Can You Cancel The Tax Invoice When Customer Doesn't Pay On Time? | CA. Manu,CEO EmiratesCA

In this Video you will learn how to tackle your customer who does not pay on time and later asks to cancel the invoice and issue a new tax invoice for making the payment.
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[@bisminoushad5759]

Can you please tell me what would be the class for mineral water in UAE for trade mark registration

[@muhammadidrees8466]

Sir. If we paid the custom vat in previous period.but not claim.now how we can claim .or we only put vat value in reverse charge.

[@Emiratescagroup]

Dear @Muhammad Idrees, if you have not claimed VAT in your current Tax Period, you can claim in the Subsequent Tax Period - but if you do not claim in the subsequent tax period you have to file Voluntary Disclosure Form 211.

[@muhammadidrees8466]

@@Emiratescagroup for claiming custom vat we will put amount in reverse charge box or we have adjust in vendor bills

[@navaneethk.2856]

@@Emiratescagroup Can you point out any where in FTA publication time period for input claim. In Voluntary disclosure Form 211 it is about output tax .

[@Emiratescagroup]

@@navaneethk.2856 The Federal Decree Law Article 55 (2) mentions that, wherever a registrant is eligible to avail input tax credit, he may include the recoverable tax in the tax return for the subsequent tax period.

[@HALLIAN422]

If we are importing parts from non gcc and using those parts for warranty at no cost to customers what will be treatment in VAT filing?

[@muhammadidrees8466]

How much vat of custom we can claim in reverse charge.if total vat is 4000

[@Emiratescagroup]

Dear @Muhammed Idrees, you can claim 5% of the total amount of the bill.

[@muhammadidrees8466]

@@Emiratescagroup the bill is without vat.we paid vat on fta online portal for that bill.we got e-guarantee from fta.than we paid vat at filing time.but not claim that time.

[@zaheer2904]

My co. Got esr penalty of 50k where we can appeal for bcoz we are doing foodstuff business which is exempt from esr filling right kindly advice

[@ejazahmed1259]

dear sir,
i have an issue one customer not paid amount from 2 years and his close the business and left so how we intimate or aware to the customer . now what should i do writeoff that invoice or to show adjustment in uae vat portal , please let me know. kindly advise us

[@Emiratescagroup]

Hi @ejaz ahmed, there is an option to write off bad debt where the customer has not paid back after 6 months. The respective tax amount can be deducted in the adjustments column of the VAT return. Further a mail communication can be made to ensure that we have intimated them, irrespective of whether they received it or not we have complied the legal procedure of communicating the customer about the write off.

[@muhammadidrees8466]

Can we claim vat on employee health insurance card

[@Emiratescagroup]

Dear @Muhammad Idrees, you can claim VAT for Employee's Health Insurance Card.

[@faded_boya8920]

For real estate - commercial property we recd trn from june to aug quater period so we have to charge vat on rent for above period ? All in 1 time annual vat from tanent ? N we have to pay fta quater vat? Or annual vat?? What type of expenses we reclaim under input vat for real estate income??

[@mansoorrashid5818]

Mansoor Ali 0552405099 Vat consultants

[@dhanyasasankan1326]

Sir.Can you explain one investor agrees to invest in our company,what are the procedure we take.Can investor invest on stock ( stock means hire on rental- scaffolding )

[@mdejazahmed9077]

sir the vendor is not paid the outstanding amount from 2018 but they left the business and closes in this scenario, how we claim for the vat. please advise us its very urgent in this vat return i have to claim

[@Emiratescagroup]

Hi @MD EJAZ AHMED, we can write off bad debt where the customer has not paid back after 6 months from the agreed date of payment. The respective tax amount can be deducted in the adjustments column of the VAT return. Further a mail communication can be made to ensure that we have intimated them, irrespective of whether they received it or not we have complied the legal procedure of communicating the customer about the write off. On qualifying for zero rated supply it should be reported in column number 4 of the VAT 201.

[@ejazahmed1259]

thanks sir for your support really i learn very thing about uae vat from your channel thanks again

[@mdejazahmed9077]

@@Emiratescagroup Noted & Thanks sir please let me now our company owner decided to do the legal procedure as per UAE law or file a case on them, then what will be the next procedure if he decided to pay later but I showed as a bad debt in our entries

[@urvik25]

Sir, my customer asking for same qty bill as per po, how can we edit previous month tax bill , please suggest the process

[@Emiratescagroup]

Hi @Uvik Patel, you can cancel the old invoice by a tax credit note and issue a new invoice.

[@faded_boya8920]

Thanks for your vedio sir, pls. Advice if we issue invoice n customer not made payment more then 6 to 7 month and suddenly they close business then we reclaim our paid from fta current quarter??

[@Emiratescagroup]

Dear @faded_boy you can treat the same as bad debt and can recover the tax paid from FTA.

[@navaneethk.2856]

@@Emiratescagroup FTA will not compensate any body bad debt tax loss the logic behind it is once we write off bad debts in our books and have to Intimate the party and they have to do corresponding +ve tax adjustment in their return.

[@Emiratescagroup]

@@navaneethk.2856 Kindly find the below mentioned requirements as per the VAT Law for adjusting the bad debts:
1. A Registrant supplier may reduce the Output Tax in a current Tax Period to adjust the Output Tax paid for any previous Tax Period if all of the following conditions are met:
a. Goods and Services have been supplied and the Due Tax has been charged and paid.
b. Consideration for the supply has been written off in full or part as a bad debt in the accounts of the supplier.
c. More than six (6) months has passed from the date of the supply.
d. The Registrant supplier has notified the Recipient of Goods and the Recipient of Services of the amount of Consideration for the supply that has been written off.
Therefore to comply with Law, the bad debt written off should be notified to the customer in order to comply with all the requirements of the law.

[@ejazahmed1259]

sir if they close the business and i have no any contact info then what should we do

[@sujeedasujeeda1497]

Sir i mistakenly entered a wrong amount as purchase in vat portal. What will i do....

[@malikbasit3100]

sir please make one video for travel and tourism company, how we can vat returns on Visa and ticket.

[@Emiratescagroup]

Hi Malik, thankyou for your suggestion. We will try.

[@aamirjhetam3644]

If taxable amount is less than 10k aed then what is the procedure to get tax credit if customer missed to take tax credit.

[@aamirjhetam3644]

Please let me know sir

[@kaymurthi1]

Is the pro in our GSt India

[@Emiratescagroup]

Hi @kaymurthi, In this video we are specifically talking about UAE VAT. However, if the service is received by the UAE customer and if such services includes GST in India, then the UAE customer still have to account under RCM including the GST amount.

[@rawaasalah7581]

Hello UAE accountant can any one help me
In case of zero rate supply I have to issue tax invoice?
Thank you

[@agshin10]

No if you have proofs that’s your supply is really 0%.

[@dforyou-informativetipstra9012]

Helpful🙏

[@mohammadrajjak2196]

Sir I have good knowledge about vat and I want to a job in Dubai.
I am giving my services in an tax consultant firm

[@mohammadrajjak2196]

Kindly help me for searching a job