Author: Priyadarshini Balamurugan

Published on: 07 Nov 2022

VAT Services

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tax consultant in dubai

Having the best tax consultant helps your business financially. Tax consultants assist businesses and individuals in understanding and managing a country's taxation system. 

UAE's Tax Consultancy Services helps you prepare, analyze, file tax returns, and pay taxes. To avail of all these services, you must seek an appropriate business tax consultant with knowledge of corporate tax returns for businesses based in Dubai. 

A top-notch consultant should have experience working with UAE-based companies and expertise in multinational corporations with locations throughout Europe and Asia. 

Finding the best tax consultant in Dubai who is familiar with your industry and business location can guarantee that you receive excellent advice from a genuinely knowledgeable person.

What to Look for While Choosing VAT Consultants in Dubai?

Value Added Tax (VAT), an indirect tax imposed on the supply of goods and services, was introduced in the UAE in January 2018 to promote economic stability, increase tax revenue, and enhance company efficiency. 

VAT is charged at a 5% rate. In the UAE, businesses must register for VAT if the value of their taxable income exceeds AED 375,000 in the last 12 months or is expected to do so in the upcoming 30 days. If exports and imports exceed AED 187,500, voluntary registration is allowed.

One year after the successful implementation of VAT in the UAE, the system has produced some challenges for UAE businesses in the form of increased costs in addition to the purchase orders with installation and effects on cash flows. However, it promised to replace old accounting systems and boost operational effectiveness to guarantee long-term benefits. 

VAT consultancy services in Dubai, UAE  in Dubai, UAE support businesses nationwide in achieving compliance and efficiency. Competent VAT advisors have the skills and knowledge necessary to help businesses through these difficulties.

Best way to choose a tax consultant in Dubai

Companies may look forward to various benefits and ultimately accomplish their business goals and growth by selecting the best VAT consultants. Since the GCC (Gulf Cooperation Council) has just implemented a tax system for the first time, any organization needs the assistance of qualified VAT consultants. There are a few things to think about, which are listed below, that will assist businesses in choosing the ideal consultant for their needs.

Through Referrals

Referrals are one of the simplest and most direct ways to identify the best tax consultant firm for your company.

Typically, you can question your coworkers who have ever filed tax returns or resolved financial issues in Dubai. However, the vast and prestigious information you might get from your coworkers may surprise you.

So that you may find the appropriate consultant to work with in Dubai, you can use their tax advisors as a guide. Referrals are a fantastic method because you receive comments and advice from others who have utilized that business.

Meet the Tax Consultant Company in Person

Meeting a specialist in person is yet another fantastic method. As a result, you can schedule a meeting with the tax firm you want to deal with for your company.

You may learn a lot about people when you meet them in person, including how effective they are at connecting with their clients, whether they have empathy for their clients, etc.

Similar to how you might evaluate their level of experience by asking all the questions you need to concerning your financial difficulties at this time.

Experience and Professionalism of the Company

When it comes to financial matters, you wouldn't want to work with experts with just a few months' expertise in the industry. Financial business concerns are extremely important in any firm. Any mistake could result in an unimaginable loss for the entire company.

Therefore, you should work with knowledgeable and qualified tax agents in Dubai to avoid such obvious problems. You can examine their credentials and determine whether or not they are eligible to manage the financial records of your business.

Ask Relevant Questions Concerning Tax

You might ask the tax consultant some of the following important questions given below,.

  • Their level of involvement in the entire process
  • Their extent of experience in this industry
  • The project's overall duration.

Asking them various questions can help you learn more about who they are regarding reliability and other forms of credibility in their line of work.

Don’t Stop; Continue Searching

It will be up to you to decide whether to give up or keep seeking a more knowledgeable corporate tax consultant for your company.

Therefore, this will depend on the amount of education and other critical credibilities of the existing tax counselor. But it's always important to secretly search for a consultant who suits your needs.

How do tax consultants bring added value to the business?

A better approach that makes a company or individual aware of the country's current tax policies is choosing a tax consultant. Tax experts assist with the formulation of tax accounting. They provide value to your company by: - 

  • Weighing the advantages and disadvantages of your organizational structure.
  • Assisting you in choosing the appropriate VAT schemes, voluntary or required.
  • By employing effective tactics, increasing profitability, and lowering costs.
  • Reducing your tax liability by staying current on tax laws.
  • Time and money-saving bookkeeping training that is done correctly.
  • Creating performance assessments based on metrics to identify market trends.

Food For the Thought Regarding Tax Consulting Company

The best resource a company may use is a tax consultant in Dubai. A tax consultant will often assist you with your financial documentation, filing, and business tax returns. 

As a result, you need to consider selecting the ideal consultant to assist you in optimizing your financial operations.

However, we at Jaxa know how challenging it may be to choose the ideal VAT consultant. Therefore, you can contact us for assistance, or you can think about the ideas we discussed previously.

Professional and Trustworthy Chartered Accountancy firm in Dubai

JAXA Chartered Accountants will assist you in all financial fields such as Accounting, Audit and Assurance and Value Added Tax. Contact our Experts Now and start working towards growing your business.