Tag: vat

Studying for professional qualifications while in university can offer numerous benefits and provide a head start in your career. Here are three top reasons to consider starting your professional qualification journey while still in university:

Gain a Competitive Edge: Pursuing professional qualifications alongside your university degree sets you apart from other graduates and demonstrates your commitment to professional development. It showcases your dedication to acquiring practical skills and knowledge beyond academic theory, making you more competitive in the job market. Employers often value candidates who have both academic qualifications and professional certifications, as it indicates a well-rounded skill set.

Accelerate Career Progression: Starting early on professional qualifications enables you to enter the job market with an additional credential that can fast-track your career progression. Many professional qualifications have multiple levels or stages, and by starting early, you can complete the qualification sooner and position yourself for higher-level roles at an earlier stage in your career. This can lead to greater opportunities for advancement and increased earning potential.

Practical Application of Knowledge: Professional qualifications provide practical, industry-specific knowledge that complements the theoretical concepts taught in university. By studying for professional qualifications concurrently, you can reinforce and apply what you learn in your degree program to real-world scenarios. This practical application helps you develop a deeper understanding of the subject matter and enhances your ability to solve complex problems in a professional context.

Additional advantages of starting professional qualifications while the university include building a professional network within the industry, accessing resources and support provided by professional bodies, and gaining exposure to current industry trends and practices.

It’s important to carefully consider the time and resource commitments required for both your university studies and professional qualifications. Balancing both can be demanding, so effective time management and prioritization are key.

Kaplan Professional ME is a training company in Dubai offering professional courses for CFA, CMA, ACCA, FRM and CFAB. Consult with Kaplan’s program advisors, to understand the specific qualifications that align with your career goals and how they can complement your university education.

The ICAEW CFAB (Certificate in Finance, Accounting and Business) qualification opens up various career opportunities in the field of finance, accounting, and business. While CFAB itself is a valuable qualification, it is often used as a stepping stone towards further professional development, such as pursuing the full ACA (Associate Chartered Accountant) qualification.

The ICAEW CFAB has no minimum entry requirements, making it the first step in obtaining the ICAEW BFP designation. To qualify, you must fulfill 3 key requirements: to have attained the ICAEW Certificate in Finance, Accounting, and Business (CFAB) certification, to have at least 12 months work experience in a business or finance role with proper validation of essential business skills, and to have completed ICAEW’s Ethics Learning Programme.

Here are some potential careers that individuals with CFAB can pursue:

Trainee Accountant: CFAB provides a strong foundation in accounting principles, making it suitable for entry-level positions as a trainee accountant. This role involves assisting with financial reporting, bookkeeping, budgeting, and other accounting tasks.

Financial Analyst: CFAB equips individuals with knowledge in finance, making them well-suited for roles as financial analysts. Financial analysts analyze financial data, conduct financial modeling, and provide insights to support decision-making.

Audit Assistant: CFAB covers auditing principles and practices, making it suitable for roles as audit assistants. Audit assistants work with audit teams to assess the financial statements and internal controls of organizations to ensure compliance and accuracy.

Tax Advisor: CFAB includes knowledge of taxation, making it relevant for careers in tax advisory. Tax advisors provide guidance on tax compliance, tax planning, and help individuals and businesses navigate complex tax regulations.

Financial Services: CFAB provides a broad understanding of finance and accounting concepts applicable to various roles within the financial services industry. This includes positions in banking, insurance, asset management, or financial consulting.

Business Analyst: CFAB equips individuals with a solid foundation in business principles, making them suitable for roles as business analysts. Business analysts analyze business processes, identify areas for improvement, and recommend solutions to enhance efficiency and profitability.

Management Accountant: CFAB covers management accounting concepts, which can lead to careers as management accountants. Management accountants provide financial analysis, budgeting, and cost management support to help organizations make informed decisions.

Financial Controller: CFAB provides a strong understanding of financial reporting, making it relevant for roles as financial controllers. Financial controllers oversee the financial operations of an organization, including financial reporting, budgeting, and financial analysis.

It’s important to note that while CFAB provides a solid foundation, professional experience and further qualifications, such as the ACA, often enhance career progression opportunities. Additionally, career paths can vary depending on individual interests, industry preferences, and the specific roles and responsibilities available within organizations.

At Kaplan we offer CFAB training with a unique and affordable study option giving you flexibility to study at your own pace. The product is built to  help you cover the entire syllabus through  pre-recorded videos, focused study materials and tutor support through live questions solving sessions to help you hit the right milestones. Contact us  to study with Kaplan is the leading global publisher of financial and accounting study material for hundreds and thousands of students and business professionals around the world.

Financial modeling plays a crucial role in the finance and accounting industry by providing a structured approach to analyzing and evaluating financial data. Here are some key uses of financial modeling in this industry:

Financial Planning and Forecasting: Financial models are used to develop budgets, forecasts, and financial plans for businesses. They help in projecting future revenues, expenses, cash flows, and profitability based on various assumptions. Financial modeling allows companies to assess their financial performance and make informed decisions regarding resource allocation, investment planning, and growth strategies.

Valuation Analysis: Financial models are used for company valuation, mergers and acquisitions, and investment analysis. By utilizing discounted cash flow (DCF) techniques, financial models estimate the present value of future cash flows to determine the intrinsic value of a business or an investment opportunity. Valuation models assist in assessing the fair value of assets, determining the attractiveness of investment options, and supporting decision-making in areas such as buying or selling a company, raising capital, or making strategic investments.

Capital Budgeting and Investment Decisions: Financial models aid in evaluating capital investment projects by analyzing the potential cash flows, return on investment (ROI), payback period, net present value (NPV), and internal rate of return (IRR). These models help in assessing the financial viability of investment opportunities, identifying the most profitable projects, and optimizing the allocation of financial resources.

Risk Assessment and Sensitivity Analysis: Financial models enable the assessment of various risks and their potential impact on business performance. Sensitivity analysis is used to measure the effects of changes in key variables, such as interest rates, exchange rates, or commodity prices, on financial outcomes. This helps in identifying potential vulnerabilities, assessing risk exposure, and developing risk mitigation strategies.

Financial Statement Analysis: Financial models assist in analyzing and interpreting financial statements to gain insights into a company’s financial health, profitability, liquidity, and solvency. These models calculate financial ratios, such as profitability ratios, liquidity ratios, and leverage ratios, and provide a comprehensive view of a company’s performance. Financial statement analysis using models helps stakeholders make informed decisions, such as investing in a company, extending credit, or assessing the creditworthiness of suppliers or customers.

Scenario Planning and Decision Support: Financial models allow for scenario planning and “what-if” analysis. By adjusting key assumptions and variables, such as sales growth rates, cost structures, or pricing strategies, financial models help businesses evaluate different scenarios and assess their potential impact on financial outcomes. This aids in decision-making, strategy formulation, and risk management.

Reporting and Presentations: Financial models assist in creating reports and presentations that effectively communicate financial analysis, forecasts, and recommendations to stakeholders, such as management, investors, and lenders. Models provide visual representations of financial data through charts, graphs, and dashboards, enhancing the clarity and impact of financial information.

Financial modeling is a powerful tool that helps finance and accounting professionals make informed decisions, evaluate performance, and communicate financial information effectively. It enables organizations to optimize financial outcomes, manage risks, and drive strategic decision-making. At Kaplan you can earn a certification in financial modelling from FMI institute, to know more about it, contact us today!

Professionals working in accounting and finance roles, such as accountants, financial analysts, auditors, financial controllers, and CFOs, can benefit from studying IFRS. The specialized knowledge gained through the diploma program provides them with a competitive edge in understanding and applying IFRS effectively, as well as opening up various career opportunities in the field of accounting, finance, and auditing. Here are some potential roles that individuals with an IFRS diploma could pursue:

Financial accountants are responsible for preparing and analyzing financial statements according to IFRS. They ensure compliance with the standards, reconcile accounts, and provide accurate and reliable financial information to stakeholders.

Financial controllers oversee the financial operations of an organization, including the implementation and maintenance of IFRS compliance. They monitor financial performance, manage financial risks, and ensure the integrity and accuracy of financial reporting.

Financial analysts analyze financial data and assess the financial performance of companies. They use IFRS-compliant financial statements to evaluate investment opportunities, conduct financial modeling, and provide recommendations for decision making.

Auditing and Assurance Professionals: Individuals involved in auditing and assurance services, including auditors, internal auditors, and risk managers, can study IFRS to enhance their knowledge of financial reporting standards. It enables them to effectively assess compliance, perform financial statement audits, and provide assurance on the financial statements of organizations.

Financial Consultants: Financial consultants provide expert advice on various financial matters, including accounting, financial reporting, and regulatory compliance. Knowledge of IFRS enables them to guide clients in implementing and interpreting the standards to meet their specific business requirements.

Investors and Analysts: Investors, analysts, and individuals involved in the financial markets can study IFRS to enhance their ability to evaluate and analyze financial statements. It helps them assess the financial performance, position, and risks of companies and make informed investment decisions

Regulatory and Standard-Setting Bodies: Professionals working in regulatory bodies, standard-setting organizations, and government agencies involved in accounting and financial regulation can study IFRS. It allows them to have a comprehensive understanding of international accounting standards and contribute to the development, implementation, and enforcement of financial reporting regulations.

Business Owners and Managers: Business owners, entrepreneurs, and managers can benefit from studying IFRS to understand the financial reporting requirements and implications for their organizations. It enables them to interpret and analyze financial statements, make informed business decisions, and ensure compliance with accounting standards.

Studying IFRS can be beneficial for anyone interested in the field of accounting, finance, or auditing, regardless of their specific role or career stage. It provides a comprehensive understanding of international accounting principles and practices, which have become increasingly important in the global business environment.

At Kaplan we provide a Certified Diploma in IFRS which covers a comprehensive syllabus of IFRS, with practical case studies to give you a   deep understanding of the principles and applications of IFRS. Inquire with our program advisers to know more.

All the registered business are required to file a VAT return furnishing the details of sales, purchases output VAT and input VAT paid during the tax period. Here, the output VAT is the amount which is collected on sales and Input VAT is the amount which is paid to the supplier towards purchases/expenses. The eligible input VAT amount will be allowed to be adjusted with the output VAT amount. After adjusting the output VAT and Input VAT, the result will lead to one of the following situations.

• VAT Payable: If output VAT amount is higher than the Input VAT, the balance will be VAT payable which needs to be paid to FTA.
• VAT Refundable: If output VAT is lesser than the input VAT amount, the excess balance will be VAT refundable.

If you have excess input VAT, an option will be available on the VAT Return to request a refund. The following are the steps to submit VAT refund form ‘VAT311’:

1. Login to FTA e-Services Portal using your username and password

2. To access the refund form, navigate to the ‘VAT’ tab and then to the ‘VAT Refunds’ tab

3. Click ‘VAT Refund Request’

4. On clicking ‘VAT Refund Request’, the refund form will open. Fill the details in all the applicable fields. Mandatory fields are mandatorily to be completed to submit the Refund Form. Most of the details are auto populated. The following are the fields available in the VAT refund form 311:

• TRN, Legal name of entity (English) etc.: This section is auto populated based on the information contained in your account user profile. It is therefore very important that the information contained in your profile is both correct and accurate. Please check it before completing the refund form
• Total amount of Excess Refundable Tax (AED): This field is auto populated based on the excess refundable tax reported in the last VAT returns less administration penalties due (except for the late registration penalty which is shown separately)
• The amount you wish to have refunded (AED): Please enter the amount you wish to have refunded here. This amount must be equal to or less than the ‘Total amount of Excess Refundable Tax’
• Remaining amount of eligible Excess Refundable Tax: This field is auto populated and represents the remaining amount of excess refundable tax which you may apply for a refund in the future.
• Late registration penalty amount (in AED) : This field is auto-populated depending on whether you have a penalty imposed and have settled the late registration penalty for VAT or not.

5. Authorized Signatory and Declaration: Authorized signatory will be auto populated, and you need to tick the declaration before submitting

6. Once you complete the form, click on the ‘Submit’ button.

The refund form will be processed as per the FTA process. You will receive an email notification from the FTA on the result of your application. Once your claim is approved, the amount will be refunded. You will receive a confirmation email of the refund and you may check your balance in ‘My Payment’ tab -> Transaction History section displaying the amount refunded.

If you are interested in gaining a Certified Diploma in VAT for the Middle East region, then Kaplan Professional Middle East is here to help you achieve it with the support of the industry’s leading taxation trainers.

The ICAEW CFAB (Certificate in Finance, Accounting and Business) is a globally recognized qualification offered by the Institute of Chartered Accountants in England and Wales (ICAEW). It provides a solid foundation in finance, accounting, and business principles, equipping individuals with essential knowledge and skills for a career in accounting and finance.

Completing the CFAB can offer several benefits:

Entry Point to the Accounting Profession: CFAB serves as an entry point to the accounting profession, providing a comprehensive understanding of fundamental accounting concepts and practices. It lays the groundwork for further professional development and progression.

Recognized Qualification: CFAB is widely recognized and respected by employers and professional bodies worldwide. It demonstrates a strong knowledge base and commitment to professional development in the field of finance and accounting.

Exemptions and Pathways: Successful completion of CFAB provides exemptions from certain modules of the ICAEW’s ACA (Associate Chartered Accountant) qualification. This allows CFAB graduates to fast-track their progress towards achieving full chartered accountant status.

Flexibility and Versatility: CFAB offers flexibility in terms of study options and allows individuals to balance their studies with work commitments. It covers essential areas of accounting, finance, and business, providing a broad foundation applicable to various roles and sectors.

Professional Network and Support: Pursuing CFAB allows individuals to connect with a professional network of ICAEW members and gain access to valuable resources and support. This network can offer mentorship, career guidance, and networking opportunities.

While CFAB is a valuable qualification on its own, many individuals use it as a stepping stone towards completing the full ACA qualification, which leads to becoming a chartered accountant. The ACA builds upon the CFAB knowledge and covers advanced topics and practical experience requirements.

It’s important to note that specific requirements and pathways may vary based on the jurisdiction and professional accounting body you aim to be associated with. Therefore, it’s advisable to research and understand the requirements of the specific chartered accountancy program or professional body you intend to pursue.

At Kaplan we offer CFAB training with a unique and affordable study option giving you flexibility to study at your own pace. The product is built to  help you cover the entire syllabus through  pre-recorded videos, focused study materials and tutor support through live questions solving sessions to help you hit the right milestones. Contact us  to study with Kaplan is the leading global publisher of financial and accounting study material for hundreds and thousands of students and business professionals around the world.

The ICAEW CFAB (Certificate in Finance, Accounting and Business) and ACA (Associate Chartered Accountant) are both qualifications offered by the Institute of Chartered Accountants in England and Wales (ICAEW). ICAEW CFAB is the same syllabus content as the first six modules of our world-leading chartered accountancy qualification, the ACA. You can study ICAEW CFAB as a stand-alone qualification or as a possible stepping stone to the ACA qualification.

Let’s look at studying ICAEW CFAB as a stand-alone qualification or as a possible stepping stone to the ACA qualification.

Level of Qualification:

CFAB: CFAB is an entry-level qualification that provides a foundational understanding of finance, accounting, and business principles. It is designed for individuals who want to gain essential knowledge in these areas but may not necessarily pursue a full chartered accountancy career.

ACA: ACA is an advanced professional qualification that leads to the title of “Chartered Accountant.” It is a comprehensive and rigorous qualification that encompasses in-depth technical knowledge, practical experience, and professional ethics. ACA is suitable for individuals aiming to become chartered accountants and pursue senior roles in finance and accounting.

Credentials:

CFAB: Upon completing ICAEW CFAB and the work experience, you are awarded the BFP designation.

ACA: Upon completing ACA and the required accounting work, candidates will be eligible to become ICAEW Chartered Accountants.

Content and Focus:

CFAB: CFAB covers a broad range of fundamental topics in finance, accounting, and business. It provides a comprehensive understanding of key principles in these areas but does not delve into the same level of detail and complexity as the ACA.

ACA: The ACA qualification is comprehensive and detailed, covering advanced technical knowledge across various areas such as financial accounting, management accounting, taxation, audit, business strategy, and financial management. It integrates modular assessments with practical work experience, a professional development programme and ethics training.

Length and Complexity:

CFAB: CFAB is shorter in duration compared to the ACA. The CFAB modules can typically be completed within one to two years, depending on individual study pace and commitments.

ACA: The ACA qualification is more extensive and typically takes three to five years to complete, including practical work experience. It involves passing a series of exams, completing a structured training program, and meeting practical experience requirements.

Career Opportunities:

CFAB: CFAB can open doors to entry-level positions in finance, accounting, and related fields. It provides a solid foundation for roles such as trainee accountants, financial analysts, or entry-level finance positions.

ACA: ACA is a prestigious qualification that enhances career prospects and can lead to senior positions in finance, accounting, and business. Chartered accountants with ACA accreditation often pursue careers as auditors, financial controllers, finance directors, consultants, or even move into leadership roles within organizations.

The decision between CFAB and ACA depends on the individual’s career goals, level of commitment, and aspirations within the finance and accounting profession.

At Kaplan we offer CFAB training with a unique and affordable study option giving you flexibility to study at your own pace. The product is built to  help you cover the entire syllabus through  pre-recorded videos, focused study materials and tutor support through live questions solving sessions to help you hit the right milestones. Contact us  to study with Kaplan is the leading global publisher of financial and accounting study material for hundreds and thousands of students and business professionals around the world.