Taxes are a critical source of revenue for the government of a country and thus are very important, but, the filing of charges can pose a tricky situation in front of the one who is filing taxes. If the taxes applicable to an entity are less and can be easily calculated, you can file charges and have self-satisfaction as you will be the only one who will be handling the potentially confidential data, but still, the process would take your whole day. However, if the conditions are not so favourable and the taxes are complex, then in such a case it is necessary for you to avail tax consultancy services.
With the introduction of VAT in the UAE, the businesses both local and foreign are in need of tax consultancy services. These are the services which are offered by a tax consultant or a team of tax consultants. Let’s understand what a tax consultant is and why are the services of a tax consultant required in the current times.
Who is a Tax Consultant?
A tax consultant is an entity which advises anyone about tax obligations and how to minimize these obligations. This entity is trained in the law on taxes prevailing in the country and has advanced knowledge of tax law. The tax consultant helps us to minimize the taxes that we need to pay to the government and yet remain compliant to the law. Tax consultants also act as a representative of the client before the various tax authorities and the tax courts.
As we now know who a tax consultant is, let’s move forward and know what tax consultation and its uses in UAE is.
Why Are Tax Consultancy Services Required?
Whether it is an individual or a business entity, tax consultancy services should be availed by everyone so that they can manage the taxes properly and save as much money as possible. The tax consultancy services are required because:
As you know, tax filing can take much time. It can even take weeks to get prepared for filing taxes. Finding all the documents, analysing them as to which one of them would be the required one and again checking them would take a big chunk of your time. This time could have been spent by you doing something you love or in the development of the business. A tax consultant would allow you to make use of this time and would take over all the hassles of tax and VAT filing.
2.Professional and Expert Help
A tax consultant is an expert in the tax laws of the region and will guide you and your business at every point in time. Utilizing professional help will also mean that there would be fewer mistakes and nothing would be omitted by mistake. He would also act as an extra pair of eyes and would minutely scrutinize all the documents related to accounting, cash flow etc. to find out if all the aspects have been taken care of and whether your business can increase profitability while decreasing the taxes to be paid.
With the continuous changes in the tax law, one needs to have a total understanding of all the phrases and wordings. It is not possible for a layman to understand every little nuance of the process. A tax consultant would be well-versed in the tax process and would understand all the technical jargons. Armed with this understanding, the tax consultant would ensure that you receive all the possible tax deductions.
4.Accurate and Updated Information
Any error while filing taxes could result in the discarding of the whole tax application. This is why you always need to keep yourself updated and know the rules and regulations of the current time. If you are updated, you know what duties you have to perform. A consultant would also be very knowing what to do and at what time which would help him to simplify the process and give better results to you.
When filing taxes, a tax consultant would assist you in arranging all the necessary documents so that you can file your return in the right way. This would also be helpful for the next time you would file for taxes as you will get an understanding of what documents would be required.
There are various other complementary benefits of availing the services of a tax consultant along with the ones mentioned above. All in all, the hiring of a tax consultant could be very beneficial for the business. However, if the services are not hired from a known and reputed source, it may still be bad for the business. If you are in need of tax consulting services in Dubai for your business, availing services from JAXA could prove helpful to you.
JAXA auditors are one of the best tax consultants in Dubai and will be able to assist you in filing for taxes, forming, de-registering or amending a tax group, etc. They also provide various other services which will help your business to grow such as VAT services, Accounting services, Cash Flow and Forecasting Services. If you need any information about the services provided, please contact us – we will be happy to assist you.