Thursday, 17 Oct 2019

A glimpse into VAT and taxation for your business

Are you an entrepreneur who would do all he can to pay his dues on time? That’s how every entrepreneur should be, but when it comes to paying taxes and VAT, there are a number of things that one needs to keep in mind. First of all, it is extremely important to do some basic studying on both concepts. The irony is that people are scared of taxes due to the fact that they don’t have enough knowledge about it. The moment you learn more about taxes, you will realize that you need to hire a tax consultant for calculating the tax percentage and keeping an eye on your annual tax records. On the other hand, the value added tax is something new to citizens of the UAE. Like all new things, you require to do some learning before considering yourself an expert. As far as hiring a VAT agent in Dubai is concerned, you will feel the need to hire one as soon as you learn that there is no other escape from it. Today, the government in the UAE has made the VAT a mandatory program. All businesses that fulfill the stipulations will be required to register in the program. This means that sooner or later, you will find yourself paying the VAT too, so before that happens – would it not be better to consider hiring a VAT consultant already:
Why hire consultants?
They are professionals and often experts in their respective fields. They are the reason why companies stay relevant and competitive in the market. If you happen to hire a consultant, then make sure to hire the one that knows his field inside out. Here, it is important to consider hiring VAT consultant if you have just entered in the program. Keep in mind that the VAT consultant is vastly different from those tax consultants. Truth to be told, both forms of tax root from very different programs, which is something you should keep in mind.
Do they work?
Despite the fact that the VAT program is relatively new in the UAE, the program is well on its way and companies are listing themselves in the program at a fast pace. This increases the demand for VAT consultants in the country. You must do all you can to find and hire a consultant that could fulfill your needs. Doing so will make a good impression early, and your business can capitalize on it in years to come. While you are at it, why not look to hire the best audit firm in UAE as well?