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August 31, 2022 Finance & Accounting

Why Accounting Consulting is Important for VAT Return Filing

With VAT return filing being such an important part of doing business in the UAE, it can be tempting to try and save money by going with the cheapest accounting services firm you can find. However, this could lead to future problems like more frequent visits from the tax authorities or not having all of your expenses properly documented, both of which can result in serious financial issues down the road. When you work with one of our accounting firms in Dubai, you get top-notch expertise at an affordable price, allowing you to focus on your business instead of worrying about your tax situation.

What is a Consultant

A consultant is a professional who provides expert advice in a particular area such as business, education, or health. A consultant can also be an independent contractor who helps organizations to improve their performance. In the business world, accounting consultants help businesses to streamline their accounting processes and procedures. They also advise businesses on how to file their VAT returns correctly. In addition, accounting consultants can provide training and support to businesses on various accounting software packages.

The UAE’s foremost authorities on all varieties of accounting services are available at our website. ForthrightConsultancy offers a range of services including but not limited to: bookkeeping, auditing, taxation, and management consulting. Our team of highly qualified and experienced consultants are here to help you with all your accounting needs.

Understanding The Regulatory Framework

As the leading provider of accounting services in the UAE, we often get asked about the regulatory framework surrounding VAT return filing. It’s important to understand the rules and regulations before you start your business, and ForthrightConsultancy is here to help.

What Type of Taxes Should I Use An Accounting Consultant For

When it comes to taxes, most people dread having to file them. After all, no one wants to overpay or underpay the government. This is where an accounting consultant can help. A good consultant will be able to advise you on which type of taxes you should use for your business. Corporate tax in the UAE, for example, can be quite complicated. There are different rates for different types of businesses, and if you’re not careful, you could end up paying more than you owe.

On top of that, corporate tax in the UAE can have additional fees. In most cases, you’ll have to pay an annual fee based on your total taxable income from previous years. The government will also expect you to pay a minimum of AED 1000 each year on corporate tax returns, regardless of how much you actually owe. If your taxable income falls below AED 15000, however, there are no minimum fees and no yearly fee on corporate tax returns. This means there’s still a chance you could end up paying more than necessary if you don’t consult an accountant first.

What Should I Look For In A Firm

When looking for a firm to help with your accounting needs, it is important to consider a few factors:

First, you want to make sure that the firm is experienced and has a good reputation. 

Second, you want to find a firm that offers a variety of services so that you can get all of your needs met in one place. 

Third, you want to make sure the firm is affordable and will work within your budget. 

Fourth, you want to find a firm that is located close to you so that you can easily access their services. 

Fifth, you want to make sure the firm offers excellent customer service. 

Sixth, you want to make sure the firm has a good understanding of corporate tax in the UAE. 

Seventh, you want to make sure the firm is able to meet your deadlines.

How To Prepare For Your Appointment

  1. Know your goals. What do you hope to accomplish by meeting with an accountant? 
  2. Understand your financial situation. Bring copies of your most recent tax returns, bank statements, and bills so your accountant can get a clear picture of your finances.
  3.  Be honest. Accountants are bound by confidentiality, so you can feel free to share any financial concerns you have.