Tax consultants in Dubai. By appointing a tax consultant, a company can benefit from:
- Tax consultants can ensure compliance with relevant laws and regulations to avoid penalties from the FTA.
- A tax advisor can represent the company before the FTA in the event of a tax assessment notice or tax audit requirement.
- A tax adviser keeps up-to-date with the latest changes in the law and can therefore help a company avoid legal enforcement by ensuring timely compliance with new legal provisions.
- Tax advisers can carry out better tax planning, which can lead to legitimate tax savings.
- A tax adviser can easily deal with communication obstacles and coordination issues to deal with FTA-related issues.
What are the duties of a tax adviser?
A tax adviser has a number of responsibilities, listed below:
- Preparation and submission of tax returns
- Representing clients in FTA audits and organizing or preparing all documents required for tax audits and assessments.
- Respond to notifications submitted to the FTA regarding observations identified during tax audits.
- Maintain relevant tax records in accordance with tax legislation.
- Liaise with the FTA on tax-related matters.
- Keep abreast of the latest tax guidelines or amendments and seek new ways to meet the changing tax-related needs of clients.
- Continuously keep abreast of in-depth knowledge on specific issues including customs duty, excise duty, taxation in free zones and designated free zones, and apply this knowledge and understanding to tax-related client issues.
- Undertake comprehensive tax planning and advise clients on compliance issues to avoid penalties for non-compliance with tax laws and related regulations.
- Conduct health checks, reviewing internal controls and procedures, including review of documentation.
- Train clients’ internal staff to keep them abreast of the latest tax-related changes.
Given this position of responsibility, a trusted tax advisor is a strong pillar of your organization to ensure your tax issues, savings, and compliance.
BestaxCA has a team of competent professional resources that can be your trusted tax advisors.
4 signs that you need an advisor!
As a trusted tax adviser, we recommend that our clients hire experienced tax professionals to complete their tax returns. Ensuring tax compliance is not an easy task, especially for an inexperienced person who does not have the necessary knowledge.
Tax consultant in the UAE
For such a person, ensuring tax compliance tends to be complex, and difficult to understand the complexities. Entrepreneurs should therefore consult tax professionals to deal with tax issues.
Signs to hire a tax consultant
Hiring an experienced and knowledgeable tax advisor is a better option to ensure tax returns are filed and relevant laws and regulations are complied with than dealing with tax issues based on accounting knowledge alone.
Keeping a true record of your business and reflecting it in tax compliance matters will help you avoid unwanted non-compliance situations and the resulting penalties.
But when do you need to hire a tax specialist? Below we have listed some of the signs that make hiring a tax advisor for your business a good idea.
Incorrect tax calculations – If you expect or discover errors in any of your tax returns, this is the time when you need to appoint a tax advisor. It is worth the effort to hire an expert if you need to properly monitor your company’s tax activities. This way you will reduce the risk of filing incorrect tax returns and proactively addressing tax issues.
Accumulated profits – chances are that you have accumulated significant profits on which tax on sales and expenses has not been fully calculated. In this case, it is more appropriate to consult a tax expert to assess your tax compliance status.
Change of company status – If the legal status or location of your company changes, this will affect your tax accounting. Entrepreneurs should consider contacting a tax professional to find out about their current tax requirements. Each of these circumstances is unique, so it is a good idea to consult an expert to get their opinion on your business from a tax perspective.
If you are starting a new business –start-ups are more likely to make errors and omissions which can result in penalties that can be critical to the survival of the business as it is in the early stages of the business cycle. Starting a business inevitably brings with it problems that you may think are good but may not actually be, and which you cannot identify for yourself until you get a tax expert’s opinion. It is very important to set up and keep your business on the right track in relation to tax issues.