Lisa Martin, a Dubai-based accountant from The Counting House, says those who will feel the most pain from the introduction of VAT will be small business owners “who have to start accounting properly, perhaps for the first time, and who will need to seek outside help to ensure they are VAT complaint.”
Ms Martin estimates the cost of a fully VAT compliant, cloud-based accounting system to be approximately Dh60 per month. “Setting up the accounting system costs in the region of Dh3,000 for a simple business, and ongoing accounting and VAT compliance will cost around Dh1,500 per month,” she says. “These are obviously estimated and are based on a simple business - the more transactions that a business has, the higher the cost.”
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Read more:
UAE residents cut back ahead of VAT introduction
Federal Tax Authority urges business to register for VAT
Lots of positives from the VAT draft regulation, but challenges remain
'Don’t stress about VAT in the UAE - it’s not complicated at all'
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Small business owner Faisal Ashraf, of Al Shakline AC, is concerned about the impact of VAT on the future of his air conditioning business in Abu Dhabi, which is already struggling because payments from contractors and clients are often late. “This is really hurting us very badly,” he says. “We complete the job but we don’t get payments on time. The delay goes on for months and sometimes we don’t get anything at all.”
But not all small business owners are worried.
Mita Srinivasan, an Indian in Dubai who runs the communications company Market Buzz International, says VAT will not hugely impact her business, since most of her invoicing is international.
“Only for some of our services where we outsource elements like photography and freelance writers would we incur these charges, and in most cases we would pass it on to our clients,” she says.
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
More from Rashmee Roshan Lall
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence