A lot of small business owners in the UAE are in need of solid tax advice on a regular basis. Tax allowances, rates, and regulations change constantly in the country. Small business owners already have enough for them to worry about from keeping customers happy and satisfied, managing employees, and running the company. So, how exactly can you find a tax professional, especially someone who you can trust with VAT accounting in UAE?
That being said, here are some tips for choosing a tax professional that can help you with your VAT accounting obligations in UAE:
Find a specialist with experience
All regulated tax agents in UAE are credentialed; however, tax professionals with years or even decades of experience under their belt are more likely going to provide you with better tax advice and assistance in complying with the tax code. In UAE, the best tax accountants to seek help from have, on average, 10 years of industry experience.
When your tax professional has the knowledge, which comes from experience in working in the field, he or she is more likely in getting you to get a huge return at the quickest timeframe. You can also inquire on electronic VAT return filing in UAE as an option for your business.
Check the specialization
Not all regulated tax agents in Dubai or tax specialists are the same. A specialist on VAT accounting in UAE is referred to as a VAT accountant and the professional can help manage all kinds of VAT accounting matters, including forensic accounting and tax preparation. There are also specialists that can liaise with government authorities for your business. It is better to seek the help of a professional who specializes on your required service.
Determine the cost
A tax specialist in the UAE can charge in several different ways. It can be with a flat fee, by the hour, or any other option that is based on how complicated the tax affairs of a business are. Make sure that you have a quote for the service that you need. Also, tax professionals in UAE are often allowed in basing their rate on a percentage in the tax return. It will be to your benefit if you check which rates work best for you.
Verify a tax professional’s credentials
If you already have a prospect for a tax accountant in UAE, then you need to check the credentials given to you for legitimacy. If you get a referral from a friend, it is best to find out if the person has the certifications that he/she claimed to have.
Read online reviews
Look at your prospective tax accountant or tax preparer’s social media accountants and website to see the kinds of things that he/she posts online. Google the name of the specialist so you can see what exactly comes up. You can scroll through the pages of Google’s search results so you have the assurance that nothing is buried.
Anybody who is working with the public most probably has some negative reviews that are posted by disgruntled clients. If your search has uncovered some red flags like an apparent pattern of unprofessional posts on social media, an arrest record or client complaints, then you need to move on with your search and try doing the same online research for your next candidate.
Make an appointment
If you already have a list of promising prospects, the next thing you need to do to find the best and most suitable tax professional to help your business’ tax affairs is by reaching out and asking the professional to meet you in person. However, you need to be warned: should you make an appointment close or on the tax season, you will have a difficult time finding someone who’ll sit down and chat with you. Tax season is a busy time for tax professionals. Check if it is a good time to meet with a specialist then set the meeting as soon as you can even when you still don’t have the tax documents you need the specialist to check.
Interview your prospective tax specialist
When you finally meet with your potential tax professional in UAE, you should bring copies of your recent VAT returns. By letting a professional review your tax returns, you are able to get the opinion of the specialist on your situation and you will get a good idea of how much will be charged for your business.
Make sure you let the potential tax specialist know regarding significant changes in your business in the previous months or years. You can also raise some questions during your meeting like ‘Does he/she have any specialties?” or “How long has he/she has been preparing taxes or providing representation on behalf of businesses?”
If you want to discuss this with a tax professional in UAE, call us here in VAT Registration UAE today!