Individuals looking for a way to earn a living on their own terms often look at business as one of the best ways. This allows them to establish their own name and brand in the business world. Moreover, this gives them the chance to participate in an industry which they love and in which they specialize in.
Those who are looking to establish a company in the United Arab Emirates should be aware of its taxation laws. This may be difficult, especially as laws can be complicated. The best way to proceed is to avail a VAT consultancy Dubai service. Here’s why.
What is VAT?
Before we go and discuss the reasons that you should hire professionals for your tax filing, you might need to know what exactly VAT or value-added tax is. It is an indirect 5% tax that is placed on the consumption or use of goods and services. It is collected at every point of sale of VATable goods or
services. End-consumers are the ones who pay this type of taxes.
Businesses are required to register for VAT if their taxable turnovers go beyond AED 375,000 within
a 12-month span. Businesses who expect their taxable turnovers to go over the mentioned amount
in the next 30 days are also required to register. Owners can also register voluntarily.
Reasons to Get VAT Consultancy Dubai Services
Now, if you expect your business to qualify or if you plan to voluntarily register for VAT, you will need to hire a specialist.
Read on to know why.
It is the Responsible Thing to Do
Perhaps the most important reason to hire a professional from a reputable consultancy is that it is your responsibility to do pay taxes. Whether your goods and services are VATable or not, there are other taxes you will need to file and hiring a consultant can help you proceed with compliance with laws.
VAT is Relatively New
Hiring a consultant who specializes in VAT is essential because this tax is relatively new. It was only implemented in January 2018, which makes it a fairly new concept in the UAE. Specialist consultants are guaranteed to know any changes or important aspects of this new law, making them helpful with compliance and avoidance of issues. Moreover, they also keep track of changes to laws, which helps them remain competent in their area of specialization.
Reliable Tax Services
As consultancies have professional advisers, you can rest assured that you will receive the most trustworthy, consistent and efficient service. Consultancies also take care of their brand, which means that they will not hire consultants who will destroy their reputation. By hiring from a
reputable consultancy, you can be spared from a long and tedious process as your consultant can take on any tax-related matters with minimal issues.
Your business operations will go optimally and with reduced risks when you avail the services of a VAT consultancy Dubai. With the help of their professionals, you can be sure that your business will be compliant with taxation laws while avoiding risks of breaking them.