A good tax consultant will not only help you to avoid paying heavy taxes that arise from wrong filing but can also develop a suitable strategy that can save millions over the life of your business. In this post, we shall be looking at the qualities of a good tax consultant and things to keep in mind when hiring one for your business.
The VAT was introduced in the United Arab Emirates in 2018 and if you are like most entrepreneurs and business managers in the country, you are probably still struggling to understand the implications of VAT on your business, not to talk of filing taxes and managing your accounting properly.
Unfortunately, you are not alone in this dilemma, even most people who purport to be VAT consultants or tax preparers do not know enough about taxes, not to talk of understanding a tax system that is still at its early stage.
That is why you need someone or a consulting firm that houses experienced tax consultants. Our company has been trading in tax and accounts for more than fifteen years. In addition to multiple offices in the UK and Dubai and hundreds of satisfied clients. Therefore we understand what it takes to develop a tax management plan that is tailored to meet an organization’s goals.
Like I stated earlier, the UAE tax system is still new and developing. It takes a great experience and dedication, to deliver the most effective and efficient work avoiding fines while making it work in the interest of our clients.
For instance, there is a section of the law that states that it is necessary for businesses to register for VAT but not all businesses are mandated to do so since there is a threshold for mandatory registration.
This may seem straightforward at a glance but it takes experience and creative thinking to know whether to go ahead and register for VAT even if your business is operating under the mandatory threshold. A lot of inexperienced VAT consultants will tell you to stay away from registering until you reach the mandatory threshold but most times the right strategy isn’t what it looks like at a glance.
Depending on the type of business that you are running, it may be advisable to go ahead with VAT registration even if your business is still growing. However, a suitable strategy can only be reached after a careful evaluation of your business.
Personable and Interest in Your Business
If a tax consultant or the representative of VAT consulting firm fails to inspire trust and confidence, please do not hire them to do your taxes. Accounting is the most important aspects of your business, so it is important that you only assign such an important task to someone or a firm that you can trust to protect your interest.
The first thing to look out for is the consultant’s attention to detail and interest in your business. Is he or she interested in getting you to pay them for their services or they are really keen on understanding your business?
Bear in mind that a tailored strategy can only be developed after the consultant has understood your business operations, your current accounting system, and your business goals. If he or she is only interested in doing the bare minimum task of filing taxes, do not hire him or her.
Knowing the qualities to look out for in a tax consultant will help you choose the right person or firm to work with. This will not only save you money, but it will also save you the stress of changing tax preparers every season.
Finding the right consultant will give you peace of mind, knowing your accounting and tax preparations are in reliable hands. This will also allow you to focus on other important aspects of running a business.
Looking to work with an experienced tax consultant in Dubai? Contact us today.