Bookkeeping Services For Real Estate In Dubai

Bookkeeping Services For Real Estate in Dubai

Posted By:

Taixoor

Bookkeeping services for real estate in Dubai are important to navigate accurate financial records thru complexities with being compliant with local regulations. It’s very essential for property owner, real estate agent, or property management company to seek professional bookkeeping assistance to streamline its business operations and Mubarak Alketbi Chartered Accountants can provide you with that.

Below are some of the bookkeeping services in real estate in Dubai may include:

Key Services Offered:

Accounting for Property Transactions:
- Rental income, purchases and sales recording.
- Escrow accounts, leasing agreements and deposit management.
Financial Statement Preparation:
- Preparing profit & loss statements, balance sheets, and cash flow reports. Cash flow reports, balance sheet, and profit loss statements preparation.
- Timely stakeholder financial reports.
VAT Compliance:
- Since 2018 real estate business need to adheres to the VAT laws in UAE- 5% rate is applicable on most transaction, bookkeeping helps ensure compliance.
- And, it follows the filing of VAT returns that requires expert advice.
Tenant Rent Management:
- Proper record of rental payments, due dates and arrears for traceability.
- Proper invoicing and security deposit management.
Property Expense Management:
- Track records of maintenance, repair, and operational costs are securely documented and kept.
- Utility payment, insurance, and other property- related expenses regular monitoring.

Budgeting & Forecasting:
- Providing property management, and financial forecasts for rental income that can help the business thrive in a dynamic UAE Tax regulation.
- To have a future capital expenditures or acquisitions.
Audit and Tax Filing Support:
- Tax advisory assistance with any required filings navigating real estate-specific tax deductions.
- Audit preparation support and compliance.
Bookkeeping Software Integration:
- Cloud-based accounting software like Zoho, QuickBooks, Zero or any specialized real estate accounting software set up and management.
- Providing more efficient management by ensuring accurate data and automated processes.

Benefits of Real Estate Bookkeeping in Dubai:

Compliance: Dubai’s real estate market is highly regulated, and proper bookkeeping ensures compliance with financial reporting standards and tax regulations.
Transparency: Proper financial records provide transparency and can help build trust with clients, investors, and regulatory bodies.
Time & Cost Efficiency: Professional services save time and reduce the risk of costly errors.
Informed Decision Making: Accurate financial data helps real estate businesses make informed investment and operational decisions.

Finding a Bookkeeping Service Provider in Dubai:

Many accounting firms in Dubai specialize in real estate businesses.
You can look for firms that are familiar with the UAE’s property laws and tax regulations.
Consider working with a provider that offers tailored solutions for real estate companies, including property management firms and developers.

Embrace professional bookkeeping services today and ensure accurate real estate financial transactions.

Frequently Asked Questions

Why do real estate businesses in Dubai need bookkeeping services?

Bookkeeping ensures accurate recording of financial transactions, complying with UAE tax laws. It helps businesses track income, expenses, and taxes, supporting informed decisions and financial transparency.

Why do real estate businesses in Dubai need bookkeeping services?

How do bookkeeping services for real estate differ from regular bookkeeping?

Real estate bookkeeping requires expertise in property transactions, including rental income,
expenses and capital gains. It also involves managing tenants’ payment, property portfolios, and UAE tax issues like VAT

How often should I update my bookkeeping records?

Bookkeeping should be updated monthly, though this may vary based on business size and complexity. Property management firms with many tenants may require more frequent updates.

When did the UAE introduce Corporate Tax?

The UAE introduced Corporate Tax starting on or after June 1, 2023, for businesses operating within the country.

What is the corporate tax rate in the UAE?

The corporate tax rate in the UAE is 9% for companies, but businesses earning less than 375,000 AED pay 0%.

Do business branches in the UAE need to file separate tax returns ?

No, business branches in the UAE do not file separate tax returns. The parent company files one return that includes all its branches.

What is Group Relief under UAE Corporate Tax?

Group relief allows a parent company and its child companies to form a tax group. Losses in one company can be used to lower the tax of another company in the same group.

What is Restructuring Relief under UAE Corporate Tax?

Restructuring relief lets businesses delay taxes when trading parts of a company for shares in another company, helping during mergers or spin-offs without paying immediate tax.