How To Find The Right Tax Advisor For Your Business In Dubai?
Who is a tax advisor?
A tax advisor is a person who has complete knowledge about the tax laws prevailing in the state and helps its clients to file tax returns on time. He always ensures that the firms or clients always adhere with the tax laws and manages to pay the taxes on due time. A competent and qualified tax advisor protects the firm from paying high penalties charged by the tax authorities due to delay in filing tax returns
How can you select the right tax advisor?
All firms must take adequate measures to find a right tax advisor, because choosing a tax advisor aids the firm in many ways. The firm must conduct a thorough research regarding tax advisors and must make sure that the selected entity will be able to fulfill the expectations of the firm. Some of the points that must be kept in mind before selecting a tax advisor are as follows:
- The firm must select those advisors who have complete knowledge regarding the tax laws prevailing in the state so that they can ensure that the firm complies with all the laws and ensure that the firm needn't pay the penalties. In the case of Dubai, the tax advisor must have thorough knowledge regarding the UAE VAT law and the import and export activities.
- The tax advisor must have all the required qualifications and experience, and these qualifications must be strictly verified by the firm who is planning to hire the tax advisor. It is one of the best courses to choose the licensed tax advisors for the firm.
- It is not an easy task to select an appropriate tax advisor, so the firm must not make any kind of rush while choosing a tax advisor, or otherwise it will cost a lot in future.
- The tax advisor so selected must have the knowledge regarding all the accounting and auditing tasks conducted so that he can have a clear picture of the activities performed by the firm and the effects of tax on such activities, by which he can come up with the required strategies so that the firm can reduce the costs, tax and avoid penalties.
- Before selecting a tax advisor, the firm must acquire feedback regarding the tax advisor from the former clients of the said tax advisor, so that the firm will know the potential and ability of the tax advisor. In fact the firm must do a deep background check and examine whether the tax advisor will fulfill the expectations or not.
- One main factor which is to be kept in mind before selecting the tax advisor is to assess the financial ability of the firm. If the firm has adequate finance at disposal then the firm can choose according to it. In other words the firm must choose a tax advisor according to the budget of the firm.
- The tax advisor must be aware of every slight changes brought in the tax laws and it must be communicated to the higher authorities of the firm, so that the firm can tackle those changes comfortably.
- The firm must ensure that the tax advisor is loyal to the firm and is trustworthy. He must not indulge in any kind of fraudulent activities. He must treat all information of the firm as confidential.
- Before selecting a tax advisor the firm must make a list of available tax advisors and compare the potential, services, goodwill and cost of each tax advisor and select the best one out of it on the basis of the requirements.
- The firm must not be taken away by the recommendations made by other parties or the goodwill of the tax advisor. The firm must select the tax advisor by assessing and evaluating him/her, also by screening the methods and techniques which they use.
- The tax advisor must be able to deal with the complexity of the business and he must be able to solve those complex cases in an efficient manner.
- Some key qualities that a tax advisor must have are :
- He must be passionate regarding the reduction of taxes
- He must utilize every law as an opportunity
- Concentrates on tax savings
- Concerns more about the firm than himself
- Asks question to know more about a particular situation
Need for selecting a right tax advisor
Always remember that a good tax advisor is like a professional car mechanic and never let them go, when you get one of them. As a car mechanic, the tax advisors also provide their services whenever required and they may be loyal to their clients. Every firm is compelled to follow the tax laws of the land in which it carries out the business activities. Sometimes it becomes challenging to keep complete knowledge of the tax laws and to file the tax returns on time because already the firms indulge in many such tasks which require high potential and efforts such as planning, organizing and controlling etc. which makes it difficult for the firm to concentrate on tax laws and related aspects too. In such scenarios a tax advisor plays his vital role by providing adequate services related to the tax laws and notifying the firm to remit the tax on time before the due time. By choosing an appropriate tax advisor the firm can reduce its costs and also achieve its goals in an effective manner. A qualified and experienced tax advisor will always foresee the changes in tax laws and will help to make required changes in the policies of the firm so that many future threats can be avoided.
How can CDA help?
CDA is a well-known accounting firm in Dubai, UAE. Our highly dedicated and sincere team is ready to assist the clients at any time regarding their queries and needs about accounting services, book-keeping, VAT registration, tax consultancy, bad-debts accounting, and auditing. We provide well experienced and professionalized experts dealing with all the requirements of the clientele so that the clients receive what they expect in a personalized manner.