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Velmont Crest – 📊 VAT, 🧾 Corporate Tax, 📚 Bookkeeping, 🛂 PRO, 🏢 Company Setup, 📈 Audit | Your Partner Forever 🤝 | Helping UAE businesses grow with expert support | 🌐 velmontcrest.ae | 📍 Dubai

12/06/2026

Is your business keeping the right VAT records? Here is the complete checklist.
What you must keep:
📄 All tax invoices issued to customers
📄 All tax invoices received from suppliers
📄 Credit notes and debit notes
📋 Filed VAT returns and supporting workings
🚢 Import and export documentation
📝 Contracts supporting VAT treatment decisions
How long:
⏳ Minimum 5 years from end of the relevant tax period
⏳ Real estate transactions: 15 years
The most common failure: input tax invoices.
To claim input VAT, you need the ORIGINAL tax invoice from your supplier — with all mandatory fields completed correctly. Missing invoices, wrong TRN numbers, and incomplete details = FTA disallows the claim = you owe VAT you thought you already recovered.
Digital records are accepted — but they must be organised, labelled, and accessible quickly.
At Velmont Crest, we set up your VAT record keeping system and keep it audit-ready year-round.

11/06/2026

Own multiple UAE companies? A corporate tax group could reduce your total tax bill significantly.
What tax grouping gives you:
✅ One consolidated corporate tax return for all group entities
✅ Losses in one entity offset profits in another
✅ Simplified compliance across the group
Qualifying conditions:
🔵 95% common ownership (direct or indirect)
🔵 Same financial year end for all entities
🔵 All entities must be UAE resident taxpayers under the standard regime
Important restriction:
🔴 Free zone companies with QFZP status cannot join a tax group with mainland entities. Their income must remain ringfenced. Including them risks losing the 0% rate.
Is it worth it for your group?
The answer depends on the profitability mix across your entities. If some companies consistently make losses and others make profits, grouping is almost always financially beneficial.
At Velmont Crest, we model the tax impact of grouping across your UAE entities before you decide.

10/06/2026

Does the UAE withhold tax on international payments? No.
UAE withholding tax rate = 0% on:
✅ Dividends paid to foreign shareholders
✅ Interest paid on foreign loans
✅ Royalties paid to overseas licensors
✅ Service fees paid to non-residents
This is one of the biggest advantages of operating through a UAE entity. The full payment goes abroad — no deduction at source.
But here is the catch: the receiving country may withhold tax on what arrives from the UAE.
The solution: UAE Double Tax Treaties
The UAE has treaties with 130+ countries that can reduce or eliminate foreign withholding tax. But you must:
📄 Obtain a UAE Tax Residency Certificate
📋 Submit the correct forms to the foreign tax authority
⏱️ Do this BEFORE the payment is made — you cannot claim retroactively in most cases
At Velmont Crest, we help businesses structure international payments correctly and claim treaty benefits.

09/06/2026

Tax period and financial year in the UAE — here is how they work together.
📅 Your tax period = your financial year
Not necessarily January–December. It follows your company's financial year end.
📋 Corporate tax return deadline = 9 months after your financial year end
Examples:
Financial year ends 31 Dec → Return due 30 Sep
Financial year ends 31 Mar → Return due 31 Dec
Financial year ends 30 Jun → Return due 31 Mar
⚠️ First tax period catch: your first period may be less than 12 months or up to 18 months depending on your incorporation date. It still requires a full tax return.
Steps to know your filing deadline:
Confirm your financial year end date
Add 9 months → that is your filing deadline
Mark it. Miss it = AED 10,000 penalty minimum
At Velmont Crest, we map your exact tax period and make sure your return is filed on time.

08/06/2026

Bad bookkeeping is not free. Here is what it actually costs UAE businesses:
💸 VAT return errors
FTA penalties: AED 3,000–50,000+ per violation
💸 Missed corporate tax deductions
At 9%, every AED 100,000 in unclaimed deductions = AED 9,000 in unnecessary tax
💸 Audit adjustments
More adjustments = longer audit = higher audit fees
💸 Bank loan rejections
Unreconciled accounts = no loan, no credit line, no expansion capital
💸 Lost tenders and contracts
Government and enterprise clients require clean audited financials
💸 Cash flow blindness
Without accurate books, you cannot see cash shortfalls coming until they hit
The cost of professional bookkeeping for a small UAE business is typically AED 500–2,000 per month. The cost of not having it is orders of magnitude higher.
At Velmont Crest, we fix your books and keep them clean month after month.

07/06/2026

AML compliance in the UAE is not just for banks. If you are in any of these sectors, it applies to YOU:
⚖️ Accountants and auditors
🏠 Real estate agents and brokers
👔 Lawyers and legal consultants
💎 Dealers in precious metals and stones
🏢 Company formation and registration agents
🔐 Trust and corporate service providers
What you must have in place:
✅ Business-wide AML risk assessment
✅ Customer due diligence procedures
✅ Sanctions screening process
✅ Staff AML training (documented)
✅ Suspicious Transaction Reporting procedure
✅ goAML portal registration (MANDATORY)
The goAML registration is what most businesses miss. You cannot file Suspicious Transaction Reports without it — and not being registered is itself a violation.
At Velmont Crest, we build and implement complete AML compliance frameworks for all DNFBP categories.

06/06/2026

AML penalties in the UAE are not small fines. They can end your business.
Here is the penalty schedule you need to know:
🔴 Failing to file a Suspicious Transaction Report
Up to AED 5,000,000
🔴 No AML compliance programme in place
Up to AED 1,000,000 + daily fines for ongoing violations
🔴 Sanctions screening failures
AED 50,000+ per violation
🔴 Facilitating money laundering (even through negligence)
Criminal prosecution + up to 10 years imprisonment + up to AED 50,000,000 fine + license cancellation
This applies to all Designated Non-Financial Businesses and Professions (DNFBPs): accountants, auditors, real estate agents, lawyers, dealers in precious metals, and more.
The cost of a proper AML compliance programme is a small fraction of the smallest penalty on this list.
At Velmont Crest, we build and implement full AML compliance frameworks for UAE DNFBPs.

05/06/2026

Does your UAE business need an external audit? Here is the breakdown:
🏢 Free Zone Companies
Almost always mandatory. Deadline and auditor approval set by your free zone authority.
🏬 Mainland LLC (Limited Liability Company)
Mandatory under UAE Commercial Companies Law. Required before your annual AGM.
👤 Sole Establishment / Civil Company
Not legally mandated — but corporate tax, bank loans, government tenders, and visa applications will often require audited financials anyway.
📋 Corporate Tax Note
Businesses subject to corporate tax may need audited financials to support their tax return, regardless of whether a legal audit mandate exists.
Bottom line: even if your business structure does not legally require an audit, the practical reality of operating in the UAE usually means you need one anyway.
At Velmont Crest, we tell you exactly what is required for your specific structure and deliver it on time.

04/06/2026

AED 375,000. That is the line.
Once your taxable supplies cross this amount in any rolling 12-month period, UAE VAT registration is mandatory — not optional.
The two thresholds:
🔴 Mandatory: AED 375,000 — must register within 30 days of crossing
🟡 Voluntary: AED 187,500 — can register if beneficial
What happens if you miss the deadline?
❌ AED 20,000 penalty — immediate
❌ Back-VAT owed on all supplies made while unregistered
What counts toward the threshold?
✅ Standard-rated supplies (5% VAT)
✅ Zero-rated supplies (exports, international services — yes, these count too)
❌ Exempt supplies do not count
The most common mistake: businesses that export assume they do not need to register. Export turnover still counts.
At Velmont Crest, we monitor your turnover and handle your VAT registration before the deadline hits.

Eid Mubarak from Velmont Crest Accounting 🌙✨On this blessed occasion, we extend our warmest wishes to our clients, partn...
26/05/2026

Eid Mubarak from Velmont Crest Accounting 🌙✨

On this blessed occasion, we extend our warmest wishes to our clients, partners, and the wider UAE business community.

May this Eid bring peace, prosperity, happiness, and countless blessings to you and your loved ones.

Thank you for your continued trust and support.

Eid Mubarak.

— Velmont Crest Accounting

Address


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Opening Hours

Monday 09:00 - 20:00
Tuesday 09:00 - 20:00
Wednesday 09:00 - 20:00
Thursday 09:00 - 20:00
Friday 09:00 - 11:45
15:00 - 21:00
Saturday 09:00 - 21:00

Telephone

+971547338265

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