The UAE requires businesses to maintain strong VAT accounting systems and conduct regular financial audits because this practice enables them to discover tax discrepancies which would otherwise result in FTA penalties. The process of checking sales ledgers and purchase invoices and reverse charge entries helps you achieve complete financial record accuracy with your VAT returns.
A periodical review is a scheduled, routine check of your company’s accounting books and tax records conducted on a monthly or quarterly basis. Think of it as a regular health check for your business data, ensuring that every transaction, invoice, and tax calculation stays completely free of errors before your official tax return is filed.
In the UAE, the Federal Tax Authority (FTA) heavily penalizes compliance mistakes, even if they are accidental. Waiting until the end of the year to fix bookkeeping slips can result in massive backdated fines and exhausting paperwork. A regular periodical review stops these problems early.
Highlights & Benefits
- Continuous Accuracy Checks: We review your transactions at the end of every period to catch and fix minor entry or formatting errors instantly.
- Proactive Fine Prevention: Spotting accounting mismatches early allows you to correct them safely before they ever reach the FTA portal.
- Streamlined Return Preparation: Keeping your books verified month by month makes compiling your final VAT return fast, smooth, and completely stress-free.
- Airtight Ledger Matching: We thoroughly cross-check your sales and purchase logs against actual bank statements to ensure zero data gaps.
Documents Required
- Sales ledgers and copies of all invoices issued during the period.
- Purchase ledgers and all supplier bills or business receipts.
- Corporate bank statements covering the review months.
- Customs declarations and import records linked to your business profile.
- Current trial balance and general ledger reports from your accounting system.
- Copies of any past VAT returns filed for the current financial year.
