Bookkeeping, Management Accounting and CFO services – how do they differ?

We are often asked at The Accounts Dept as to what services we provide, and as we are a boutique firm, we keep our offering narrow to book keeping, management accounting and Chief Financial Officer (CFO) services (and VAT services, of course!) However, some of our potential clients are unsure of what these services entail […]

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VAT: The latest news from the Ministry of Finance

After attending the Ministry of Finance Workshop earlier this week I have concluded that not everything you read about VAT in the papers can be trusted. The Workshop entitled: Phase 1: VAT and Excise Awareness Campaign was a joy to attend, as finally here was official UAE specific VAT guidance. It was a great workshop […]

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UAE ANNOUNCES VAT REGISTRATION THRESHOLDS***PLEASE NOTE THIS ARTICLE HAS NOW BEEN SUPERSEDED***

The introduction of VAT registration will be in two phases. Phase one will start on 1 January 2018 and companies with revenues over AED3.75m will be required to register and account for VAT. Companies with revenues between AED 1.87m and AED 3.75m will have the option to register under phase one or wait until phase […]

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Desktop vs Cloud-based Accounting Software: Which is the right choice for your business?

Over the past few years there has been a shift from traditional, desktop and server-based accounting packages, such as Sage 50 and Quickbooks, to the newer suite of cloud-based softwares like Xero and Quickbooks Online, the latter which is very different to its desktop counterpart. In addition, sites such as Freshbooks, which is not a […]

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What if your business turnover falls below the compulsory VAT registration threshold?

There will be a compulsory VAT registration threshold announced when the details of the VAT laws are released.  Typically, this requires all businesses with turnover higher than the VAT registration threshold to become VAT registered and account for VAT.  This means that the business must charge VAT on their sales (output VAT), but will be […]

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VAT is coming. What’s your next move?

VAT is coming to the GCC, with implementation in the UAE beginning on 1 January 2018. As a business in the UAE what should you be doing now? Firstly, keep abreast of the VAT announcements so that you can monitor the impact it will have on your business. Some announcements have been made i.e. the […]

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Are You Thinking of Setting Up in Saudi Arabia? Do You Know About GOSI?

If you are thinking about employing people based in Saudi Arabia then you need to be aware of the General Organisation for Social Insurance (GOSI) which is a semi-state body concerned with social insurance in Saudi Arabia. GOSI collects contributions from employers and also employees (deducted at source by employers), implements social insurance rules and […]

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The Importance of the Bank Reconciliation

The bank reconciliation statement is a report which compares the bank balance as per the company’s accounting records with the balance stated in the bank statement. It is normal for a company’s bank balance, as per accounting records, to differ from the balance as per the bank statement due to timing differences. Certain transactions are […]

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VAT is coming. What should SME’s be doing?

VAT implementation in the UAE is expected to begin on 1 January 2018, however businesses are likely to have a 12-month window in which to get their VAT processes operational. The Gulf Cooperation Council (GCC) is expected to adopt a standard VAT system with a single rate of 5% applying to most goods and services. However […]

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