Corporate tax and IFRS statements
Corporate tax starts from your accounts, not from a form. Kept prepares your financial statements first and works out the tax from them. That way your statements and your tax figures always tell the same story.
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From your books, Kept prepares the balance sheet (what the business owns and owes), the profit and loss, the statement of changes in the owners' stake and the cash flow statement, in the format of IFRS for SMEs (the international accounting standard for smaller companies). Every line on a statement opens to show the accounts and entries behind it. If a line looks wrong, you can see why in a few clicks. The fix is an entry in your books, not an edit to the statement.
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A tax calculation built on figures that do not match your accounts is the easiest kind to challenge. When the statements come first and the tax calculation takes its starting profit from them, there is only one version of your year. If an auditor or the FTA asks where a number came from, you can follow it from the return back to the statements, from the statements to your books, and from your books to the document.
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At year end you close the period. The year's profit or loss moves into retained earnings (the profit kept in the business), and the period is locked. Nothing more can be added to a year whose statements are done. A correction found later goes into the next open period as a visible entry, and the original stays untouched.
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The tax calculation starts from the profit your statements show. Each adjustment, whether an amount is added back or taken off, is recorded with its reason. Nothing is applied silently. The rate and other figures come from Kept's current published settings, not from the code or from this site. Those settings carry dates, so earlier periods keep the rules that applied to them.
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Kept compares your revenue for the period with the revenue limit for Small Business Relief (a relief for smaller businesses under UAE corporate tax) held in its settings. It shows you the result together with the figures it used. Choosing to claim the relief is a decision a person makes. Kept shows you what that decision rests on; it does not make it for you.
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Kept prepares the tax calculation and the figures behind it. A person checks them and files the return through the FTA's own portal, before the filing deadline for your period. Kept does not submit anything to the FTA for you, and no accountant comes with the software.
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Keep your equipment in the fixed asset register (your list of things the business owns and uses for years). Kept works out each month's depreciation (the part of their value used up) and records when an item is sold or scrapped. These entries flow into your statements and your tax calculation.
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