Have you ever tried to evaluate accounts such as purchase, spending, and payments on your own? If you have, then you would know the pain of how difficult it is to manage things. With tax rates changing from time to time, it is often difficult to keep yourself updated with all the rules and regulations. Especially, when there is a time where you need to declare your tax filing sheets, the situation is really bizarre to most business owners.

A VAT return is a major headache for every business and if there is a mess, the business owner likely to face huge penalties. Apparently, hiring vat consultant Dubai is probably the best solution to get rid of the vat challenges.

The best vat consultant Dubai will help you meet your business goals and can be much time-efficient. They can structure your business in the most tax proficient manner in harmony with the FTA requirement. Most of the professionals have decades of experience in the industry and are geared to face the challenges with the constantly changing tax policies.

Out of all the seasons, tax season is the most awful. If you are facing a nerve-wracking situation then read this post to know why your business needs to hire vat consultant Dubai.

Reasons to hire a VAT consultant

When the tax situation is straightforward with no hidden complications, then the tax filings can be done on your own. There are many people who have expressed their best experiences of filing taxes by themselves and found it satisfactory. However, individual VAT returns vary against the corporation or business VAT filings. Tax filings are not a simple process in a business operation rather you require huge sensitive data that has to documented properly before filing the returns.

But what is VAT?

The VAT is an abbreviation for Value Added Tax. The concept is new to the UAE and was introduced to the country in January 2018. It is a form of tax that is a new source of income to the government which can be utilized to provide high-quality public service. The standard rate of VAT is 5% and is applicable only for the residents living in that country. However, tourists can claim VAT refund by 85% when they leave out of the country.

Since VAT is more complex and tricky, there are plenty of good reasons asking for help.

• Superior, swift and hassle-free services – If your business has complex tax write-offs, then obviously you need a professional’s to help you navigate. The best vat consultant Dubai provide the clients with the best guidance on all attributes of UAE and international VAT & tax exemptions, regardless whether you run a universal business of indirect tax or an independent entrepreneur.
• Time efficient– VAT consultation is a time-consuming process and it takes hours to carry out the process. You need to dig up, check up for the records and receipts before you file VAT. It is pretty tiring and challenging, however hiring vat consultant Sharjah can save your time and you can use that quality time focusing on other aspects of your business or spend with your family.
• Less clarity on the tax- Since VAT is a newly introduced concept in UAE, still, individuals don’t have proper clarity about the process and regulations. However, the best VAT consulting companies will ensure that they gain complete knowledge of that arena and make sure that your business is on the right path. You will no longer need to spend loads of time trying to decipher the information.
• VAT Consultants have better knowledge – Basically, when you hire vat consultant Sharjah, they visit your workplace to have a better understanding of your business model and provide an effective VAT implementation plan that is in accordance with the regulation of the government irrespective of the type of business you are in.
• Reduced Risk Factors – There is a famous old adage, “Experience comes through experiment” However when it comes to business, too much of experiments can turn challenging and worsen the situation during certain scenarios. Therefore, it is often advisable to opt for a vat consultant. A successful vat consultant Dubai has the potential to mitigate taxes and contribute to the year-end reporting process.

In order to meet growing demands, many companies have already developed VAT applications that are easier to operate.  Since the taxes are introduced in the country for the first time, it can be fragile on many levels as far as compliance is concerned. Therefore while hiring vat consultant Sharjah, there are few things you need to consider.

Things to consider when hiring a VAT consultant Dubai

Following are a few tips that will help you a great deal in this regard:

• The consultant you hire should have an excellent understanding about the VAT laws– Although handling and managing VAT affairs are complicated and tricky, yet best vat consultant Dubai know inside out about their aspects and provide knowledgeable advice instantly avoiding mistakes and errors
• Know their credibility – Tax and finance are very sensitive information, so your hiring process has the utmost importance. Once you have a list of vat consultant Dubai, filter the best consultants based on their credibility in the industry. With the advancement in internet technologies, it can be easily done by determining their feedbacks and reviews on web portals.
• Look for their qualification and experience– An experienced VAT professional have increased knowledge of VAT legislation and real-world VAT know-how all over the entire business. They can provide the best advice that suits your business needs.

Bottom Line

Professional VAT consultancy services provide end to end solutions that are in harmony with FTA regulations.  Therefore, you need to keep the above-mentioned factors into consideration when hiring a VAT consultant.