable insights to our clients. Our team of certified Forensic Auditors brings extensive experience across various sectors, enabling us to tailor our services to meet the unique needs and challenges of each client. We prioritize discretion, integrity, and compliance with regulatory standards, ensuring that our findings are both reliable and ethical.

Our Comprehensive Forensic Auditing Services Include

Fraud Detection and Prevention
We employ advanced techniques to identify and prevent fraudulent activities, helping organizations safeguard their assets and reputation.
Financial Dispute Resolution
Our expert forensic auditors provide detailed analysis and expert testimony to support litigation and dispute resolution proceedings, offering clarity and credibility in complex financial disputes.
Asset Tracing and Recovery
We specialize in tracing and recovering assets involved in financial crimes, assisting clients in recovering losses and holding responsible parties accountable.

Compliance Monitoring

We conduct thorough audits to ensure adherence to regulatory standards and internal policies, helping organizations mitigate compliance risks and enhance operational transparency.

Start Securing Your Finances Today

Protect your organization from financial risks with Adepts Chartered Accountants’ reliable forensic auditing services. Whether you’re looking to detect and prevent fraud, resolve financial disputes, trace assets, or ensure compliance, our team is here to assist you every step of the way. Contact us today at [Phone Number] or [Email Address] to schedule a consultation with our forensic auditing experts.

Why Choose ADEPTS

Expertise and Experience
At Adepts Chartered Accountants, our team consists of highly skilled professionals with extensive experience in managing complex regulatory and accounting standards. We are proficient in both local and international regulations, ensuring our services are accurate and fully compliant.
Tailored Solutions
Recognizing the unique nature of each Business, we offer customizable services designed to align with your specific needs and business objectives. We collaborate closely with you to understand your requirements and deliver solutions that achieve optimal results.
Time and Cost Efficiency
By choosing our services, you benefit from significant savings in time and resources. Our solutions are engineered to be cost-effective, providing high-quality support without the need for substantial internal investment.
Accuracy and Compliance
We prioritize accuracy and compliance in every aspect of our service. Our meticulous approach and rigorous procedures ensure precision and adherence to standards, reducing the risk of errors and the potential for non-compliance penalties.
Dependable Service
Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Economic Substance Regulations

Maintain Accurate Financial Records and Up-to-date Books of accounts!

Economic Substance Regulations (ESR) in the UAE are guidelines established to ensure that companies operating within the UAE engage in substantial economic activities and demonstrate real economic presence. These regulations require relevant businesses to maintain adequate economic substance in the UAE relative to the activities they undertake. The key objectives are to align with global standards set by the OECD and the EU to prevent harmful tax practices and ensure transparency. Companies must meet specific criteria, including core income-generating activities, adequate management and control in the UAE, sufficient full-time employees, incurred operational expenses, and adequate physical assets. Non-compliance with ESR can result in penalties and administrative actions.

Economic Substance Regulations

Guidance on applying the Regulations was issued on 11 September 2019 (Ministerial Decision No. 215 of 2019), and Cabinet Decision No. 58/2019 on the Determination of Regulatory Competencies lists the Regulatory Authorities tasked with administering and enforcing the Regulations. Amendments to the Regulations were made by Cabinet of Ministers Resolution No. (57) of 2020 on 10 August 2020 and an updated Guidance was issued on 19 August 2020. The rules mandate that UAE companies in onshore and free zones, along with other business entities performing specified “Relevant Activities,” must show a sufficient level of “economic presence” in the country about their activities to pass the “Economic Substance Test.”

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The Regulations apply to financial years starting on or after January 1, 2019. Entities covered by the Regulations must submit an annual Notification form to their Regulatory Authority and an Economic Substance Report within 12 months of the end of their financial year (e.g., by December 31, 2020, for a financial year ending December 31, 2019). Entities do not need to meet the Economic Substance Test or file an Economic Substance Report for any financial period in which they have not earned income from a Relevant Activity or if they qualify for an exemption. However, a Notification form must still be submitted. Failure to comply with the Regulations can result in penalties, information exchange with foreign authorities, and other administrative sanctions, such as the suspension, revocation, or non-renewal of the entity’s trade license or permit.

Purpose of the Notification

The purpose of the notification is to give regulatory authorities initial information about licensees and their activities in the UAE during the relevant reportable period. This information is a prerequisite for filing an Economic Substance Report for the same period if required.

Who Needs to Submit a Notification?

A Notification must be filed if you are a corporate entity (such as a Limited Liability Company, Public Joint Stock Company, Private Joint Stock Company, etc.) or a partnership (such as a Limited Liability Partnership, General Partnership, etc.) that conducts any of the following Relevant Activities in the UAE during the relevant Financial Year.

Economic Substance in the UAE
Businesswoman

Relevant Activities

  • Banking Business
  • Insurance Business
  • Investment Fund Management Business
  • Lease – Finance Business
  • Headquarters Business​​
  • Shipping Business
  • Holding Company Business
  • Intellectual property Business (“IP”)
  • Distribution and Service Center Business​

Deadline for Filing a Notification

The notification must be filed within six months of the Licensee’s financial year-end. Notification is mandatory for the companies; non-compliance with the obligation to file a Notification before the deadline is subject to a penalty of AED 20,000.

Financial Year End Notification Deadline (6 months) Reporting Deadline (12months)
31-Mar 30-Sept 31-Mar
30-Jun 31-Dec 30-jun
30-Sep 31-Mar 30-Sep
31-Dec 30-Jun 31-Dec

Penalty of Incorrect Notification Information

Providing incorrect or false information in the Notification is subject to a penalty of AED 50,000. If a Licensee knowingly provides incorrect or false information or falsely claims an exemption from the Economic Substance Regulations, they may be considered to have failed the Economic Substance Test for the relevant Reportable Period.

Exemptions

If a Licensee claims to be an “Exempted Licensee,” it must specify the grounds for exemption under Question 1A-1E and furnish the required documentation to prove its exempt status.

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An Exempted Licensee is not required to submit an Economic Substance Report or demonstrate Economic Substance in the UAE for Reportable Periods during which it meets the criteria for exemption.

1.A. The license is wholly owned by UAE nationals or UAE resident individuals who reside in the UAE,  is not part of a multinational group, and only operates in the UAE.

1.B. Licensee is an Investment Fund as defined in the Regulations.

1.C. A licensee is a particular purpose vehicle or investment holding company of an Investment Fund as defined in the Regulations.

1.D.  The licensee is resident for tax purposes in a jurisdiction other than the UAE.

1.E. Licensee is a UAE branch of a foreign company, and all income of the UAE branch is subject to tax in the jurisdiction of the foreign company

frequently asked questions

Accounting is the process of interpreting, classifying, and summarizing financial information for decision-making, while bookkeeping is the process of recording financial transactions in a systematic and organised manner.

The purpose of accounting and bookkeeping is to provide accurate and up-to-date financial information that can be used to make informed business decisions, comply with tax laws and regulations, assess the financial health of the company, manage cash flow, and facilitate effective business planning.

Accounting and bookkeeping functions can be performed by trained professionals, such as certified public accountants (CPAs), bookkeepers, and accounting software.
Accounting and bookkeeping records should be updated regularly, usually on a monthly or quarterly basis, to ensure that the company's financial information is accurate and up to date.

Outsourcing accounting and bookkeeping functions can save time, reduce costs, and improve the accuracy and reliability of financial information. It can also allow business owners to focus on their core competencies and leave the financial management to experts.

Common mistakes in accounting and bookkeeping include errors in recording transactions, incorrect classification of transactions, incorrect posting to the general ledger, and failure to reconcile accounts.

Best practices for accounting and bookkeeping include regular updates of financial information, thorough review of financial records, segregation of duties, and periodic internal and external audits.

Why Choose ADEPTS

Expertise and Experience
At Adepts Chartered Accountants, our team consists of highly skilled professionals with extensive experience in managing complex regulatory and accounting standards. We are proficient in both local and international regulations, ensuring our services are accurate and fully compliant.
Tailored Solutions
Recognizing the unique nature of each Business, we offer customizable services designed to align with your specific needs and business objectives. We collaborate closely with you to understand your requirements and deliver solutions that achieve optimal results.
Time and Cost Efficiency
By choosing our services, you benefit from significant savings in time and resources. Our solutions are engineered to be cost-effective, providing high-quality support without the need for substantial internal investment.
Accuracy and Compliance
We prioritize accuracy and compliance in every aspect of our service. Our meticulous approach and rigorous procedures ensure precision and adherence to standards, reducing the risk of errors and the potential for non-compliance penalties.
Dependable Service
Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.
Expertise and experience
Adepts Chartered Accountants is a team of experienced and knowledgeable professionals who have extensive experience in providing accounting and bookkeeping services. They have the necessary skills, training, and knowledge to ensure accurate and efficient financial management.
Customized solutions
Adepts Chartered Accountants understands that each business has unique accounting and bookkeeping needs. They work closely with clients to tailor their services to meet the specific requirements of each business.
Time Saving
By outsourcing accounting and bookkeeping functions to Adepts Chartered Accountants, business owners can save time and focus on their core competencies. This allows them to devote more time and energy to other critical areas of their business.
Cost Effective
Adepts Chartered Accountants provides cost-effective accounting and bookkeeping services that help businesses reduce their overall financial management costs.
Improved Accuracy
Adepts Chartered Accountants utilizes advanced technology and software to ensure accurate and up-to-date financial information. Their processes and procedures are designed to minimize errors and ensure that financial information is reliable.
Compliance with Regulations
Adepts Chartered Accountants stay up-to-date with the latest accounting and bookkeeping regulations to ensure that clients comply with all relevant laws and regulations. This helps to minimize the risk of legal penalties and reputational damage.
Peace of mind
By outsourcing accounting and bookkeeping functions to Adepts Chartered Accountants, business owners can have peace of mind knowing that their financial information is in safe hands. They can trust that their financial records are being handled professionally and efficiently.
Flexibility
Adepts Chartered Accountants provide flexible accounting and bookkeeping services that can be customized to meet the changing needs of clients. They are responsive to client needs and can adapt quickly to changing circumstances.

VAT Registration In UAE

VAT is an indirect tax levied on the consumption or use of goods and services

What Is VAT?

Value Added Tax (VAT) is an indirect tax imposed on the supply of goods and services in the United Arab Emirates (UAE). It is charged at each stage of the supply chain, with the end-consumer bearing the VAT while registered taxpayers collect the tax on behalf of the government. The standard VAT rate in the UAE is 5%, and it applies to most goods and services, with some goods and services subject to a 0% rate or an exemption from VAT.

Navigate VAT Compliance With Ease In The UAE

At ADEPTS Chartered Accountants, we specialize in delivering expert VAT registration services in UAE. Our services are designed to assist businesses in adhering to the guidelines set by the country’s Federal Tax Authority (FTA). Comprehending and strictly following VAT regulations is imperative for businesses operating within the UAE, ensuring not only seamless compliance but also safeguarding against potential penalties.
VAT Compliance
dubai sheikh

Why VAT Registration In The UAE Is Essential

VAT Registration in UAE is a vital step for businesses in the UAE, ensuring compliance with FTA regulations and avoiding financial penalties. Our VAT Registration services in the UAE are straightforward, efficient, and tailored to meet your specific business needs.

Who Needs To Register For VAT?

The UAE government has categorized businesses into three separate turnover brackets, each with its own requirements:
  • Businesses with an annual turnover exceeding AED 375,000 in the last 12 months or expected to exceed in the next 30 days are required to register for VAT.
  • Businesses with an annual turnover between AED 187,500 and AED 375,000 have the option to register for VAT.
  • Businesses with an annual turnover of less than AED 187,500 are not obliged to register for VAT.
Comprehensive VAT Registration Services
Our role as leading consultants for Indirect Tax in the UAE region positions us uniquely to offer unparalleled services, including:
  • VAT Registration Services
  • VAT Documentation Assistance
  • VAT Filing & Compliance Services
  • VAT Deregistration Services
  • Tax Consultation Services
  • Audit Support During Registration

Required Documents For VAT Registration

VAT Registration

The following documents are typically required for VAT registration in the UAE

  • Copy of Trade License
  • Passport copy and Emirates ID of the owner/partners
  • Memorandum of Association (not required for sole establishments)
  • Contact details of the company
  • Bank details
  • Turnover declaration for the last 12 months
  • Other specific documents based on the nature of the organization

Our Expertise at Your Service

Our VAT Registration Services team is dedicated to guiding you through every step of the process,
ensuring full compliance with FTA regulations we provide.

Why Choose ADEPTS

Expertise and Experience
At Adepts Chartered Accountants, our team consists of highly skilled professionals with extensive experience in managing complex regulatory and accounting standards. We are proficient in both local and international regulations, ensuring our services are accurate and fully compliant.
Tailored Solutions
Recognizing the unique nature of each Business, we offer customizable services designed to align with your specific needs and business objectives. We collaborate closely with you to understand your requirements and deliver solutions that achieve optimal results.
Time and Cost Efficiency
By choosing our services, you benefit from significant savings in time and resources. Our solutions are engineered to be cost-effective, providing high-quality support without the need for substantial internal investment.
Accuracy and Compliance
We prioritize accuracy and compliance in every aspect of our service. Our meticulous approach and rigorous procedures ensure precision and adherence to standards, reducing the risk of errors and the potential for non-compliance penalties.
Dependable Service
Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

corporate tax registration

In the United Arab Emirates (UAE), it is mandatory for all eligible Taxable Entities, including free zone entities and individuals conducting business, to register for Corporate Tax as per the UAE Corporate Tax Law.

Corporate Tax Registration Deadlines in the UAE have been announced!

Fines of 10,000 AED will be levied for late Registration

As of March 1, 2024, a new law has been introduced outlining clear timelines for Corporate Tax registration in the UAE. Whether you’re a resident or non-resident entity, or a natural person conducting business activities, it’s crucial to stay informed. Here’s what you need to know:

📅 Resident Juridical Persons: Deadlines vary based on license issuance:
Date of License issuance irrespective of the Year of Issuance Deadline for submitting a Tax Registration Application
January 1st - January 31st 31st May 2024
February 1st - February 28th/29th 31st May 2024
March 1st - March 31st 30th June 2024
April 1st - April 30th 30th June 2024
May 1st - May 31st 31st July 2024
June 1st - June 30th 31st Aug 2024
July 1st - July 31st 30th Sep 2024
Aug 1st - Aug 31st 31st Oct 2024
Sep 1st - Sep 30th 31st Oct 2024
Oct 1st - Oct 31st 30th Nov 2024
Nov 1st - Nov 30th 30th Nov 2024
Dec 1st - Dec 31st 31st Dec 2024
Where a person does not have a license at the effective date of this Decision (3) months from the effective date of this Decision

Natural Persons

Resident Persons exceeding turnover threshold must register by March 31st of the subsequent year. Non-Resident Persons meeting the same criteria must register within three months of becoming subject to tax.

Penalty Alert

Failure to register within deadlines results in a penalty of AED 10,000. Ensure compliance to avoid financial implications and adhere to tax regulations in the UAE.
aerial-view-DUBAI

Why is Corporate Tax Registration necessary in the UAE?

The registration is mandatory for both profit-making and loss-incurred enterprises, and businesses are required to obtain a Tax Registration Number. The standard statutory tax rate is 9% on taxable income above AED 375,000, while taxable income up to AED 375,000 is charged at 0%.

Timeline For Registration

The registration process began in early 2023, and businesses must register for Corporate Tax within a specific timeline. The registration application must be submitted to the Federal Tax Authority, and taxable businesses must file a tax return to the FTA no later than nine months after the end of the financial year. The UAE’s corporate tax law is designed to meet international tax standards and foster economic growth and stability.
tax agency

Exemptions From Corporate Tax Registration

Exemptions are available for certain entities, such as government entities, government-controlled entities, and small businesses with revenue of AED 3 million or less. The UAE’s corporate tax law is designed to meet international tax standards and foster economic growth and stability. Now you can register for Corporate Tax with our comprehensive Registration services that are designed to guide businesses across the Mainland and Freezones through the intricacies of compliance with the Federal Tax Authority (FTA).

Register For Corporate Tax Services​

Whether your company is new to the UAE market or has been a long-standing participant, Registering for Corporate Tax is now mandatory. This requirement stands irrespective of previous VAT registrations with the FTA. Our services ensure your business aligns seamlessly with these new regulations.

Simplified Process for Branches

For companies operating across multiple Emirates, our streamlined approach ensures that your branches are correctly registered under the main license (head office). This efficiency eliminates the need for multiple registrations, ensuring a hassle-free compliance process.

Registration for Mainland and Freezone Businesses

Whether your company is new to the UAE market or has been a long-standing participant, Registering for Corporate Tax is now mandatory. This requirement stands irrespective of previous VAT registrations with the FTA. Our services ensure your business aligns seamlessly with these new regulations.

deadline
Eligibility for Tax Group Formation

Businesses in the UAE now have the opportunity to register as part of a Tax Group, offering potential administrative ease and financial benefits. To qualify, your business must meet specific criteria:

  • The parent company should hold at least 95% of share capital and voting rights in its subsidiaries.
  • Entitlement to a minimum of 95% of profits and net assets of subsidiaries.
  • Adherence to uniform financial years and accounting standards across all group entities.

Why Choose ADEPTS

Expertise and Experience
At Adepts Chartered Accountants, our team consists of highly skilled professionals with extensive experience in managing complex regulatory and accounting standards. We are proficient in both local and international regulations, ensuring our services are accurate and fully compliant.
Tailored Solutions
Recognizing the unique nature of each Business, we offer customizable services designed to align with your specific needs and business objectives. We collaborate closely with you to understand your requirements and deliver solutions that achieve optimal results.
Time and Cost Efficiency
By choosing our services, you benefit from significant savings in time and resources. Our solutions are engineered to be cost-effective, providing high-quality support without the need for substantial internal investment.
Accuracy and Compliance
We prioritize accuracy and compliance in every aspect of our service. Our meticulous approach and rigorous procedures ensure precision and adherence to standards, reducing the risk of errors and the potential for non-compliance penalties.
Dependable Service
Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

ISO Certification and Advisory

ISO certification is an internationally recognized mark of quality, safety, and efficiency. It's granted by independent third-party bodies and provides assurance that a company adheres to certain standards and best practices

What is ISO Certification?

ISO certification is an internationally recognized mark of quality, safety, and efficiency. It’s granted by independent third-party bodies and provides assurance that a company adheres to certain standards and best practices.

Benefits of ISO Certification

Enhanced Reputation
ISO Certification enhances your business’s reputation by demonstrating your commitment to meeting international standards.
Improved Operational Efficiency
Following the principles and guidelines laid out in ISO standards can lead to improved operational efficiency and quality assurance.
Global Recognition
ISO certification is internationally recognized, which can enhance your business reputation and provide a competitive edge in the global market.
Compliance with Regulations
Many industries require ISO certification as a part of regulatory compliance. Achieving ISO certification ensures your business adheres to industry-specific regulations.
Compliance with regulations

Procedure to get ISO certification

ISO Certification
Understand the ISO Standard
The first step is to understand the specific ISO standard you want to apply for (e.g., ISO 9001 for quality management, ISO 14001 for environmental management, etc.). Each standard has its own requirements and principles, so comprehending what is expected is crucial.
Gap Analysis
Perform a gap analysis to identify the differences between your organization’s current practices and the requirements of the ISO standard. This can be done internally, but an external expert can often provide more objective insights.
Develop an Action Plan
Based on the results of the gap analysis, create an action plan to address the gaps. This plan should include objectives, tasks, deadlines, and responsible parties.
Implement Changes
Carry out the activities in your action plan. This could involve modifying existing processes, developing new policies, or conducting training sessions.
Internal Audit
Conduct an internal audit to verify your organization’s compliance with the ISO standard. The purpose of this audit is to identify any nonconformities that need to be addressed before the external audit.
Management Review
Hold a management review meeting to analyze the effectiveness of the ISO system and to make decisions about continual improvement.
Certification Audit

Arrange for a certification body to conduct the certification audit. This audit typically occurs in two stages: a preliminary audit to review your organization’s readiness and a final audit where the auditor will thoroughly examine your organization’s conformity to the ISO standard.

Certification
If the audit is successful, the certification body will issue an ISO certification. This certification is valid for three years, after which a recertification audit is needed.
Certification

Our ISO Certification Services

verified-certified

End-to-End ISO Certification Assistance

At Adepts Chartered Accountants, we guide businesses through every stage of the ISO certification process. From understanding your business needs to preparing for the certification audit, our team of experts is by your side, offering you professional advice and support.
ISO Certification Consulting
Our ISO certification consulting services help you understand the specific ISO standard relevant to your business and the processes involved in getting certified. We break down complex ISO standards into manageable steps that your team can follow easily.

ISO Compliance Audits

We conduct comprehensive ISO compliance audits to evaluate your business’s current operations against specific ISO standards. We identify any gaps and provide recommendations for improvement, ensuring you’re well-prepared for the certification audit.
ISO Training Services
Our ISO training services educate your staff about the specific ISO standards your business is targeting and the benefits of ISO certification. We provide practical knowledge on how to incorporate ISO standards into daily business operations.

Documentation Assistance

Proper documentation is key to achieving ISO certification. Our team assists with the creation and management of all necessary documentation, helping to streamline your processes and ensure you’re ready for the certification audit.
Post-Certification Support
Once you’ve achieved ISO certification, our services continue. We offer post-certification support to help maintain your compliance and to continuously improve your operations as per the ISO standards.
Documentation Assistance

frequently asked questions

The time to get ISO certified depends on the size and complexity of your organization. On average, it could take between 3 to 6 months.

Yes, ISO certifications have a validity period, usually three years. However, there are surveillance audits conducted annually to ensure you are maintaining the ISO standards.

The cost of ISO certification varies depending on the size of your business, the type of ISO standard, and the certification body you choose.

Yes, any size of business in any industry can become ISO certified. The standards are designed to be flexible and can be adapted to the needs of any organization.

ISO certification gives your customers confidence that your business operates according to internationally recognized standards, leading to higher customer satisfaction and trust.

Why Choose ADEPTS

Expertise and Experience
At Adepts Chartered Accountants, our team consists of highly skilled professionals with extensive experience in managing complex regulatory and accounting standards. We are proficient in both local and international regulations, ensuring our services are accurate and fully compliant.
Tailored Solutions
Recognizing the unique nature of each Business, we offer customizable services designed to align with your specific needs and business objectives. We collaborate closely with you to understand your requirements and deliver solutions that achieve optimal results.
Time and Cost Efficiency
By choosing our services, you benefit from significant savings in time and resources. Our solutions are engineered to be cost-effective, providing high-quality support without the need for substantial internal investment.
Accuracy and Compliance
We prioritize accuracy and compliance in every aspect of our service. Our meticulous approach and rigorous procedures ensure precision and adherence to standards, reducing the risk of errors and the potential for non-compliance penalties.
Dependable Service
Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Fixed Asset Management Services

At Adepts Chartered Accountants, we offer a comprehensive suite of Fixed Asset Management Services designed to meet the unique needs of businesses operating in the UAE

As a trusted and reputable provider of internal audit services in the UAE, we are dedicated to helping businesses achieve their objectives and maintain compliance with regulatory requirements. Our team of highly skilled and experienced professionals is committed to delivering tailored solutions that address your unique needs and add value to your organization.

Fixed Asset Management Services

Fixed Asset Management involves the strategy and processes for managing a company’s physical and intangible assets. The key components include asset acquisition, recording, depreciation, maintenance, and disposal. Effective Fixed Asset Management is crucial for accurate financial reporting, budget planning, and operational efficiency.

Importance of Fixed Asset Management

Financial Accuracy
Accurate tracking and valuation of fixed assets ensure reliable financial reports. Mistakes can lead to incorrect profit calculations and flawed financial decisions.
Tax Compliance
Accurate depreciation calculation is essential for tax purposes. Companies can deduct depreciation from taxable income, reducing the tax liability.
Budgeting and Planning
Asset management informs future budgets and business plans. Knowing the lifecycle of assets helps plan for maintenance, replacements, and new acquisitions.
Operational Efficiency
Tracking asset utilization can highlight inefficiencies and identify underused assets. This information can drive operational improvements.
Risk Management
A comprehensive fixed asset register helps manage risks related to asset loss, theft, or damage. It also supports insurance claim processes.
Audit Preparedness
Well-managed asset records simplify the audit process, making it easier to provide necessary documentation and answer auditor queries

Benefits of Outsourcing Fixed Asset Management Services

Expertise and Knowledge
Outsourcing allows you to leverage the knowledge and expertise of specialists. They are well-versed in the latest regulations and best practices related to fixed asset management.
Time-Saving
Our team examines your business processes to identify areas for improvement and optimization. We analyze process efficiency, internal controls, and compliance with relevant policies and procedures, providing recommendations for streamlining operations.
Accuracy and Compliance
Professionals ensure accurate calculations, timely updates, and strict adherence to accounting standards and tax laws, reducing the risk of errors and penalties.
Scalability
As your business grows and the number of your fixed assets increases, an outsourced service can easily adapt to handle the larger workload.
Objective Insight
External experts bring a fresh, unbiased perspective to your asset management, helping identify inefficiencies and recommending improvements.

Our Fixed Asset Management Services

Fixed Asset Register Maintenance

We maintain an up-to-date and accurate Fixed Asset Register, helping you track, control, and manage your assets effectively. This includes keeping track of purchases, disposals, transfers, and the current status of each asset.
Depreciation Calculation
We provide precise calculations of asset depreciation in accordance with the relevant accounting standards and tax regulations, ensuring your financial statements and tax returns are accurate.

Asset Verification and Tagging

Our team conducts thorough physical verification of assets and tags them for easy identification and tracking. We reconcile the physical verification results with the existing asset records to ensure accuracy.
Drafting Fixed Asset Policies and Procedures
We assist in creating robust fixed asset policies and procedures that set clear guidelines for asset acquisition, use, maintenance, and disposal, ensuring consistency in asset management.
Fixed Asset Audits
We conduct detailed audits of your fixed assets to confirm their existence, condition, and value, providing reassurance that your assets are appropriately managed.
Advisory Services
We provide strategic advice on fixed asset management best practices, helping you optimize asset utilization, plan for future needs, and make informed financial decisions.

frequently asked questions

A Fixed Asset Register is a comprehensive record of all fixed assets owned by a company. It includes details such as the purchase date, cost, accumulated depreciation, and net book value.

Asset tagging and verification ensure that physical assets align with the recorded financial data. It aids in accurate tracking, managing, and auditing of assets.

Depreciation is typically calculated using either the straight-line method or the reducing balance method, as per relevant accounting standards and business practices.

Fixed asset policies and procedures set guidelines for asset acquisition, usage, maintenance, and disposal, ensuring consistency and compliance in asset management.

A fixed asset audit involves verifying the existence, condition, and value of assets. It confirms that the physical assets match the records in the Fixed Asset Register.

Why Choose ADEPTS

Expertise and Experience
Our team comprises highly skilled professionals with extensive experience in fixed asset management. We are proficient in UAE regulations and global accounting standards, providing you with accurate, compliant services.
Tailored Solutions
We understand that each business is unique. Our services are customizable to suit your specific needs and business objectives. We work closely with you to understand your needs and deliver optimal solutions.
Time and Cost Efficiency
By outsourcing your fixed asset management to us, you save valuable time and resources. Our services are designed to be cost-effective, providing high-quality solutions without the need for substantial internal investment.
Accuracy and Compliance
We prioritize accuracy and compliance in all our work. Our meticulous approach and thorough procedures ensure that your fixed assets are managed and recorded precisely, reducing the risk of errors and non-compliance penalties.
Dependable Service
We are dedicated to delivering reliable, consistent service. We believe in building long-term relationships with our clients, based on trust, integrity, and mutual respect.

VAT Consultation

At Adepts Chartered Accountants, we specialize in providing top-tier VAT Services to businesses in the UAE. Our qualified team is well-versed in the intricacies of UAE VAT laws and regulations, ensuring your business complies while optimizing your tax position.

As a trusted and reputable provider of internal audit services in the UAE, we are dedicated to helping businesses achieve their objectives and maintain compliance with regulatory requirements. Our team of highly skilled and experienced professionals is committed to delivering tailored solutions that address your unique needs and add value to your organization.

Understanding VAT

Value Added Tax (VAT) is a form of indirect tax imposed on goods and services at each stage of production or distribution. Ensuring compliance with UAE VAT regulations can be complex and requires expert guidance.

 

Benefits of VAT Services

Ensuring Compliance
VAT laws and regulations can be complex. Professional VAT services help ensure your business complies with these laws, minimizing the risk of penalties or legal issues.
Simplifying Processes
VAT services streamline the process of calculating, filing, and paying VAT. This can reduce the administrative burden on your team and increase efficiency.
Strategic Planning
VAT services can provide strategic guidance on how to optimize your tax position, potentially saving your business money.
Risk Management
By regularly reviewing your VAT processes and providing advice on best practices, VAT services can help manage the risk of errors or oversights.
Training and Education
VAT service providers often offer training for your team, enhancing their understanding of VAT and improving their ability to handle VAT-related tasks effectively.
Time and Resource Allocation
With a professional handling your VAT obligations, your business can focus on its core activities, utilizing time and resources more effectively.
Keeping Up with Changes
VAT regulations may change over time. VAT services ensure your business stays updated and compliant with the latest rules.

Boosting Business Growth in UAE with Strategic VAT Services

Cost Efficiency
VAT services can identify potential areas for tax savings or recoveries, which can be reinvested into your business. By analyzing your business operations and supply chain, these services can suggest changes to your business model that can help minimize your VAT liability.
Business Decisions
VAT services can provide valuable insights into your business’s financial performance and the impact of VAT on your operations. These insights can aid strategic decision-making and planning, helping your business adapt to changes and seize opportunities.
Resource Management
With a VAT service handling your VAT obligations, you can free up time and resources to focus on other aspects of your business. This can help improve productivity and allow for faster growth.
Reputation
Compliance with tax laws also enhances your business’s reputation among stakeholders, including investors, customers, and the government. This can open up new opportunities and attract further investment.
Market Expansion
If you’re planning to expand your business within the UAE or internationally, VAT services can provide guidance on the tax implications of such expansions, helping you plan effectively and minimize risks.

Our VAT Consulting Services

VAT Registration
Starting with a comprehensive assessment of your business, we guide you through the registration process, helping you understand the nuances of VAT application. We take care of all the paperwork and liaise with the tax authority on your behalf to ensure a smooth registration process.
VAT Return Filing
We assist you with accurate calculation of your tax liability and guide you through each step of the VAT return filing process. We review all the transactions to prevent any potential discrepancies and file the return within the stipulated deadline, minimizing the risk of penalties.
VAT Compliance Review
We conduct a thorough review of your existing VAT processes, including how VAT is calculated, reported, and paid within your organization. Our aim is to identify any potential areas of non-compliance or inefficiency and provide solutions to ensure that you meet all VAT requirements.
VAT Implementation
We assist in the implementation of VAT-compliant systems within your organization, ensuring that you are well-equipped to handle all VAT-related processes. This includes aligning your accounting systems and processes with VAT requirements, guiding on appropriate documentation, and helping set up a proper invoicing system.
VAT Refund Services
We assist in the complex process of claiming VAT refunds. Our team verifies the legitimacy of the claims, prepares necessary documents, and follows through with the authorities until the refund is secured.
VAT Impact Analysis
We analyze the financial and operational impact of VAT on your business, providing insights that allow you to make informed decisions and implement effective strategies.
FTA Audit Assistance
During an FTA audit, our team provides invaluable support, ensuring all records are in order and any inquiries are promptly and accurately addressed.
VAT Periodical Return Review Assistance
We provide ongoing support in reviewing your VAT returns periodically to ensure accuracy and consistency, identifying errors or discrepancies and suggesting corrections.
VAT Historical Return Review
We scrutinize your past VAT returns to identify any potential errors or oversights that might result in penalties, helping rectify any issues promptly.
Voluntary Disclosure Submission
In case of errors or omissions in your VAT returns, we assist with the voluntary disclosure process, ensuring transparency and minimizing the impact of penalties.
Reconsideration Submission
: If you disagree with a decision made by the FTA, we can help submit a reconsideration application, advocating for your interests
Appeal to the TDRC
Should the need arise, we can assist you in appealing FTA decisions to the Tax Disputes Resolution Committee (TDRC), providing all the necessary support and guidance.
VAT Group Amendment
We assist with amendments to VAT group registrations, whether it’s adding or removing members or updating information.
TAX Code Mapping
Our team helps you map your accounting systems with appropriate tax codes, simplifying your VAT accounting and ensuring accurate reporting.
VAT Accounting Records Compliance
We help ensure your VAT records comply with the legal requirements, reviewing and organizing your documents and processes to ensure they meet all FTA standards.
VAT Training
We offer comprehensive VAT training programs, customized to the needs of your team. Our training covers the fundamentals of VAT, how to calculate and report VAT, and updates on any changes in the VAT law. This equips your team with the knowledge and skills necessary to handle VAT-related tasks efficiently.
VAT De-registration
If your business no longer meets the mandatory VAT registration requirements, we can assist with the VAT de-registration process. We ensure that all obligations are fulfilled prior to de-registration and help you navigate through the process smoothly.

frequently asked questions

Businesses with an annual turnover of more than AED 375,000 are required to register for VAT in the UAE.
If errors occur, we assist with the voluntary disclosure process to rectify the errors and minimize the impact of any penalties.
A VAT return is a formal document that details your business's VAT transactions and must be submitted to the FTA, typically every quarter.

Penalties can range from fines to imprisonment, depending on the severity of the non-compliance.

Voluntary disclosure is a way for businesses to rectify errors or omissions in their VAT returns. It should be used when you discover inaccuracies that lead to tax implications.

Why choose Adepts Chartered Accountants for VAT services?

ADEPTS Chartered Accountants LLC is a premier accounting and bookkeeping firm in UAE, offering reliable services to manage income and expenditure, as well as helping clients to adhere to International Financial Reporting Standards (IFRS). Our team of professional financial advisors provides cost-effective solutions to meet long-term goals with exceptional accuracy and precision.
Expertise
Our team of certified accountants has extensive experience and an in-depth understanding of VAT laws in the UAE. We are equipped to provide accurate, efficient, and compliant VAT solutions tailored to your business.
Full-Service Offerings
From VAT registration and return filing to compliance reviews and training, we offer a comprehensive suite of VAT services, meaning you have one trusted partner for all your VAT needs.
Tailored Approach
We understand that each business is unique. Our approach is customized to your business's specific needs, industry, and operations to deliver the most effective results.
Proactive Communication
We keep you updated on changes in VAT laws, ensuring that you're always compliant and informed. Our team is accessible and ready to address your queries or concerns.
Value for Money
Our competitive pricing coupled with the value we add to your business through our expertise and services ensures you receive an excellent return on your investment.