Singiri Accounting & Bookkeeping’s Post

Is your revenue under AED 3,000,000 for the relevent tax period? Your business may be eligible to prepare financial statements using the Cash Basis of Accounting rather than the Accrual Basis! This can simplify your reporting and improve cash flow management. In exceptional circumstances, businesses can also apply to the FTA to switch to Cash Basis Accounting. Let our experts assist you in making the right choice for your business. 📧 tax@aaconsultancy.ae | 📞 +971 56 511 1912 #businesssetupdubai #dubaibusiness #startyourbusiness #businessjourney #companyformationuae

𝗔𝗰𝗰𝘂𝗿𝗮𝘁𝗲 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗥𝗲𝗰𝗼𝗿𝗱𝘀: 𝗔 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗡𝗲𝗰𝗲𝘀𝘀𝗶𝘁𝘆, 𝗡𝗼𝘁 𝗮𝗻 𝗢𝗽𝘁𝗶𝗼𝗻 In today’s regulatory environment, maintaining precise financial records is critical for every business. Accurate records support strategic growth, compliance, and informed decision-making. 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗔𝘄𝗮𝗿𝗲𝗻𝗲𝘀𝘀: 𝗔 𝗖𝗼𝗿𝗻𝗲𝗿𝘀𝘁𝗼𝗻𝗲 𝗳𝗼𝗿 𝗦𝘂𝗰𝗰𝗲𝘀𝘀 With new requirements like the UAE’s corporate tax regime, precise financial records are essential. They not only ensure compliance but also serve as a vital health check, empowering businesses to make data-driven decisions. 𝗔𝘃𝗼𝗶𝗱𝗶𝗻𝗴 ‘𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗕𝗹𝗶𝗻𝗱𝗻𝗲𝘀𝘀’ A clear view of finances helps businesses steer clear of costly mistakes. Regular bookkeeping and financial reviews provide insight into resource allocation, operational efficiency, and cost optimization. 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗮𝗻𝗱 𝗔𝘂𝗱𝗶𝘁𝘀: 𝗘𝗻𝘀𝘂𝗿𝗶𝗻𝗴 𝗟𝗼𝗻𝗴𝗲𝘃𝗶𝘁𝘆 Staying compliant with tax filings, VAT submissions, and certifications (e.g., ICV) is essential. Audited financial statements not only meet legal requirements but also build trust with investors, reduce risk, and enhance business credibility. 𝗔 𝗖𝗮𝗹𝗹 𝘁𝗼 𝗔𝗰𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝗦𝘁𝗮𝗸𝗲𝗵𝗼𝗹𝗱𝗲𝗿𝘀 Business owners, investors, and management should prioritize financial awareness. Leveraging expert guidance and efficient financial processes strengthens market presence and supports sustainable growth. Maintaining accurate financial records is more than a regulatory requirement—it’s a powerful tool for business resilience and success in today’s dynamic economy. #FinancialTransparency #BusinessGrowth #Compliance #StrategicPlanning

Summit Goyal Gurvinder Singh BNC Management Consultancies | DubaiBNC Global Shared Service Stay ahead of the game by tracking all your business expenses year-round. Detailed records mean no missed deductions at tax time, maximizing your savings! . . #BusinessExpenses #TaxTimeTips #FinancialPlanning #ExpenseTracking #TaxDeductions #BusinessSavings #FinancialManagement #RecordKeeping #BusinessSuccess #SmartFinance

🔊Can a business elect Small Business Relief and use the Cash Basis of Accounting? ✨️One of the conditions for Small business relief is that the revenue shall not exceed AED 3 million. ✨️This is the same criteria to adopt Cash basis of accounting as well. ✨️What is revenue: Revenue is the gross amount of income derived during a Tax Period calculated according to applicable accounting standards. ✨️What are applicable accounting standards? According to Ministerial decision No.114, the only applicable accounting standard for CT purpose is International Financial reporting standards(IFRS) and IFRS for SME's. ✨️However if the turnover does not exceed AED 3 million cash basis of accounting can be followed. ✨️Therefore, 🎈 Small buisnes relief: Person may apply either IFRS (or IFRS for SMEs) or the Cash Basis of Accounting in order to calculate their Revenue to check the eligibility for small business relief. 🎈Cash basis of accounting:The Cash Basis of Accounting is always used to determine eligibility to prepare Financial Statements on the Cash Basis of Accounting for Corporate Tax purposes. Happy learning 📚 #Corporatetax #fta

The Annual Closing Period is critical to lock in your financials and prepare for the year ahead. From September to March/April, businesses worldwide focus on reviewing, reconciling, and planning—setting the stage for a smooth fiscal transition. 🔑 Why This Timeline Matters For many companies, the closing period aligns with global fiscal policies, allowing ample time for audits and tax filings without year-end chaos. It’s all about accuracy and compliance, ensuring your financials are airtight. 🌍 Global Timelines - Do You Know Yours? Every country has its fiscal year, and understanding these timelines is vital. Whether you're operating in the UK, India, or the UAE, aligning your processes globally is key to financial success. 📋 Essential Year-End Tasks 🔹 Finalize financial statements 🔹 Conduct audits and compliance reviews 🔹 Get ahead with tax planning 🔹 Manage inventory meticulously The annual closing period is your opportunity to reset, refocus, and plan for long-term success. If you need expert guidance, DM me! . . . . . . . . . . . #FiscalYear #AnnualClosing #BusinessPlanning #FinancialReporting #Compliance #TaxPlanning #UAE #GlobalStandards #BusinessGrowth #FinancialSuccess #DubaiBusiness #UAECorporateTax #DubaiEntrepreneurs #DubaiStartups #BusinessInDubai #UAEEntrepreneurs #TaxInUAE #BusinessRegistration #DubaiFinance #UAEBusiness #SMEInUAE #CorporateTaxUAE #DubaiInvestors #UAECompliance #DubaiEconomy #FinanceDubai #TaxConsultingUAE #UAEBusinessSupport #DubaiSME #DubaiChamber

what's accrual Base and Cash Base in Accounting? The accrual basis records revenues and expenses when they are earned or incurred, regardless of when cash is received or paid. The cash basis records revenues and expenses only when cash is actually received or paid. The accrual basis provides a more accurate picture of financial health and is required for larger businesses under GAAP or IFRS, whereas the cash basis is simpler and often used by small businesses or individuals. 😊

How to treat lease with less than one year period or Assets with low value Under IFRS 16, you can simplify accounting for leases that are either: Less Than One Year: Exemption: No need to recognize a right-of-use (ROU) asset or lease liability on the balance sheet. Expense Recognition: Record lease payments as an expense on a straight-line basis. Low-Value Assets: Exemption: No need to recognize a ROU asset or lease liability on the balance sheet for assets considered of low value when new. Expense Recognition: Record lease payments as an expense on a straight-line basis.

Definition of Audit - An audit is an official examination and evaluation of a company’s financial records, processes, and statements to ensure they are accurate, comply with accounting standards, and adhere to legal requirements. It is conducted by an independent auditor or audit firm to provide an objective assessment of the financial health and integrity of the organization. Why there is a need for audit in UAE: 1. Follow the law: Audits ensure businesses report their income and expenses correctly, so they pay the right amount of tax. 2. Correct financial reports: Audits check that financial statements are accurate and in line with tax rules. 3. Avoid fines: If businesses file their taxes wrong, they could face penalties. Audits help catch mistakes early. 4. Trust and transparency: Audited accounts show that a business is honest and following the rules. 5. Manage risks: Audits help spot issues with tax planning, so businesses can fix problems before they get bigger. How businesses benefit from audits: 1. Improved Efficiency: Audits can highlight areas where a business can save money or improve operations. 2. Better Decision-Making: Accurate financial reports help business owners make informed decisions about growth and investments. 3. Increased Investor Confidence: Audited financials show potential investors that the business is trustworthy and well-managed. 4. Tax Savings: By ensuring correct tax filings, businesses can avoid overpaying taxes and even take advantage of legal tax breaks. 5. Stronger Reputation: A clean audit report boosts a business's reputation with clients, banks, and partners. #Audit #CorporateTax #BusinessGrowth #TaxSavings #Efficiency #AvoidPenalties #Transparency #InvestorTrust #AuditBenefits

From tax compliance to cash flow management, they ensure your investments are optimised and profitable. 📈💰 Let us help you navigate the complexities of property finance today! www.bvsaccounting.co.uk #BVSAccounting #ExpertAccounting #FinancialPeace #UKBusiness #UK #AccountancyServices #PropertyAccounting #LandlordLife #RealEstateFinance #TaxCompliance #InvestmentSuccess

Smart financial planning helps your SME stay on track and grow steadily. Track cash flow, budget wisely, build a safety net, stay tax-compliant, and keep personal and business finances separate. #VATCompliance #TaxPlanning #CorporateTax #SMEFinance #cdaaudit #uae