When starting a business in Dubai, you must be aware you’ll one day have to deal with tax-related issues in your business. However, when you fail to handle your tax issues more clearly and succinctly, this can bring considerable harm, especially to the VAT Consultants Every Business Set Up in Dubai position of your company.
Therefore, our professionals at Vigor conducted in-depth research and compiled this resourceful guide on VAT Consultants Every Business Set Up in Dubai to help you get detailed information about VAT before launching your business in Dubai.
Thus, here are the noteworthy points you’ll learn in this guide;
- Who is a VAT consultant?
- What does a VAT consultant do?
- How do you become a VAT consultant in Dubai?
- What happens if a company is not VAT registered?
Therefore, if you’re looking forward to knowing what a VAT consultant in Dubai does, we got you covered. And so, of all the other aspects of your business, VAT is very important to take note of. To fine-tune your value-added tax and make your business follow the correct VAT policies, you’ll be required to hire a VAT consultant for your business in Dubai.
Michael and Tamara in their article; VAT and cosmetic procedures: policies and common misconceptions proposed that Value Added Tax can be somewhat complicated for medical practices, especially for those that provide aesthetic treatments.
That means; as a business owner, it is prudent to hire a professional VAT consultant to help you manage your company’s value-added tax. These types of consultants tend to handle all your business VAT practices and other several services in your business. Thus, before hiring a professional consultant for your business, the following are the points to know;
Who is a VAT consultant?
Generally, a VAT consultant is an expert who oversees and examines all the company’s business transaction keenly. Additionally, they offer profound advice to the company where any tax-related issues strike the company.
For instance, they will be on the frontier informing the company when they are required to register for the VAT and why. Apart from that, they play a huge role in monitoring the data requirements of a company.
Thus, having a VAT consultant is a big plus in your business for they will help you smoothly run your business transaction.
Now that you understand who a VAT consultant is, what do they do exactly?
Let’s find out;
What does a VAT consultant do?
Typically, VAT Consultants Every Business Set Up in Dubai are of super benefit for all businesses set up in the UAE. However, some find it difficult to understand what these consultants do in Dubai and how the companies work by implementing the rules and regulations of Value Added Tax.
Therefore, these consultants have different job responsibilities because different companies have various job taxes a consultant can do. Similarly, when a company needs to implement value-added tax, these consultants come in handy to salvage the entire company.
On top of that, here are some of the things a VAT consultant does in a company;
Assist in Company’s VAT Registration
Usually, VAT companies’ registration is a heart-wrenching process that must be done by an expert in tax-related issues. It involves some technical steps which can be challenging for business owners to execute on their own.
And so, having a specialist in this field might help you conduct the VAT registration process faster and successfully. Similarly, they can advise the company on what steps to take next in case of any technicalities.
Therefore, since they are specialized in tax-related issues, your company will never find itself in any tax mess or illegalities whatsoever.
Deals with Tax Authorities
Generally, tax issues are not only limited to tax paying only but include other numerous activities therein. Therefore, one of the tasks a consultant will be involved in is to deal with local tax authorities in your area.
Consultants are needed to convey the message correctly to the relevant local tax authorities when any issue broach up. And so, since they know all the tricks in this field, they conveniently communicate with the local authorities amicably on the behalf of your company.
Defend the Company against Audit Operation
This is another tax a VAT consultant can do in your company. Auditing is a very important and critical aspect of any company. Therefore, the VAT Consultants Every Business Set Up in Dubai stance of a company is always at stake when a company is under the auditing process.
Thus, the company must guard itself against auditing operations. And, here is when an expert consultant comes in and helps the company in this matter. Since they are well-equipped with all the tax-related policies, a consultant will help your company comply with all the regulations and standards associated with auditing procedures and taxes at large.
How do you become a VAT consultant in Dubai?
Becoming an expert consultant in this field is not hard as others may take it. Its demand is skyrocketing daily as investors continue to set up their businesses in Dubai. Therefore, to be a VAT consultant in Dubai, you may need background knowledge in accounting, and current laws, and be able to offer consultation services that will save your customers money.
Additionally, you must have a legit and authentic certificate that proves you are the best consultant in the nation. Generally, a certificate is to affirm your credentials, the eligibility test, examination, and confirm your reputation.
Also, to be deemed as the best tax consultant in Dubai, you must get the nod or approval from the FTA, popularly known as the Federal Tax Authority. One of the main aims of this body is to ensure the tax consultant is immensely trained and qualified for the work.
On top of that, before you’re enrolled in this field in the UAE, you must fill out various forms provided by the Federal Tax Authority. In addition, the following are some of the criteria you must meet to become a VAT consultant in Dubai;
- You must have a minimum of three years of experience in accounting, legal field, or taxation.
- Must be competent in Arabic and English
- Must possess a relevant Bachelor’s degree in accounting, taxation, or law from a recognized institution
- You must pass the Federal Tax Authority tests
What happens if a company is not VAT registered?
There is always a penalty incurred when you’re not VAT registered. Thus, this can sum up to 100% of the value-added tax on the invoice. Similarly, there is also a charge of approximately 10%, especially for charging VAT Consultants Every Business Set Up in Dubai ahead of the stated time.
With or without informing the HMRC, these charges must apply if you are on the wrong side with the authorities dealing with tax in the UAE.
Having a VAT specialist to oversee your company’s financial transactions is one of the items to consider when launching your business. A consultant will help your business by tracing and giving your feedback on any error or adjustment needed to be done in your institution.
Therefore, it is better to hire an expert in tax-related issues to guide you on all your companies’ financial matters. Therefore, if recruiting one is a problem for you, reach out to our professional consultant at Vigor and you’ll get all your wishes sorted.