Generally, a company’s success might lie in the hands of a best corporate tax consultant who oversees all the financial plans and records of a company. With the humongous position a well known corporate tax consultant in Dubai holds, you need to be very alert when selecting the best tax consultant for your firm.
A corporate tax consultant comes with many benefits in any organization. As a new business proprietor in Dubai, you might ask why you should hire a best corporate tax consultant.
Here are some of the top reasons why you need a professional tax consultant for your firm in Dubai;
- Tax consultants examine each aspect of the organization, especially tax returns.
- Build tactful strategies on how to evade tax penalties
- Keep all your receipts and files in an organized manner
- Help in keeping all the financial records clear
- Help in the renewal of business licenses and other permits
There are many benefits a corporate tax might bring to your organization. However, the above-highlighted reasons top the list. And so, if you’re finding difficulties in renewing your business permits and license, you may need a professional tax consultant in Dubai.
As mentioned, there are two types of tax consultants you may want to recruit. Therefore, depending on the need of your project, you might fall in love with a personal or corporate tax consultant in Dubai.
Ensure you select the right tax consultant for your business. Nonetheless, choosing the best tax consultant is a big elephant for many business owners. Thus, apart from learning the benefits of hiring a tax consultant for your business, the following are some of the nuggets you’ll get in this article;
- Is tax consulting a promising career?
- How do tax preparers make money?
- Is being a tax consultant worth it?
- How to select a tax advisor for your company
Let’s start from the top;
Is tax consulting a promising career?
Are you looking to enlighten people about their company’s tax records? Then this profession might be your calling.
Since time immemorial, you can’t run a business in Dubai without paying tax. Tax in Dubai is just one way to help the country move forward. And so, getting a suitable qualification such as a bachelor’s degree in accounting, finance, and a CPA certificate gives you a golden opportunity to get tax consultancy jobs in Dubai.
On the flip side, working as a tax consultant in Dubai, whether on a personal or corporate level, helps a company save more business money through proper tax calculations.
However, you might be wondering whether this is an excellent career to pursue in Dubai. Yes, it is an astounding and in-demand profession in Dubai.
A tax consultant in Dubai is estimated to have a salary of AED 9,500 annually. Similarly, the pay can range from roughly 3,000 – to 11,500 AED. So, depending on the estimated salary they earn annually, you can decide whether tax consulting is a promising career or not.
Also read: How to Start a Consulting Business in Dubai
How do tax preparers make money?
As the name suggests, the majority, especially beginners, don’t have a myriad of ways to make money as a tax consultant but only offer tax services.
Note that whether you’re a beginner in this field or a veteran, you can implement many ways to earn extra money as a tax consultant in Dubai.
Therefore, here are some of the legit ways tax preparers make money;
- Enlighten other tax preparers
- Offer bank services
- Become a professional financial planner
- Represent clients before the IRS
- Build a niche blog on Finance related topics
You’re now spoilt for choices regarding which method best suits you. Remember, being a tax consultant in Dubai might help you land bigger gigs since Dubai is a city with endless business opportunities.
Is being a tax consultant worth it?
This is another sought-after question on the internet about this profession. Is being a tax consultant worth it?
Let’s find out;
One of the best pros of being a tax consultant is that you need not have a four-year degree to get a job. Some countries only demand a diploma or GED to get a job as an accountant.
Additionally, most of these consultants gain skills and other relevant knowledge on the job itself.
However, having only a diploma in accounting or Finance is way too low for someone who has a CPA. A CPA holder will have higher pay, unlike a diploma holder in Accounting or Finance.
Having done CPA permits you more job opportunities than filing tax returns. Other advantages of a tax consultant include the following;
- Higher potential earnings
- Endless job opportunities
- Get appreciated by clients
On the other hand, here are some of the drawbacks that come with this profession;
- The rise and fall of the income stream
- Challenging to deal with clients who don’t understand tax matters/issues
- Intense pressure when it is time to file returns
- Inconsistence of work balance during tax seasons
Now that you know you are aware of the pros and cons a tax consultant is faced with, how do you select the best one for your firm?
How to select a tax advisor for your company
One of the most critical steps in establishing your business’s strength is choosing the best corporate tax consultant to keep you abreast with your company’s financial status.
Typically, money spends on taxes; essentially, you cannot use it to invest. That’s why it calls for keenness when selecting the right tax consultant for your company.
To choose the right one, you may consider the following pointers;
Choose a professional Tax Consultant
Dealing with an armature corporate consultant might be heart-wrenching, unlike having an expert consultant in Dubai to walk you through your firm’s financial records.
Beginners consultants are not bad; however, you may want to deal with someone who has the entire grass route needed to fulfill the legal requirements for tax issues in Dubai. Therefore, you can ask the consultants about their records to know their experience before hiring them.
Additionally, you can endeavor to get feedback from those they have ever worked with to know how reliable the tax consultant is about the task at hand.
Examine Transparency and Accountability of the Consultant
Since you are hiring somebody dealing with your finances, you may need to check how genuine the consultant is before embracing them.
Similarly, be on the lookout for the following traits when interviewing tax consultants.
- Passion towards work
- Problem solver
The above traits are the best attribute to deem fit when selecting the right consultant for your business.
Nonetheless, you might find it a hard time to put all these into practice. Worry less, we at Vigor business set up helps investors to manage their business prolifically successfully. You can reach out to us for any inquiry about your business, and you’ll get help from our professional business consultant in Dubai.