Tax Consultants in Dubai | Responsibilities of a Tax Consultant!

Tax Consultants in Dubai: Tax consultant assist the companies to deal with the issues on tax matters and resolve it with the Federal Tax Authority (FTA). By appointing a tax consultant, a company can get the following benefits:

  • Compliances with relevant laws and regulations can be ensured by Tax consultants to avoid penalties by FTA.
  • Tax consultant can represent the company in front of FTA when an assessment notice or tax audit requirements arise.
  • Tax consultant keeps on updating himself on the latest updates in the law and therefore can assist a company in avoiding legal compulsion by ensuring timely compliance with new provisions of the law.
  • Tax consultants can perform better tax planning that could result in legitimate tax savings.
  • Communication barriers and coordination issues can easily be handled by a tax Consultant to deal with FTA.

What are the responsibilities of a tax consultant?

Tax consultant is shouldered with number of responsibilities that are listed below:

  • Preparation and Filing of Tax Returns
  •  Represent their clients in FTA audits and arrange or prepare all records required for tax audits and assessments.
  •  Respond to FTA served notices on observations noted during their tax audit.
  • To maintain relevant tax records in compliance with tax laws.
  • Liaison with FTA on tax-related matters
  • Stay updated on the tax guidelines or amendments and explore new ways to meet the changing tax-related needs of their clients.
  • Remain abreast with in-depth knowledge of specific matters including custom duty, excise duty, taxation for free-zone and designated free-zone, and apply that knowledge and understanding to tax related matters of their clients.
  • Conduct comprehensive tax planning and offer advice to their clients on issues to ensure compliances in order to avoid penalties on non-compliance with the Tax law and related regulations.
  • Conduct health checks by reviewing the internal controls and procedures, including a review of documentation.
  • Training of their client’s in-house personnel to keep up to date with the Tax related developments.

Final Thoughts

Keeping regard to this responsible position, a reliable Tax consultant is strong pillar of your organization to secure your tax matters, savings and compliances.

Also Check —>> tax consultant in uae

Adepts Chartered Accountants is having a team of competent professional resources having capacity to be your reliable tax advisors. 

Tax Consultant in UAE | 4 Signs Indicating you Need a Consultant!

Tax Consultant in UAE: As reliable tax consultant, we recommend our clients to hire experienced tax practitioners for filing tax Returns. Ensuring tax compliances is not simple task especially for in-experienced person who does not possess the required knowledge.

Tax Consultant in UAE

For such person, ensuring tax compliances tends to be challenging and difficult to comprehend complexities involved. Hence, entrepreneurs should consult with tax practitioners to deal with their tax matters.

Signs to hire a tax consultant

Hiring an experienced and knowledgeable tax consultant is better to ensure Tax Returns filing and ensuring pertinent law and regulations compliances, than to deal with tax matters just on the basis of book knowledge.

Maintain genuine records of business activities and translating them into tax compliance matters will assist you to avoid unwanted situation of non-compliances and consequential penalties.

Also Check —>> auditing companies in dubai

But, when must you hire tax practitioner? We have listed some signs below that necessitate to hire a tax consultant for your business.

  1. Improper tax calculations- Where you expect or find errors in any of your Tax Returns filing, then it is right time for you to appoint a tax consultant. It’s worth the effort to recruit an expert if you need proper monitoring of your business taxation activities. This way, you will reduce the risk of incorrect Tax Returns filing and improper dealing with tax matters proactively.
  2. Accumulated profits- There are chances that you have a significant accumulated profits on which tax on sales and expenses is not calculated completely. In such a case, it is more appropriate to consult with tax expert to evaluate your tax compliance status.
  3. Change in company status- Where your company’s legal status or location is changed, your tax recording will be impacted. Entrepreneurs ought to consider a tax specialist to know about their current tax requirements. Each of such circumstances is unique, so it’s helpful to consult with an expert to know his point of view on your business from tax perspective.
  4. Started a new business- Startup businesses are more prone to errors and omissions resulting in fines that could be very crucial for business survival being in initial phases of business cycle. As starters, it is inevitable to counter with issues that you might thought as going well, but in factual may not, which you could not identify yourself until you obtain an opinion of tax expert. It is crucial to establish and maintain your business on the right track relating to taxation matters.