Catching up on old books
My books are 18 months behind and the Corporate Tax return is due. What should I do?
The situation
You need complete records to file a correct return, and the return deadline does not move. Catch-up bookkeeping is common but should start now.
The law
- Art 56, Federal Decree-Law 47 of 2022: Records supporting the return must be kept
- Art 53, Federal Decree-Law 47 of 2022: Return due within 9 months of year end
What it means for you
Market guides price backlog work for small businesses at about AED 1,500 to 4,000 per month of backlog. Example: 18 months could cost AED 27,000 to 72,000 at those rates, but simple businesses cost less. Start with bank statements and sales invoices, which drive most figures.
What to do
- Collect all bank statements.
- Gather sales and purchase invoices.
- Rebuild month by month.
- File the return on time with the best figures, then correct if needed.
We can do this for youBookkeeping, accounting standards and audited financial statements: what the FTA, free zones and banks require: AED 800