Your tax situation may be complicated or you don’t have the luxury of time to dedicate on fulfilling your tax obligations e.g. tax return filing in Sharjah. In such case, hiring VAT consultants in Sharjah is the best way to go. But, tax consultants can do more than help with your tax returns. The best time to seek the expertise of VAT consultants include:
You’re scheduled for a VAT audit in Sharjah
If you’ve made mistakes on a previously submitted tax return, you’re most likely scheduled for a tax audit in Sharjah with an officer from the UAE Federal Tax Authority. Anyone can easily make mistakes on a tax return, most especially with today’s extra complicated and ever-changing tax policies. Should you notice an error before the local tax authority does, the mistake can be ratified through voluntary VAT disclosure in Sharjah.
If the error was simple, you may feel like you can make the disclosure yourself. However, if the Federal Tax Authority caught the mistake and has charged you back taxes plus the penalties, you are likely scheduled for a tax audit. In such case, talk to VAT consultants in Sharjah immediately. Remember that even the local tax officers can make mistakes. A team of VAT consultants in UAE will confirm whether or not the assessment of the tax authority is accurate and help you prepare for the scheduled tax audit.
You want your business to potentially save on tax
Anyone can just drop numbers on a tax filing software. However, VAT consultants in Sharjah are capable of analyzing your specific tax situation, checking for amazing tax-planning opportunities. They can also help you create a tax plan for the next financial period. Without expert guidance, it is likely that you overlook strategies and deductions. This will cost your business. Seasoned and reputable tax consultants in Sharjah can help you potentially save money on taxes that you don’t have to pay.
The opportunities for saving money on taxes will depend largely on how complex your tax situation is and your business expenditures. If a primary tax concern of yours is only an income from a job, then you won’t have a lot of opportunities to save. However, if your tax situation is a bit more complicated as you are running an enterprise in Sharjah or anywhere in UAE, work with a tax consultant in UAE. Just make sure that the professional you hire has intimate knowledge regarding the local tax policies as it will almost guarantee and result to huge tax savings.
You are self-employed/a business owner
When you are running a business in Sharjah/UAE and you have successfully undergone VAT registration in UAE, you’re responsible for complying with the applicable tax regulations. You are to track your income and deductible expenses, then report them to the tax authority. You are also to make tax payments regularly. If you don’t possess the skills and expertise necessary for accomplishing your tax requirements in UAE, you can greatly benefit from hiring a tax consultant who does.
You have had a huge life event
Major life events like getting divorced or married, moving out of Sharjah, having a child, selling or buying a home or any investment property, receiving an inheritance, or starting a business can have a huge impact on your present tax situation. Events such as these can impact your filing status, amount you’re able to claim, documentation you have to attach on your next tax return, and the type or number of deductions. These are the best times for you to seek the advice of tax consultants in Sharjah.
Questions to Ask VAT Consultants in Sharjah
When you interview prospective VAT consultants in Sharjah/UAE, ask the following questions:
- Do you provide a free initial tax consultation?
- Do you regularly update your education and knowledge on UAE tax policies?
- How do you ensure you’re updated worth the latest VAT regulations?
- Is it possible to review your professional credentials?
- Are you presently a member of accounting or tax organizations?
- Are you capable of abiding by a specific code of ethics?
- How many years of experience do you have?
- For VAT return filing in Sharjah, are the fees fixed or at an hourly rate?
- Who exactly will be handling my tax return filing in Sharjah? Is it you or another person or team from your office?
- If you are retaining employees that will be working on my VAT return in SHarjah, what credentials do they hold? Are they taking continuing education courses?
- What is the mode of payment and when is payment required for tax services in Sharjah?
- Are you insured or bonded?
- What happens when my business gets audited?
To talk to seasoned VAT consultants in Sharjah/UAE, call us here in VAT Registration UAE today!