Life Board Management Consultants

16/12/2020

𝐑𝐀𝐊𝐈𝐂𝐂 𝐎𝐟𝐟𝐬𝐡𝐨𝐫𝐞 𝐑𝐞𝐠𝐢𝐬𝐭𝐞𝐫𝐞𝐝 𝐀𝐠𝐞𝐧𝐭

We are honor to announce that LBMC is now an Offshore Registered Agent with RAKICC.

Let us handle your offshore business incorporation and operational needs.

Contact us @ 055 106 1463

08/12/2020

𝐇𝐀𝐕𝐄 𝐘𝐎𝐔 𝐑𝐄𝐆𝐈𝐒𝐓𝐄𝐑𝐄𝐃 𝐘𝐎𝐔𝐑 𝐁𝐔𝐒𝐈𝐍𝐄𝐒𝐒 𝐀𝐓 𝐌𝐨𝐅 𝐏𝐎𝐑𝐓𝐀𝐋

The Ministry of Finance (M*F) Portal is LIVE NOW for ESR Notification submissions.

All license holders (other than exempted) in UAE are required to submit notification at M*F portal.

Deadline is December 31, 2020

Contact us @ 055 106 1463
Email: [email protected]

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13/07/2020

During the transformation of world Internal Audit has emerged as a critical lever for change. It provides independent assurance on organization’s risk management, governance, and internal control processes whether operating effectively. An internal audit is conducted objectively and designed to improve and mature an organization’s business practices.
We designed strategy of seven attributes of Internal Audit which are relevant, aligned and agile, it delivers insight and quality in equal measure and to the highest standard, helping you build the confidence to move faster and act decisively.
The seven attributes partner you in following ways:
1. Provides objective Insight by providing an independent and unbiased view
2. Improves efficiency of operations by continuously monitoring and reviewing business processes
3. Cost optimization by delivering efficient and value-added services through robust, well communicated audit methodology and processes
4. Quality and innovation through well-defined standards that align to overall international standards
5. Holistic view of risks that considers internal, external and emerging risk factors
6. Assesses Controls’ efficiency and operating effectiveness
7. Ensures Compliance with international standards and Regulations

12/06/2020

Input tax must be recovered in the first tax period in which following two conditions are satisfied:

1. The tax invoice is received and
2. An intention to make the payment of consideration of the supply before the expiration of six months after the agreed date of payment is formed.

If the tax invoice is received in one tax period and the intention of tax payer is to pay it in the next tax period, the input tax can only be claimed in the next tax period in which payment made.

If both conditions are met but the input tax is not claimed in the tax period, VAT can be recovered in the immediate next tax period.

In a cases where the taxpayer doesn’t claim input VAT in the first two tax periods in which the conditions met, it is mandatory to submit a voluntary disclosure for input VAT recovery.
Where a taxable person fails to make the payment of consideration of expense against which input had been claimed before the expiration of six months after the agreed date of payment, the taxable person should reduce the input tax in the VAT Return of the tax period following the expiry of the six-month period. However, once the payment is made, the taxable person will again be entitled to recover the input tax.

09/06/2020

07/06/2020

VAT is a complex tax affecting every aspect of your business in the UAE. As a self-assessing tax, it is the responsibility of the taxpayer to ensure accounting for the right amount of tax and at the right time in line with current VAT laws.
We perform VAT Health Checks to make sure VAT has been applied appropriately and the entity is tax compliant to avoid any heavy penalties and to assess the effectiveness of VAT & Accounting model, processes and IT systems.
Our VAT Health Check services pack includes:
1. Review of all compliance’s as per FTA rules & regulations
2. Reconciliation of accounting record and filed VAT returns
3. Review of output and input VAT calculations
4. VAT planning for maximizing input VAT claim, avoiding VAT penalties
5. Identification of errors if any in filed VAT return
6. Preparing Voluntary Disclosures, if required to rectify errors
7. Assistance in preparation of VAT Audit files with audit trail
8. Understand VAT consequences as per recent public clarifications issued by FTA
9. VAT compliant record keeping and documentation

Let us be your advisory partner towards better business growth, contact us @ 055 106 1463

02/06/2020

Outsourcing of bookkeeping and accounting function is currently stronger in UAE. Businesses are facing ongoing challenges towards smart and efficient business and cost control is major endeavor thereto. Cloud based accounting solutions are effectively replacing bookkeeping and cost efficient as well.

An outsourced accounting firm can help a business towards:

1. Cost Reduction
2. Better compliance
3. Improved Productivity
4. Work remotely
5. Online data management & storage
6. Payroll management
7. Effectiveness with Precision

Have professional outsourcing business services @ 055 106 1463

31/05/2020

Economic Substance Notification form for filing notification with the Ministry of Economy is now available on the Ministry's website. U.A.E. Mainland entities need to file the notification.

23/05/2020

EID MUBARIK...

22/05/2020

Economic Substance Regulations (“ESR”) were introduced by the Ministry of finance, UAE Government in 2019. ESR impacts on all entities licensed in the UAE whether on the mainland or in the free zones.
There are two reporting requirements under ESR:
1. Filing of an Annual Notification
2. Filing of an Annual Return (for financial years commencing on or after 1 January 2019).
Deadlines for Notification for the first financial year by regulatory authorities under ESR Rules are:
1. DIFC – June 12, 2020
2. DMCC - June 30, 2020
3. DAFZA - May 31, 2020
4. RAKEZ - May 31, 2020
5. Ajman Free Zone - June 30, 2020
6. RAK ICC - June 30, 2020
7. SAIF Zone - June 30, 2020
8. Hamriyah Free Zone - June 30, 2020
9. ADGM - June 30, 2020
Let us support you in initial assessment for the Economic Substance Test requirements, as well as, assist you in preparation and filing of economic substance return for your business to ensure compliance.
Penalties for non-compliance with ESR range from AED 10,000 to AED 50,000.

18/05/2020

FTA introduced Profit Margin Scheme which allows a taxable person to calculate VAT on eligible supplies on the basis of the profit margin earned, instead of the original selling price subject to certain conditions.

The goods, which fall under the profit margin scheme, are:

1. Second-hand goods − tangible move able property which is suitable for further use as it is, or after repair
2. Antiques − goods which are over 50 years old or more
3. Collectors’ items such as stamps, coins and currency

Conditions for Profit Margin Scheme are :

1. The goods must be purchased from either an unregistered person, or a taxable person who has applied the profit margin scheme previously
2. Where the input tax on the purchase of such goods was not recovered by a taxable person
Profit margin scheme cannot be used in instances where VAT was not charged on goods.

For professional support contact us @ 055 106 1463

11/05/2020

Let's Protect Your Business Intellect by Registering Your Trade Mark

We offer services for registration and protection of Trade marks in U.A.E. Value your investment in respect of time, money and intellect by developing it at your name.
We assist for protection from availability of your brand name to registration process, obtaining certificate, post registration watchdog and action against infringers and counterfeiters.

Please feel free to get in touch with us at 055 106 1463